 "Gland Pharma soars 7% on USFDA approval for breast cancer drug")
Shares of Gland Pharma, a generic injectable-focused pharmaceutical firm surged up to 7 per cent intraday trade on Monday after securing drug approval from United States Food and Drug Administration (USFDA). In comparison the S&P BSE index was trading 0.73 per cent higher at 74,790. A total of 32,168 shares of the company changed hands on the BSE.
The company’s stock had hit a 52-week high of Rs 2,195 a piece on February 7, 2024, while it reached a low of Rs 861 on May 22, 2023.
On Saturday, Gland Pharma informed the bourses that it has received approval from the (USFDA) for ‘Eribulin Mesylate Injection’, 0.5 mg/mL single dose vial. The product is expected to be the first generic approval on the market, and the company expects to launch this product in the near term through its marketing partner.
The Eribulin Mesylate injection is indicated for treating patients diagnosed with metastatic breast cancer (mBC) who have undergone at least two rounds of chemotherapy for managing metastatic disease.
The product has US sales of approximately USD 92 million for twelve months ending in February 2024, according to IQVIA. The company is co-developing several complex injectables, including this product, with Orbicular Pharmaceutical Technologies, the company said in a filing.
Gland Pharma reported a 17 per cent year-on-year (YoY) decline in its consolidated net profit to Rs 192 crore for the October-December quarter of the financial year 2023-24. This marked a decrease from the Rs 231.9 crore profit recorded in the corresponding quarter of the previous year.
However, the company's revenue saw a substantial increase, reaching Rs 1,545.2 crore, up by 65 percent from Rs 938.3 crore in the year-ago quarter.
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Gland Pharma's earnings before interest, taxes, depreciation, and amortisation (EBITDA) rose to Rs 356.4 crore in Q3FY24 compared to Rs 289.6 crore in the same period last year.
Despite this growth, EBITDA margins for the quarter stood at 23.1 per cent, down from 30.9 per cent in the corresponding period of the previous year.