Glenmark Pharmaceuticals rose 1.23% to Rs 619.50 at 10:30 IST on BSE after the company said that it received final approval from the US drug regulator for Olmesartan Medoxomil Tablets, 5 mg, 20 mg and 40 mg.
The announcement was made before market hours today, 26 May 2017.The stock had dropped 8.47% in three sessions to settle at Rs 611.95 yesterday, 25 May 2017 from a close of Rs 668.65 on 22 May 2017.
Meanwhile, the BSE Sensex was up 134.21 points, or 0.44%, to 30,884.24.
On the BSE, 70,809 shares were traded in the counter so far, compared with average daily volumes of 1.1 lakh shares in the past one quarter. The stock had hit a high of Rs 628.70 and a low of Rs 611.95 so far during the day. The stock had hit a 52-week high of Rs 993 on 1 November 2016. The stock had hit a 52-week low of Rs 608.50 yesterday, 25 May 2017.
The stock had underperformed the market over the past one month till 25 May 2017, dropping 32.01% compared with 2.69% rise in the Sensex. The scrip had also underperformed the market in past one quarter, declining 34.48% as against Sensex's 6.43% rise.
The large-cap company has equity capital of Rs 28.22 crore. Face value per share is Re 1.
Glenmark Pharmaceuticals said that Glenmark Pharmaceuticals Inc., USA has been granted final approval by the United States Food & Drug Administration (USFDA) for Olmesartan Medoxomil Tablets, 5 mg, 20 mg and 40 mg, the generic version of Benicar Tablets, 5 mg, 20 mg and 40 mg, of Daiichi Sankyo, Inc.
Glenmark's Olmesartan Medoxomil Tablets will be manufactured by Glenmark Pharmaceuticals in its manufacturing facility located in Goa, India.
According to IMS Health sales data for the 12 month period ended March 2017, the Benicar Tablets, 5 mg, 20 mg and 40 mg market achieved annual sales of approximately $950 million in US.
Meanwhile, the company issued clarification after market hours yesterday, 25 May 2017, that global rating agency S&P has reaffirmed its credit rating as 'BB' as part of their annual review cycle. In addition, they have affirmed 'BB' issue rating on the senior unsecured notes issued last year. However, they have changed the outlook from 'stable' to 'negative', based on their internally defined criteria.
On a consolidated basis, Glenmark Pharmaceuticals' net profit rose 23.5% to Rs 183.76 crore on 10.2% rise in net sales to Rs 2424.41 crore in Q4 March 2017 over Q4 March 2016.
Glenmark Pharmaceuticals is a research-driven, global, integrated pharmaceutical organization headquartered at Mumbai, India. The company is a leading player in the discovery of new molecules both NCEs (new chemical entity) and NBEs (new biological entity).
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