Glenmark gains 2 per cent on USFDA approval

Glenmark Pharmaceuticals announces that it has received final USFDA approval for Solifenacin Succinate Tablets, 5 mg and 10 mg. Reacting to this development, the stock of Glenmark Pharma gained nearly 2 per cent on Tuesday.

The drug is used for overactive bladder treatment. As per IQVIA, the market for the said medicine was approx US$942.7 million in the 12-month period ending March 2019 in the US market.

As on the date, the company’s product portfolio comprises of 154 authorised products and 58 ANDAs are pending for approval. The company is planning to launch another 12 ANDAs by FY20E.

Looking at the recently concluded quarter Q3FY19, the company's net sales increased by 16 per cent yoy to Rs. 2,555 crore. India sales grew 15.4 per cent yoy to Rs. 667.5 crore, US revenue grew 16.3 per cent yoy to Rs. 855.7 crore and Europe grew 43.2 per cent yoy to 321.7 crore.

On Tuesday, the stock of Glenmark Pharma gained nearly 2 per cent and made an intraday high of Rs. 586.90 per share on the BSE. At 10:20 hours, the stock was trading at Rs. 578.50 per share. The stock had hit its 52-week high of Rs. 711.55 on September 10, 2018 and its 52-week low of Rs. 483.60 on May 30, 2018 on the BSE.