Glenmark Pharma receives USFDA approval

Large-cap pharma company Glenmark Pharma received USFDA approval for its Estradiol Vaginal Inserts USP, 10 mcg. The stock of Glenmark pharma which forms 3.9 per cent of the Nifty Pharma index had surged nearly 1.8 per cent from its previous close to an intraday high but retreated to currently trade down 1.2 per cent at 12:26 hours.

The Glenmark Pharma Inc, USA has received the approval for above-mentioned inserts which is a generic version of VAGIFEM, 10 mcg of Novo Nordisk Inc, the company informed on Monday. The medication is indicated to help lessen vaginal symptoms of menopause like the dryness, burning, itching in the vagina, generally caused by the body making less estrogen.

IQVIA sales data for 12 months ending July 2018 for VAGIFEM, 10 mcg registered annual sales of nearly US$286.3 million and hence this Glenmark product holds potential for good sales, going ahead. Currently, Glenmark holds 139 products authorized for distribution in the US market and 61 ANDA’s pending approval with USFDA.

After a sharp fall in May 2017, the stock of Glenmark continued to fall down making gradual lower tops and lower bottoms. The stock halted at Rs. 493.50 per share on NSE on May 25th week and bounced back making higher tops and higher bottoms. The whole movement has formed a Rounding Bottom pattern where the stock breached its major resistances of 647 and 665 during the August 2018 end and is trailing upwards since then.