Glenmark Pharma soars 5 per cent on approval of skin ointment

Glenmark Pharmaceuticals has received final USFDA approval for Hydrocortisone Valerate Ointment. The drug had annual sales of approximately US$11.1 million in the US market.

Glenmark's Hydrocortisone Valerate Ointment is a generic version of Westcort ointment, 0.2 per cent, of Sun Pharmaceutical Industries. This is Glenmark’s first ever CGT (competitive generic therapy) product.

Hydrocortisone Valerate Ointment is used in the treatment of skin disease like swelling, itching and redness. As per IQVIA, the market for the said medicine was approx US$11.1 million in the 12-month period ending October 2018 in the US market.

As on the date, the company’s product portfolio comprises of 145 authorised products and 55 ANDAs are pending for approval. The company is planning to launch another 12 ANDAs by FY20E.

During the recent quarter, the company’s US business raised by 11 per cent and Indian business grew by 10 per cent on YoY basis. Also, the overall revenue jumped by 11 per cent with rise in profit by 15 per cent on YoY basis.

On Monday, cheering the news, the stock of Glenmark Pharma spiked nearly 5 per cent and made an intraday high of Rs. 698 per share on the BSE. At 11:09 hours, the stock was trading at Rs. 688.25 per share, up by 3.28 per cent.