This pharma company received USDA approval for a generic drug which clocked over Rs 90 crore in sales, do you own it?

The company is ranked among the world’s top 100 biopharmaceutical companies and among the world’s top 50 companies in the off-patent sector.

On Monday, Glenmark Pharma announced that it has received final approval from the US FDA for Nicardipine Hydrochloride Capsules, 20 mg and 30 mg, the generic version of Cardene®1 Capsules, which clocked over Rs 90 crore in sales for the 12-month period ending October 2022.   

Glenmark’s current portfolio consists of 178 products authorized for distribution in the U.S. marketplace and 46 ANDA’s pending approval with the U.S. FDA. In addition to these internal filings, Glenmark continues to identify and explore external development partnerships to supplement and accelerate the growth of its existing pipeline and portfolio.  

Glenmark Pharmaceuticals Ltd is an innovation-driven global pharmaceutical company with a presence across Specialty, Generics and OTC businesses. It focuses on the key therapeutic areas of respiratory, dermatology and oncology. The company has 10 world-class manufacturing facilities spread across 4 continents and operations in over 80 countries. Glenmark is ranked among the world’s top 100 biopharmaceutical companies and among the world’s top 50 companies in the off-patent sector.  

Post the announcement of the news, shares of the company rose over 0.8 per cent from the previous closing level of Rs 417.70 to make an intraday high of Rs 421.05. The scrip witnessed some profit booking and closed 0.13 per cent down at Rs 417.15.    

Keep a close eye on this trending pharmaceutical company.