Could this news be a knight in the shining armour for Glenmark Pharmaceuticals?

Glenmark Pharmaceuticals, a research-led, global integrated pharmaceutical company announced that its fully owned subsidiary - Glenmark Specialty SA (Switzerland), received FDA approval on its new drug application (NDA) for Ryaltris™.

Ryaltris™ is an innovative, fixed-dose (metered), prescription, combination drug product nasal spray for the treatment of symptoms of seasonal allergic Rhinitis in adults as well as pediatric patients of 12 years of age and older in the United States. 

The product will be marketed & distributed in the United States (US) by Hikma Specialty USA, Inc, as part of its exclusive licensing agreement with Glenmark Specialty SA (Switzerland). Meanwhile, it has been approved and is marketed in Australia, the Czech Republic, Poland, Russia, South Africa, Ukraine, the United Kingdom, and Uzbekistan. In April 2021, Glenmark concluded the DCP regulatory procedure in Europe, enabling approval in 17 countries across the EU and UK.  

Glenmark has entered into commercial agreements with several partners around the world, including Menarini for the commercialisation of Ryaltris™ in select EU markets, and with Bausch Health in Canada (where it is under review by Health Canada). 

The stock is down by about 25 per cent from its high of Rs 690, which was registered in July 2021 and has been one of the underperformers over the last one year.

Can this news trigger a change in the course of the trend of the stock? Only time would tell as the market participants would like to track the financial performance of the stock.