Glenmark bags USFDA approval,stock dropped by 4.06 per cent due to BREXIT

Glenmark Pharmaceuticals has received tentative ANDA approval from USFDA for Olmesartan Medoxomil tablets, 5mg, 20 mg, 40 mg the generic version of Benicar tablets of Daiichi Sankyo. The company will market this product after final approval.

According to IMS Health sales data for 12-month period ending April 2016, the Benicar tablet market has achieved annual sales of approximately USD 1.05 billion (Rs 71.54 billion).

Glenmark Pharmaceuticals' current portfolio consists of 114 products authorised for distribution in the US marketplace and 62 ANDA’s pending approval with the USFDA. In addition to these internal filings, the company continues to identify and explore development partnerships to supplement and accelerate the growth of its existing pipeline and portfolio.

Glenmark’s revenue has increased by 11.7 per cent to Rs 6595 crore in FY16 on a yearly basis. The company’s EBITDA has risen by 17.1 per cent to Rs 1434 crore in FY16 as compared to previous fiscal year. Its net profit has increased by 51.5 per cent to Rs 720 crore in FY16 on a yearly basis.

The share price of Glenmark Pharmaceuticals has declined by 2.1 per cent on bourses in early trades;  and is trading at Rs 754.8 on an intraday basis.

Glenmark Pharmaceuticals operates in three segments viz. drug discovery, formulation business and generics business. The company's drug discovery is focused on the areas of inflammation, metabolic disorders and pain. It has approximately 14 manufacturing facilities in around four countries and has around six research and development centres.