Glenmark Pharma Rises On Getting Tentative USFDA Nod For Clindamycin Phosphate Foam

Glenmark Pharmaceuticals was up 0.51% to Rs 512.15 at 11:23 IST on the BSE after the company said it received tentative ANDA approval for Clindamycin Phosphate Foam, 1%.

The announcement was made before market hours today, 20 June 2019.

Meanwhile, the S&P BSE Sensex was down by 181.30 points, or 0.46% to 39,294.04.

On the BSE, 6452 shares were traded in the counter so far compared with average daily volumes of 26,000 shares in the past two weeks. The stock had hit a high of Rs 513.50 and a low of Rs 506.05 so far during the day. It hit a 52-week high of Rs 711.55 on 10 September 2018 and a 52-week low of Rs 505.30 on 19 June 2019.

Glenmark Pharmaceuticals Inc., USA (Glenmark) has been granted tentative approval by the United States Food & Drug Administration (USFDA) for Clindamycin Phosphate Foam, 1%, a generic version of Evoclin Foam, 1%, of Mylan Pharmaceuticals Inc.

According to IQVIA sales data for the 12 month period ending April 2019, the Evoclin Foam, 1% market achieved annual sales of approximately $17 million.

Glenmark’s current portfolio consists of 156 products authorized for distribution in the US marketplace and 59 ANDA’s pending approval with the USFDA. 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.

On a consolidated basis, Glenmark Pharmaceuticals’s net profit rose 6.6% to Rs 161.66 crore on a 12.4% rise in the net sales to Rs 2526.08 crore in Q4 March 2019 over Q4 March 2018. – Business Standard