Glenmark Pharmaceuticals has received final approval from the United States Food & Drug Administration (USFDA) for Tacrolimus Ointment, 0.03%. This ointment is the generic version of Protopic1 Ointment, 0.03%, which is manufactured by Leo Pharma AS. Glenmark's Tacrolimus Ointment will be distributed in the US market by its subsidiary, Glenmark Pharmaceuticals Inc., USA. Presently, Glenmark's portfolio in the US includes 184 products that have been authorized for distribution, and the company has 51 abbreviated new drug applications (ANDAs) awaiting approval from the U.S. FDA.
Despite this positive development, the stock price of Glenmark Pharma experienced a slight decline in trading. At 09:25 hrs, the stock was trading at Rs 790.70 on the Bombay Stock Exchange (BSE), marking a decrease of Rs 6.55 or 0.82 percent. Earlier this month, Glenmark Pharma also received the US FDA's final approval for Saxagliptin Tablets, which are the generic version of AstraZeneca's Onglyza1 tablets.
Financially, Glenmark Pharmaceuticals reported an 18 percent decline in consolidated net profit, amounting to Rs 173.13 crore, for the first quarter ending on June 30, 2023. On a positive note, the consolidated total revenue from operations experienced a rise of 22.4 percent, reaching Rs 3,401.6 crore. However, the company's total expenses were higher at Rs 3,037.05 crore.
Despite the recent USFDA approval, Glenmark Pharma's share price reached a 52-week high of Rs 836.30 and a 52-week low of Rs 361.70 on August 9, 2023, and August 29, 2022, respectively. Presently, the stock is trading 5.45 percent below its 52-week high and 118.61 percent above its 52-week low.
