Glenmark Pharma shares gain as USFDA gives nod to Tacrolimus ointment

Shares of Glenmark Pharmaceuticals Ltd gained 1 per cent in Thursday' trade after the drug maker said it has received final approval by the United States Food & Drug Administration (USFDA) Tacrolimus Ointment, 0.03 per cent, the generic version of Protopic1 Ointment, 0.03 per cent, of Leo Pharma AS. Glenmark said its Tacrolimus Ointment will be distributed in the US by Glenmark Pharmaceuticals Inc, USA.

According to IQVIATM sales data for the 12‐month period ending June 30, the Protopic Ointment, 0.03 per cent achieved annual sales of approximately $15.4 million. Glenmark Pharmaceuticals said its current portfolio consists of 184 products authorised for distribution in the US marketplace. It said it has 51 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, the company said in a BSE filing.

The stock rose 0.91 per cent to hit a high of Rs 804.55 on BSE.

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Glenmark reported a profit after tax of Rs 173.10 crore for the June quarter. It reported a 22.5 per cent YoY rise in consolidated revenue at Rs 3,401.60 crore compared with Rs 2,777.30 crore in the same quarter last year.

Ebitda stood at Rs 631.20 crore in the quarter ended June 30 compared with Rs 431.60 crore in the previous corresponding quarter, registering an increase of 46.2 per cent YoY.

Glenmark's sales was led by branded markets in RoW region. In its results release, the company said: "Our Europe business performed significantly well on the back of a strong generics portfolio and continued gains in market share, in our leading respiratory brands. Our North America business remained stable, and our India business continued to significantly outperform industry growth rates. We also had our GHG emission targets certified by the Science Based Targets initiative (SBTi) giving us an impetus to further pursue our ESG goals, while also benchmarking us at a global scale,” said Glenn Saldanha, Chairman and Managing Director.

He added, “Going forward our goal remains to sustain the momentum, as RYALTRIS® continues to meaningfully contribute across all the covered markets. We also remain on track to achieve our objectives for FY24.”

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