Glenmark's Latest Generic Drug Approval Results in Soaring Share Prices

Glenmark Pharma's share price on both the NSE and BSE soared to a 52-week high following the company's announcement of receiving approval from the US health regulator to market a generic version of an anti-inflammatory drug in the American market. The Mumbai-based multinational pharmaceutical company's shares opened positively at Rs 1092.60 and rose approximately 1.66 percent to reach a 52-week high of Rs 1,098 on the BSE. The stock's 52-week low stands at 535.15.

Over the past four days, the stock has shown consistent gains and is trading above its 5-day, 20-day, 50-day, 100-day, and 200-day moving averages.

With a market capitalization of Rs 16,296 crore, Glenmark Pharma has delivered significant returns, marking a multibagger return of 148 percent over the past two years and a 46 percent gain over the last six months. Additionally, the company has obtained approval from the US Food and Drug Administration (USFDA) for Acetaminophen and Ibuprofen tablets (250 mg/125 mg), as stated by the Mumbai-based pharmaceutical company.

Glenmark's product is the generic version of Haleon US Holdings, LLC's Advil 2 Dual Action with Acetaminophen Tablets, 250 mg/125 mg (OTC). The distribution of the drug in the US market will be handled by Glenmark Therapeutics Inc, USA.

According to Nielsen syndicated data for the latest 52-week period ending March 23, 2024, the Advil Dual Action with Acetaminophen Tablets, 250 mg/125 mg achieved annual sales of approximately USD 84.1 million. Glenmark Pharma's current portfolio comprises 195 products authorized for distribution in the US marketplace, with 52 abbreviated new drug applications (ANDAs) awaiting approval from the USFDA.