Glenmark Pharmaceuticals Soars High As USFDA Okays New Drug

Glenmark PharmaceuticalsGlenmark Pharmaceuticals climbed up 1.05% to Rs 430.50 after getting final approval from the US Food and Drug Administration for its abbreviated novel drug applications.

The scrip touched an intraday high of Rs 668 and an intraday low of Rs 648.10 during the day. On June 2007, it touched a 52-week high of Rs 735 and a 52-week low of Rs 265.50 on 28 June 2006.

There were over 1.14 lakh shares for trading on the BSE counter. In the last one quarter, the average daily volume in the stock was 2.03 lakh shares. The scrip turned down from Rs 680.60 on 15 June 2007 to Rs 650.70 on 28 June 2007.

In the past one month, the stock slid 3.34% to 28 June 2007 against the Sensex's 0.65% increase. It had underperformed the stock market in the past three months, ascending 6.71% versus the Sensex's 10.96% admiration. Its existing price of Rs 430.50 brushes off its FY 2007 earning per share of Rs 25.9 by a PE multiple of 16.62.

During the market hours, Glenmark Pharmaceuticals declared today, 29 June 2007, that USFDA has approved its abbreviated new drug applications (ANDAs) for ondansetron hydrochloride (HCI) tablets 4 mili gram (mg), 8 mg and 24 mg and ondansetron orally disintegrating tablets of 4 mg and 8 mg.

Ondansetron HCI tablets are the generic variant of GlaxoSmithKline's Zofran(R) pills. The tabs had US sales of about $744 million for the same strengths in the 12-month period ended 31 March 2007. On 16 May 2007, Glenmark Pharmaceuticals got USFDA’s sanction to promote Pravastatin sodium oral pills in the US. Pravastatin is a generic version of the Bristol Myers Squibb brand, Pravachol.

The company received approval to market a generic version of Roche's Anaprox and Naprosyn in April 2007. On 29 March 2007, Schering Corporation and MSP Singapore Company jointly filed a legal suit against the Indian drug manufacturer to prohibit it from advertising a copy-cat version of Ezetimibe.

Glenmark Pharmaceutical’s net profit soared up 149.5% to Rs 62.56 crore in Q4 March 2007, from Rs 25.07 crore in Q4 March 2006. Sales climbed up 72.8% to Rs 274.79 crore in Q4 March 2007 (Rs 159.01 crore).

Glenmark Pharmaceuticals makes and sells pharmaceutical components. The group also runs a research plant at Sinnar, Nashik for building up formulations for Indian as well as markets across Africa, Asia, Latin America and CIS/Russia.