Glenmark Pharma gets USFDA nod for Tacrolimus Ointment; stock trades lower

The company had reported an 18 percent decline in consolidated net profit at Rs 173.13 crore in the first quarter ended June 30, 2023.

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Glenmark Pharmaceuticals has received final approval by the United States Food & Drug Administration (USFDA) Tacrolimus Ointment, 0.03%, the generic version of Protopic1 Ointment, 0.03%, of Leo Pharma AS.

At 09:25 hrs Glenmark Pharma was quoting at Rs 790.70, down Rs 6.55, or 0.82 percent on the BSE.

Glenmark’s Tacrolimus Ointment, 0.03%, will be distributed in the US by Glenmark Pharmaceuticals Inc., USA.

Glenmark’s current portfolio consists of 184 products authorized for distribution in the US marketplace and 51 ANDA’s pending approval with the U.S. FDA

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Earlier in this month, the company received final approval from the US Food & Drug Administration (US FDA) for Saxagliptin Tablets (2.5 mg and 5 mg), the generic version of AstraZeneca’s Onglyza1 tablets.

The company had reported an 18 percent decline in consolidated net profit at Rs 173.13 crore in the first quarter ended June 30, 2023.

The consolidated total revenue from operations rose 22.4 percent at Rs 3,401.6 crore, while total expenses were higher at Rs 3,037.05 crore.

The share touched a 52-week high of Rs 836.30 and a 52-week low of Rs 361.70 on 09 August 2023 and 29 August 2022, respectively.

Currently, the stock is trading 5.45 percent below its 52-week high and 118.61 percent above its 52-week low.