Glenmark Pharmaceuticals gained over 4 percent intraday on Thursday. Investors could have cheered a regulatory development for the company.
According to reports on CNBC-TV18, quoting Cogencis, UK drug regulator has renewed a manufacturing certificate for Glenmark’s Baddi unit.
Furthermore, Czech drug body has also renewed the manufacturing certificate for Glenmark’s Fibichova Unit
Recently, the drug maker said the company as part of a strategic blue print for the next decade plans to transition from being a pure generics-driven company to being an organization built on three pillars -- global generics, specialty products and innovative products.
Glemark said it hopes to generate 30 percent of its revenues by 2025 from specialty and innovative products alone.
To invest on specialty and innovative pipeline Glenmark said its R&D expenses will stay at roughly 11–12 percent of revenues.
“Generics will continue to be the engine of our growth over the next five years,” said Glenn Saldanha, Chairman and Managing Director of Glenmark in his speech at the company’s 39th annual general meeting on Friday.
Recently, it was also in the news for a regulatory approval. It received final approval from the US health regulator for Desonide lotion used to treat skin rashes and irritation.
"Glenmark Pharmaceuticals has been granted final approval by the United States Food and Drug Administration (USFDA) for Desonide lotion, 0.05 per cent," the company said in a regulatory filing.
According to IMS health sales data, for the 12 months ended July, the Desonide lotion, 0.05 per cent, achieved annual sales of around USD 23.2 million, Glenmark said.
The stock gained three percent in the past one month, while its three-day gain stood at 4 percent. At 10:20 hrs, Glenmark Pharma was quoting at Rs 622.35, up Rs 21.55, or 3.59 percent, on the BSE. It touched an intraday high of Rs 626.65 and an intraday low of Rs 600.00.