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Glenmark Pharma share price declined 3 percent intraday on November 26 even after the company got United States Food & Drug Administration (USFDA) approval for Metformin Hydrochloride extended‐release tablets used for managing type-two diabetes.
The FDA gave the go-ahead to Glenmark Pharmaceuticals Inc, USA, for Metformin Hydrochloride extended‐release tablets USP, 500 mg and 1,000 mg, the generic version of Glumetza of Salix Pharmaceuticals Inc.
According to IQVIATM sales data for the 12‐month period ending September 2019, the Glumetza 500 mg and 1000 mg tablets achieved annual sales of around $226.7 million.
The company's current portfolio consists of 164 products authorised for distribution in the US marketplace and 44 ANDA’s pending approval with the US FDA.
At 1050 hours, Glenmark Pharma was quoting at Rs 340.45, down Rs 9.15, or 2.62 percent, on the BSE.
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