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Last Updated : Sep 11, 2019 10:24 AM IST | Source: Moneycontrol.com

Glenmark Pharma up 2% on USFDA nod; HSBC cuts target

Glenmark Pharmaceuticals Inc., USA has been granted final approval by the United States Food & Drug Administration (USFDA) for Clobetasol Propionate Foam.

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Share price of Glenmark Pharma added 2.3 percent intraday on September 11 after the company received approval from USFDA.

Glenmark Pharmaceuticals Inc., USA has been granted final approval by the United States Food & Drug Administration (USFDA) for Clobetasol Propionate Foam, 0.05% (Emulsion Formulation), a generic version of Olux 1-E Foam, 0.05%, of Mylan Pharmaceuticals Inc, as per BSE release.

According to IQVIATM sales data for the 12 month period ending July 2019, the Olux-E Foam, 0.05% market2 achieved annual sales of approximately USD 11.1 million.

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The company's current portfolio consists of 161 products authorized for distribution in the US marketplace and 54 ANDA’s pending approval with the USFDA.

In addition to these internal filings, Glenmark continues to identify and explore external development partnerships to supplement and accelerate the growth of its existing pipeline and portfolio.

Foreign brokerage house HSBC has maintained hold rating on the stock but cut target price to Rs 435 from Rs 480 per share.

The company aimed to reduce debt by Rs 700-800 crore per year and sale of stake in API and non-core assets can help but timing is uncertain, it added.

At 0935 hrs, Glenmark Pharma was quoting at Rs 388.50, up Rs 3.60, or 0.94 percent on the BSE.

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First Published on Sep 11, 2019 10:24 am
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