Nomura retains buy on Glenmark, sees limited financial impact of Baddi unit observations

The research house said there are similarities between Glenmark’s Baddi and Lupin’s Indore & Goa observations. It is concerning as Lupin recently received warning letter for the sites.

"We don't expect escalation into import alert, and number of products impacted is limited," it said. "We don't expect approval from Baddi site until inspection is closed."

Glenmark has received seven observations from the USFDA for Baddi manufacturing unit after an audit. The unit contributes approximately 10 percent of the revenue of the US sales.