The company has also completed the phase 3 clinical trial with Favipiravir (FabiFlu) in mild to moderate COVID-19 patients in India.
Prabhudas Lilladher is bearish on Glenmark Pharmaceuticals has recommended sell rating on the stock with a target price of Rs 365 in its research report dated June 29, 2020.
Glenmark reported 36 percent year-on-year increase in Q4FY20 profit at Rs 220 crore and 8 percent growth in revenue at Rs 2,764 crore during the quarter compared to year-ago.
The company's consolidated revenue for the quarter rose 7.96 per cent to Rs 2,767.48 crore as against Rs 2,563.47 crore a year ago, Glenmark Pharmaceuticals said in a regulatory filing.
Prabhudas Lilladher says 27 percent rally in the stock on June 22 was an "irrational exuberance" and would likely fizzle out.
Prabhudas Lilladher is bearish on Glenmark Pharmaceuticals has recommended sell rating on the stock with a target price of Rs 257 in its research report dated June 23, 2020.
Dr Avi Kumar, Consultant, Pulmonologist, Fortis Escort Heart Institute, said drugs such as Favipiravir and Remdisiver "cannot be called game changers" as they are used as a supportive treatment.
The Mumbai-based company said the approval was part of India's accelerated approval process and the drug was meant for "restricted emergency use," meaning patients must sign their consent before being treated by the drug.
"Glenmark Pharmaceuticals Inc, USA has been granted final approval by the United States Food and Drug Administration (USFDA) for Fingolimod Capsules, 0.5 mg, the generic version of Gilenya capsules, 0.5 mg, of Novartis Pharmaceuticals Corporation," the drug major said in a filing to BSE.
Globe Capital Market is bullish on Glenmark Pharmaceuticals has recommended buy rating on the stock with a target price of Rs 410 in its research report dated Jun 01, 2020.
The study will look to enroll 158 hospitalized patients of moderate COVID-19 in India, the company added.
The licensing pact for Ryaltris has been signed between the company's Swiss subsidiary, Glenmark Specialty SA and Hikma Pharmaceuticals PLC (Hikma).
The company had posted a net profit of Rs 116.34 crore in the corresponding period of the previous financial year, Glenmark Pharmaceuticals said in a filing to the BSE.
The Mumbai-based firm plans to raise funds either through issuance of bonds or debentures, non-convertible debt instruments or any other securities or any combination thereof, of any of the above, it added.
"This is particularly important in reducing overall disease burden. Moreover, this strategic decision will not only strengthen our diabetes portfolio but also help consolidate our position as the fastest-growing player in the anti-diabetes segment," Mankind Pharma Director of Marketing Sanjay Koul said in a statement.
Ryaltris is a new fixed dose combination nasal spray of an antihistamine and a steroid indicated for treatment of symptoms associated with allergic rhinitis and rhinoconjunctivitis in patients over 12 years of age in Australia.
"The European regulator has just issued a certificate of compliance for the facility stating that it complies with the principles and guidelines of Good Manufacturing Practice (GMP) laid down in the directive 2003/94/EC which stipulates the requirements to fulfil GMP recommendations of WHO," Glenmark Pharmaceuticals said in a regulatory filing.
Glenmark's current portfolio consists of 164 products authorised for distribution in the US marketplace and 44 abbreviated new drug applications pending approval with the USFDA.
Net sales of the company stood at Rs 2,763.73 crore, up 8.81 percent, during the period under review as against Rs 2,539.85 crore of the corresponding quarter previous fiscal.
Trends on SGX Nifty indicate a positive opening for the broader index in India, with a 17 points gain or 0.16 percent. The Nifty futures were trading around 11,223-level on the Singaporean Exchange.
In his message to the company's shareholders, Saldanha said the three entities will focus on different verticals -- generics, branded and specialty products; active pharmaceutical ingredients (API); and breakthrough innovative drugs.
The recall is a nationwide within the United States, the USFDA said.
The drug is indicated for treatment of type-2 diabetes mellitus in adults.
ICICI Direct recommended hold rating on Glenmark Pharmaceuticals with a target price of Rs 410 in its research report dated August 14, 2019.
The Mumbai-based drug firm said the figures are not comparable as the last financial year included one-time forex gain of Rs 138.21 crore.