Glenmark Pharma gains after USFDA approves
Glenmark Pharmaceuticals rose 1.85% to Rs 496.35 after the company said it received final approval from the US drug regulator for topiramate extended-release capsules.
Glenmark has received final approval by the United States Food & Drug Administration (USFDA) for topiramate extended-release capsules, 25 mg, 50 mg, 100 mg, 150 mg, and 200 mg. The drug is the generic version of Qudexy XR capsules of Upsher-Smith Laboratories, LLC.
The drug is used to prevent migraine headaches in adults and adolescents. It is also used to treat certain types of seizures in adults and children 2 years and older.
According to IQVIA sales data for the 12 month period ending December 2020, the Qudexy XR capsules market achieved annual sales of approximately $120.8 million.
Glenmark’s current portfolio consists of 169 products authorized for distribution in the US marketplace and 43 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.
The drug maker’s consolidated net profit slipped 8.4% to Rs 233.99 crore on 5.2% increase in net sales to Rs 2,908.12 crore in Q2 September 2020 over Q2 September 2019.
Glenmark Pharmaceuticals is a global research-led pharmaceutical company with presence across generics, specialty and over-the-counter (OTC) business with operations in over 50 countries. Glenmark’s key therapy focus areas globally are respiratory, dermatology and oncology.
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