Glenmark Pharmaceuticals on Monday disclosed receipt of final approval given by US health regulator for its generic version of AstraZeneca's Xylocaine ointment. The approval was received from US Food & Drug Administration (USFDA) and given to Glenmark Pharmaceuticals Inc USA (Glenmark) for Lidocaine Ointment USP, 5 per cent, according to the statement provided by the company.
Quoting IMS Health sales data for the 12 month period which ends on July 2016, the company mentioned that Xylocaine Ointment, 5 per cent achieved annual sales of around USD 373.0 million. Glenmark's current portfolio constitutes of 109 products authorized for distribution in the US and 62 ANDA's pending approval with the US FDA. Along with these internal filings, Glenmark said it is going to identify and explore external development partnerships to supplement and accentuate the growth of its existing pipeline and portfolio.
Despite the USFDA nod, Glenmark share price rolled down 0.88%. The stock is quoting at Rs. 888.80, opened at Rs. 889.70 against its previous closing at Rs. 896.70. The stock touched its day’s high and low at Rs. 904.40 and Rs. 880.50.
The 52 week high of Glenmark share price is observed at Rs. 1,074.90 on 6th Oct ’15 while the 52 week low is seen at Rs. 671.10 on 12th Feb ‘16. The market cap of the company amounts to Rs. 25302.02 (Cr)and has a book value 151.34. The stock yields 4.46% monthly returns and has the PE ratio of33.88. Glenmark is one of the top 500 performing stocks, out of the 1700 stocks listed on NSE for this quarter, as recommended by Dynamic Levels.
In order to acquire further details on the support and resistance refer to Glenmark share price forecast.
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