Glenmark Pharma shares hit 52-week high as company gets USFDA nod for generic anti-inflammatory drug

Glenmark Pharma Share Price Today NSE, BSE: Shares of Glenmark Pharma hit a 52-week high on a day the company informed exchanges that it has received approval from the US health regulator to sell a generic version of an anti-inflammatory drug in the American market. The shares of the Mumbai-headquartered Indian multinational pharmaceutical company opened in green at Rs 1092.60 and surged around 1.66 per cent to hit a 52-week high of Rs 1,098 on the BSE. The 52-week low of the stock is 535.15.

The stock has been gaining for the last four days and is trading higher than the 5-day, 20-day, 50-day, 100-day and 200-day moving averages.

Shares of Glenmark Pharma, which has a market cap of Rs 16,296, have given a mulitbagger return of 148 per cent in in two years. The counter has gained around 46 per cent in six months. 

Meanwhile, the company has received approval from the US Food and Drug Administration (USFDA) for Acetaminophen and Ibuprofen tablets (250 mg/125 mg), the Mumbai-based drug maker said in a statement.

The company's product is the generic version of Haleon US Holdings, LLC's Advil 2 Dual Action with Acetaminophen Tablets, 250 mg/125 mg (OTC), it added.

Glenmark Therapeutics Inc, USA will distribute the drug in the US market, the drug maker said.

According to Nielsen syndicated data for the latest 52 weeks period ending March 23, 2024, the Advil Dual Action with Acetaminophen Tablets, 250 mg/125 mg achieved annual sales of around USD 84.1 million.

Glenmark said its current portfolio consists of 195 products authorised for distribution in the US marketplace and 52 abbreviated new drug applications (ANDAs) pending approval with the USFDA.