Glenmark Pharmaceuticals has announced a sharp jump in net profit to Rs 462 crore for the three months ended June of the current fiscal year, more than doubling from Rs 203 crore in the same quarter previous year.
The strong demand for its medicines and a slight fall in costs - down 1.4 per cent- helped drive the profit increase.
The Mumbai-based drug maker posted an 8 percent rise in revenue from operations at Rs 3,244 crore while expenses fell by the same 1.4 percent.
Glenmark had incurred a one-time expense of Rs 52 crore for repairs at its manufacturing facilities in India and the US in the first quarter of the previous year.
On July 17, it declared that it had received final approval from the US FDA to market its generic Topiramate Capsules USP, in 15 mg and 25 mg doses, in the US market.
The FDA found Glenmark's Topiramate Capsules USP in these strengths to be bioequivalent and therefore therapeutically equivalent to Janssen Pharmaceuticals, Inc.'s Topamax Capsules. These capsules will be distributed in the US by Glenmark Pharmaceuticals Inc., USA.
According to IQVIATM sales data, for the 12 months ended May 2024, Topamax Capsules in the 15 mg and 25 mg strengths had annual sales of approximately $21.9 million.
The group's portfolio in the US currently has 198 products approved for distribution, although another 50 more ANDAs are pending approval from the US FDA.
The ANDA is an application filed with the FDA that includes data supporting the review and, if appropriate, the approval of a generic drug.
In addition to internal filings, external development partnerships would be harnessed by Glenmark to further boost its pipeline and existing portfolio of products.
Glenmark Pharmaceuticals Ltd. is a global, research-driven pharmaceutical company with a presence in Brated, Generics, and OTC segments focused on respiratory, dermatology, and oncology therapeutic areas. It has 11 state-of-the-art manufacturing facilities across four continents and a presence in more than 80 countries. The following description is found on its website.
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