Thursday, March 13, 2008

Glenmark Pharmaceuticals slips

Glenmark Pharmaceuticals slipped 1.22% to Rs 467.50 at 13:59 IST on BSE even as the company said its US subsidiary Glenmark Pharmaceuticals Inc has launched nabumetone tablets and hydroxyzine hydrochloride tablets in the US market.

The company made this announcement during trading hours today, 13 March 2008.

The stock hit a high of Rs 472 and a low of Rs 462.60 so far during the day. The stock had a 52-week high of Rs 623.90 on 18 December 2007 and a 52-week low of Rs 279 on 14 March 2007.

The company’s current equity is Rs 24.87 crore. Face value per share is Rs 1. The current price of Rs 467.50 discounts its Q3 December 2007 annualized EPS of Rs 23.72, by a PE multiple of 19.71.

Glenmark Pharmaceuticals has launched these tablets through its partnership with InvaGen Pharmaceuticals Inc (Invagen). Glenmark Pharmaceuticals will exclusively market and distribute nabumetone and hydroxyzine hydrochloride tablets while InvaGen will be responsible for their manufacture and supply. All development, regulatory costs and profits will be shared equally between Glenmark and Invagen.

On 6 February 2008, Glenmark Pharmaceuticals’ wholly owned Swiss subsidiary Glenmark Pharmaceuticals SA (GSA) received $15 million in milestone fees from Forest Laboratories.

On 28 January 2008, the company received US Food and Drug Administration approval for its state-of-the-art semi-solids manufacturing plant at Baddi, Himachal Pradesh.

Glenmark Pharmaceuticals’ net profit rose 385.3% to Rs 146.43 crore on 114.8% growth in net sales to Rs 433.58 crore in Q3 December 2007 over Q3 December 2006.

Glenmark Pharmaceuticals is engaged in manufacturing and marketing pharmaceutical ingredients.

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