Glenmark Pharma hits life-time high

Glenmark Pharma has hit a life time high of Rs.1228.25 and it is currently at Rs.1225 levels. Volumes are up over 1.5 times.

The stock is up as the company has been granted final approval by the United States Food & Drug Administration (US FDA) for Drospirenone and Ethinyl Estradiol tablets USP, 3 mg/0.02 mg, the generic version of Yaz Tablets of Bayer HealthCare Pharmaceuticals. It is used as contraception to prevent pregnancy. Glenmark plans to commence shipping of Drospirenone and Ethinyl Estradiol tablets USP, 3 mg/0.02 mg immediately.

According to IMS Health sales data for the 12 month period ending June 2015, the Yaz market achieved annual sales of approximately $170.1 million. Glenmark’s current portfolio consists of 101 products authorised for distribution in the US marketplace and 64 ANDA’s pending approval with the US FDA. 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.