Glenmark Pharma Mark On Nod For New Drug - Nov 21, 2008

The company made this announcement during trading hours today, 21 November 2008.Meanwhile, the BSE Sensex was up 219.03 points, or 2.59%, to 8,670.04.On BSE, 78,883 shares were traded in the counter. The stock had an average daily volume of 2.14 lakh shares in the past one quarter.The stock hit a high of Rs 317.40 and a low of Rs 306 so far during the day. The stock has a 52-week high of Rs 730 on 16 June 2008 and a 52-week low of Rs 211.05 crore on 29 October 2008.

The mid-cap stock had underperformed the market over the past one month till 20 November 2008, declining 35.29% as compared to the Sensex's decline of 17.33%. It had also underperformed the market in the past one quarter, declining 53.86% as compared to the Sensex's decline of 42.42%.

The company's current equity is Rs 25.02 crore. Face value per share is Rs 1.

The current price of Rs 315.90 discounts the company's Q2 September 2008 annualized EPS of Rs 10.69, by a PE multiple of 5.85.

Glenmark Pharmaceuticals has received approval from the US Food & Drug Administration (USFDA) for marketing Ranitidine in 150 miligram (mg) and 300 mg strengths in the US.

Ranitidine is used for eight separate indications including the short-term treatment and maintenance of duodenal ulcer patients, the treatment of pathological hypersecretory conditions, the short-term treatment and maintenance of gastric ulcer patients, treatment of gastro esophageal reflux disease (GERD) and the treatment and maintenance of erosive esophagitis.

The drug has sales of $41 million in the US for the 12-month period ended June 2008.

On 10 November 2008, the company launched its first product Perindopril tablets in Western Europe.

Glenmark Pharmaceuticals' net profit rose 4.7% to Rs 66.89 crore on 19.1% fall in net sales to Rs 225.85 crore in Q2 September 2008 over Q2 September 2007.

Glenmark Pharmaceuticals manufactures and markets pharmaceutical ingredients. Currently, the company has 11 drug compounds at various stages of research development for treatment of diseases such as inflammation, heart ailments, metabolic disorders and cancer.