Shares of this midcap company jumped around 7 percent in Monday’s trading session after receiving USFDA approval for breast cancer treatment injection. The shares have delivered more than 40 percent returns to its shareholders in one year.
With a market capitalization of Rs. 30,550 crores, the shares of Gland Pharma Ltd started Monday’s trading session on a higher note at Rs. 1,789.95 compared to its previous close of Rs. 1,754.55. During the trading session, the shares hit a high of Rs. 1,871, gaining around 7 percent and are currently trading at Rs. 1,866 apiece.
Such a bullish movement in the share price was observed after the company in an exchange filing announced that they had received approval from the United States Food and Drug Administration (USFDA) for Eribulin Mesylate Injection, 0.5 mg/mL Single Dose Vial, which are used to treat breast cancer that has spread to other parts of the body.
Furthermore, the company mentioned that the product is expected to be the first generic approval on the market, and expects to launch this product in the near term through its marketing partner.
As per IQVIA, the product has US sales of approximately USD 92 million for twelve months ending in February 2024. Moreover, the pharma company said that it is co-developing several complex injectables, including the above-mentioned product, with Orbicular Pharmaceutical Technologies Private Limited.
Coming onto the company’s financial statements, the revenue increased by 13 percent from Rs. 1,373 crores during the September quarter to Rs. 1,545 crores in the December quarter. On a contrasting note, the net profits decreased marginally by 1 percent from Rs. 194 crores to Rs. 192 crores during the same period.
The company derives its revenue from diverse global sources, with the US market accounting for 53 percent of the total revenue. Additionally, 24 percent of the revenue originates from the European region, while the remaining 23 percent comes from India and other international markets.
As of Q3 FY24, the total R&D expenses were Rs. 530 million, or 5 percent of operating revenue. And the company has filed 10 ANDAs during the quarter and received approval for 3 ANDAs. As of December 31, 2023, Gland and its partners have filed 346 ANDAs in the United States, 279 of which were approved and 67 pending for approval.
Headquartered in Hyderabad, Gland Pharma Ltd is one of the subsidiary companies of Shanghai Fosun Pharma and was incorporated in 1978. The company has expertise in sterile injectables, oncology, and ophthalmic segments, and focuses on complex injectables.
Written By Vaibhav Patil
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