Glenmark Pharma up 4% after US arm launches Olopatadine Hydrochloride Ophthalmic Solution USP, 0.1% (OTC)

The company reported that the drug is compared to the active ingredient in Pataday Twice Daily Relief.

Glenmark Pharma cited Nielsen’s data for the latest 52-week period ending July 13, 2024. The data revealed that the annual sales for Pataday Twice Daily Relied came in at $26.4 million.

Fabio Moreno, head of OTC sales and marketing at Glenmark Pharmaceuticals, said that the launch of the new drug will help address the rise in demand along with providing high-quality over-the-counter solutions.

“We are excited to announce the launch of Olopatadine Ophthalmic Solution USP, 0.1%, addressing the growing demand for a new supplier in this category,” he said.

Last week, Glenmark Pharmaceuticals reported an 802% year-on-year (YoY) rise in net profit to ₹340.2 crore for Q1FY25. However, it is worth noting that the company had recorded an exceptional loss of ₹52 crore in the corresponding period last year.

The company’s revenues from operations came in higher by 6.9% YoY to ₹3,244 crore. During the quarter, the company’s earnings before interest, taxes, depreciation, and amortisation (EBITDA) jumped 34.5% YoY to ₹588.2 crore.

In Q1FY25, the EBITDA margin expanded to 18.1% compared to 14.4% in the corresponding period last year while the net profit margin came in at 10.5% compared to last year’s 1.2%.

Revenue from Glenmark’s India business was up by 11.9% YoY to ₹1,196 crore while the revenues from the North America business slipped 4.6% YoY to ₹780.8 crore. The Europe business grew 21.4% YoY while revenues from rest of the world saw an uptick of 3.3% YoY.

Shares of the company have risen by nearly 90% since the beginning of the year. The stock has gained over 110% in the past year.