Glenmark Pharmaceuticals' Aurangabad Facility Passes FDA Inspection

23 Sep 2024 , 01:08 PM

Glenmark Pharmaceuticals Ltd announced that its formulation manufacturing facility in Chhatrapati Sambhaji Nagar (Aurangabad) passed a routine inspection by the U.S. Food and Drug Administration (FDA) on September 20, 2024.

The inspection occurred from September 9 to September 20, 2024, and resulted in a Form 483 being issued with zero observations. This positive outcome indicates compliance with FDA standards and enhances Glenmark’s credibility in the pharmaceutical sector.

At the time of writing on September 23, 2024, at 01:09 pm, Glenmark Pharmaceuticals Ltd stock is trading at ₹1720, reflecting a 5.13% gain from the previous closing price. Over the past year, Glenmark Pharmaceuticals Ltd stock has risen by an impressive 119%, and it has gained 101% since the beginning of the current year.

For the first quarter ending June 30, 2024, Glenmark reported a substantial increase in consolidated net profit, rising to ₹340.2 Crore, compared to ₹37.7 Crore in the same quarter the previous year.

The consolidated profit before exceptional items and taxes was ₹462 Crore (approximately $55 million), significantly up from ₹203 Crore in the prior year.

The company faced a one-time charge of ₹52.02 Crore in the previous year due to repairs at its manufacturing facilities in India and the U.S. Revenue from operations grew by 6.9% to ₹3,244.2 Crore, compared to ₹3,036 Crore in the corresponding quarter of the last fiscal year.

EBITDA also saw impressive growth, increasing by 34.5% to ₹588.3 Crore from ₹437.3 Crore year-over-year.