Gland Pharma Shares Surge as FDA Inspection Wraps Up Successfully

31 Jul 2023 , 12:30 PM

Pharmaceutical company Gland Pharma witnessed a significant surge in its shares on Monday following the conclusion of a Good Manufacturing Practices (GMP) inspection by the US Food and Drug Administration (FDA).

The inspection took place at Gland Pharma’s sterile oncology facility in Visakhapatnam between July 20 and July 28, and notably, the FDA raised no objections during the inspection.

The pharmaceutical company has experienced a substantial rally, gaining around 500 points (approximately 58%) after bottoming near 850-900 levels.

Gland Pharma is set to release its financial results for the April-June quarter on August 7. In its previous financial report for the quarter ended March 31, 2023, the company witnessed a year-on-year decline of approximately 72 % in net profit, amounting to Rs 78.68 crore.

Additionally, the revenue from operations decreased by 29 % to Rs 785 crore, as disclosed in a regulatory filing.

The successful completion of the FDA inspection has bolstered investor confidence, leading to the surge in Gland Pharma’s shares. Investors eagerly await the upcoming financial results to assess the company’s performance during the April-June period.

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