Glenmark Pharma gains after subsidiary launches eye allergy drug in US

Glenmark Pharmaceuticals announced on Monday, August 19, that its U.S.-based subsidiary Glenmark Therapeutics Inc. has launched olopatadine hydrochloride eye drop solution USP 0.1% (OTC) for the treatment of ocular allergies in the United States.

This over-the-counter (OTC) product is positioned as an alternative to the active ingredient in Pataday Twice Daily Relief, Glenmark Pharmaceuticals said in an approval notice to the stock exchanges.

Shares of Glenmark Pharma rose over 4% on Monday, hitting an intraday high of ₹1,630.

The launch of this ophthalmic solution comes at a time when the allergy eye drops market is growing. According to syndicated Nielsen data for the 52 weeks ending July 13, 2024, Pataday Twice Daily Relief (OTC) generated annual sales of approximately $26.4 million.

Glenmark's new product aims to capture a share of this market by offering consumers a competitive, high-quality alternative.

“We are pleased to announce the launch of Olopatadine Eye Drop Solution USP 0.1% to meet the growing demand for a new entrant in the category. This addition underscores our commitment to meeting market needs and providing our customers with high-quality over-the-counter solutions,” said Fabio Moreno, Director of OTC Sales and Marketing at Glenmark Pharmaceuticals Inc.

Glenmark's 0.1% Olopatadine Hydrochloride Eye Drop Solution USP is now available in major retail stores and pharmacies across the United States.

The launch strengthens Glenmark's position in the OTC market and the company continues to expand its portfolio of consumer healthcare products in the United States.

On August 14, Glenmark Pharmaceuticals reported a more than two-fold increase in its consolidated net profit for the first quarter ended June 30, 2024, to Rs 340.2 crore. In comparison, the company posted a net profit of Rs 37.7 crore in the same quarter last year.

For the quarter ended June 30, Glenmark's consolidated profit before exceptional items and taxes stood at ₹462 crore (about $55 million), up from ₹203 crore in the corresponding period last year. The previous year's results included a one-off charge of ₹52.02 crore for repairs at its manufacturing facilities in India and the US.

The company’s revenue from operations increased by 6.9% to Rs 3,244.2 crore as compared to Rs 3,036 crore in the same quarter of the previous financial year.

Shares of Glenmark Pharmaceuticals were trading 4.01% higher at ₹1,628.6 per share at around 11:25 am on Monday, August 19.

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