Shares of Glenmark Pharmaceuticals Ltd soared 7% on 23 September after the company’s manufacturing facility in Aurangabad successfully cleared the US Food and Drug Administration’s (USFDA) routine inspection with no observations.

The clearance of the formulations manufacturing facility in Aurangabad is a positive development for the company, as it provides a crucial alternative for its Goa plant to supply drugs to the US market. Concerns over potential negative outcomes from the USFDA’s inspection, which took place between 9 September and 20 September 2024, had negatively impacted the stock, causing it to drop nearly 7% last week. 

The favourable result from this inspection now serves as a major positive trigger for the stock’s performance.

In addition, Glenmark Pharma disclosed that its consolidated net profit for the June quarter increased by more than two times to Rs 340.2 crore from Rs 37.7 crore during the same period the previous year due to extraordinary circumstances.

Compared to the same period in the previous fiscal year, when it earned Rs 3,036 crore, its operating revenue increased by 6.9% to Rs 3,244.2 crore. Operating EBITDA increased 34.5% from Rs 437.3 crore in the same time last year to Rs 588.3 crore in the first quarter.

At 12:47 pm, the shares of Glenmark Pharma were trading 5.02% higher at Rs 1,718.95 on NSE.

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