Glenmark Launches Allergy Eye Drops in US, Shares Surge 4%

19 Aug 2024 , 12:53 PM

Glenmark Pharmaceuticals’ US subsidiary, Glenmark Therapeutics Inc., launched Olopatadine Hydrochloride Ophthalmic Solution USP, 0.1% (OTC) in the US to treat eye allergies.

This OTC product is positioned as a competitive alternative to Pataday Twice Daily Relief, targeting a growing market for allergy eye drops. Glenmark Pharmaceuticals announced the launch in a regulatory filing on August 19, 2024.

Shares of Glenmark Pharma rose by over 4%, reaching ₹1634 on the day of the announcement. Glenmark stock has gained a total of 110% in the last one year, and almost 91% since the beginning of the year.

Nielsen data shows Pataday Twice Daily Relief achieved annual sales of approximately USD 26.4 million as of July 13, 2024. Glenmark’s new product aims to capture a share of this market by offering a high-quality alternative.

Fabio Moreno, Head of OTC Sales & Marketing at Glenmark Pharmaceuticals Inc., expressed excitement about the launch, emphasizing the company’s commitment to market needs.

The ophthalmic solution is now available at major retail outlets and pharmacies across the US. Glenmark is strengthening its position in the OTC market, continuing to expand its portfolio of consumer healthcare products in the US.

On August 14, Glenmark Pharmaceuticals reported a consolidated net profit of ₹340.2 Crore for Q1 ending June 30, 2024, more than doubling the profit from the same quarter last year.

Revenue from operations grew by 6.9%, reaching ₹3,244.2 Crore compared to ₹3,036 Crore in the same quarter of the previous fiscal year.