Glenmark Shares Surge on Positive FDA Inspection

23 Sep 2024 , 12:55 PM

Glenmark Pharma rose 8% to a day’s high of Rs 1,764.00 on the BSE after the United States Food and Drug Administration’s (USFDA) Good Manufacturing Practice (GMP) inspection of its Aurangabad facility concluded with no observations. As of 12:41 p.m. the stock was trading at ₹1717.40, up 4.9%

“This is to advise you that the United States Food and Drug Administration (USFDA) has completed a Good Manufacturing Practice (GMP) inspection of the Company’s formulation manufacturing plant in Chhatrapati Sambhaji Nagar (Aurangabad), India. The examination ran from September 9th to September 20th, 2024. “The inspection concluded with no observations,” the business said in an exchange filing on Saturday.

The examination was carried out from September 9 to September 20, 2024. In conclusion, the US Food and Drug Administration (USFDA) has issued Form 483 with no observations.

The drugmaker recorded a consolidated net profit of Rs 340.27 crore in Q1 FY25, up considerably from Rs 14.48 crore in Q1 FY24. Revenue from operations increased by 6.85% year on year (YoY) to Rs 3,244.19 crore in the quarter ended June 30, 2024.

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