Glenmark Launches New OTC Eye Drops Competing with Pataday®

On August 19, 2024, Glenmark Therapeutics Inc., USA, announced the launch of its new over-the-counter eye drop product, Olopatadine Hydrochloride Ophthalmic Solution USP, 0.1%. This product’s active ingredient is similar to that found in Pataday® Twice Daily Relief.

According to Nielsen® data for the 52 weeks ending July 13, 2024, Pataday® Twice Daily Relief (OTC) had annual sales of about $26.4 million.

Commenting on the launch, Fabio Moreno, Head – of OTC Sales & Marketing, Glenmark Pharmaceuticals Inc., said, “We are excited to announce the launch of Olopatadine Ophthalmic Solution USP, 0.1%, addressing the growing demand for a new supplier in this category. This addition highlights our commitment to meeting market needs and providing high-quality over-the-counter solutions for our customers.”

Recently, Glenmark Pharmaceuticals Ltd announced that it has received final approval from the U.S. Food & Drug Administration (FDA) for its Topiramate Capsules USP, available in 15 mg and 25 mg doses. These capsules have been approved as bioequivalent and therapeutically equivalent to Janssen Pharmaceuticals’ Topamax® Capsules, 15 mg and 25 mg. Glenmark Pharmaceuticals Inc., USA, will distribute these capsules in the U.S.

Financial Highlights

For Q1 FY 2024-25, Glenmark Pharmaceuticals reported strong growth across various regions. In Europe, the business grew by 21.4% year-over-year to ₹6,957 million. In India, it increased by 11.9% year-over-year to ₹11,962 million. The rest of the world (ROW) saw a 3.3% year-over-year growth, reaching ₹5,708 million. In North America, the business grew by 3.3% quarter-over-quarter to ₹7,808 million. The company achieved an EBITDA of ₹5,882 million, with an EBITDA margin of 18.1%, and a PAT of ₹3,402 million, resulting in a PAT margin of 10.5%.

About Glenmark Pharmaceuticals Ltd

Glenmark Pharmaceuticals Ltd is a global pharmaceutical company focused on research, with activities in branded drugs, generics, and over-the-counter (OTC) products. It specialises in respiratory, dermatology, and oncology treatments. The company operates 11 top-notch manufacturing plants across 4 continents and is active in over 80 countries. In 2022, Glenmark was listed among the top 100 companies for R&D and pharmaceutical sales by In Vivo/Scrip 100 and among the top 50 generics and biosimilar companies by Generics Bulletin/In Vivo.

On August 19, 2024, the share price of Glenmark Pharmaceuticals Ltd opened at ₹1,582.10, touching the day’s high of ₹1,639.70 as of 12:50 PM on NSE.

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