Gland Pharma Shares Soar After Successful USFDA Inspection

Gland Pharma Shares Soar After Successful USFDA Inspection

VoM News Desk | November 24, 2023 | 08:08 PM IST | Breaking News | Follow on Google News

Gland Pharma Shares Soar After Successful USFDA Inspection

Gland Pharma Shares Soar After Successful USFDA Inspection

Gland Pharma experienced a significant boost in its share price, witnessing a 6.4% surge following the announcement of a successful inspection by the United States Food and Drug Administration (USFDA) at its Pashamylaram facility in Hyderabad.

USFDA Inspection and EIR Acquisition

The USFDA conducted a pre-market inspection of the Pashamylaram facility, focusing on its adherence to Quality System/Current Good Manufacturing Practice regulations for medical devices. Following the inspection, Gland Pharma received the Establishment Inspection Report (EIR), marking the successful conclusion of the inspection process.

Robust Performance in the Stock Market

Post the announcement, Gland Pharma’s shares peaked at ₹1,817.15 on the BSE, a 6.37% increase. This surge was accompanied by a more than fourfold increase in trading volume on the exchange, reflecting the market’s positive response to the company’s regulatory success.

Global Presence and Product Portfolio

Gland Pharma, a major player in the injectables market, has a global presence in over 60 countries, including the US, Europe, and Canada. The company operates primarily on a business-to-business model, offering a diverse range of injectable products such as vials, ampoules, and pre-filled syringes.

Financial Performance and Recent Approvals

Despite a 19.56% year-on-year decline in its consolidated net profit for Q2 of FY 2023-24, Gland Pharma’s revenue showed a significant increase, reflecting a 31.52% growth from the previous year. The company also secured provisional approval from the USFDA for an injection intended for treating low blood pressure in adults. Shares of Gland Pharma closed 2.88% higher at ₹1,757 per share

VoM News Desk

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