Glenmark launches Sunitinib capsules for reducing risk of kidney cancer progression
Glenmark Pharmaceuticals today launched SUTIB, a generic version of Sunitinib oral capsules to treat kidney cancer in India.
The above-mentioned product has been launched at the MRP i.e. approx. 96 per cent lower than the MRP compared to the innovator brand. Sunitinib, which reduces the risk of kidney cancer progression by 58 per cent, has been approved by United States Food & Drug Administration (USFDA).
Reacting to this, the company’s stock today increased by 1.82 per cent and made an intraday high of Rs 499.60 per share.
Besides, the company reported a net profit of Rs 248.18 crore in Q3FY21, an increase of 30.05 per cent. It had reported a profit of Rs 190.84 crore in Q3FY20. The company reported net sales of Rs 2,758.74 crore for Q3FY21, an increase of 4.55 per cent as against the net sales of Rs 2,638.62 crore for Q3FY20.
Glenmark Pharmaceuticals is a global research pharmaceutical company with a presence across generics, speciality, and over-the-counter (OTC) business with operations in over 50 countries.
According to BSE data, the stock traded at a P/E multiple of 8.36 and a price-to-book ratio of 0.99. The stock has a 52-week high and a 52-week low of Rs 572.70 and Rs 168, respectively.
At 9.47 am on Tuesday, the stock of the company was trading at Rs 495.90, up by 1.07 per cent on BSE.