Shares of Gland Pharma Ltd rose by as much as 2.6% in morning trading on Tuesday, December 3, following the company’s announcement that it had received approval from the United States Food and Drug Administration (USFDA) for its ophthalmic solution used to treat high eye pressure.
The company revealed in a filing to the exchanges that the USFDA had approved its Latanoprost Ophthalmic Solution, 0.005% (2.5 mL Fill). The product is bioequivalent and therapeutically equivalent to Xalatan, the reference listed drug (RLD) sold by UPJOHN US 2 LLC. Latanoprost Ophthalmic Solution is prescribed to treat intraocular pressure (IOP) in patients with open-angle glaucoma or ocular hypertension.
Gland Pharma plans to launch the product in fiscal year 2025. According to IQVIA data, the product had U.S. sales of approximately $111.6 million for the 12 months ending in December 2023.
The company also reported that its consolidated revenue for the September quarter of FY25 had increased by more than 2%, rising to ₹140.58 crore from ₹137.34 crore in the same quarter of FY24. However, its consolidated profit-after-tax for the second quarter of FY25 declined by over 15%, dropping to ₹16.35 crore from ₹19.41 crore in the corresponding quarter of the previous fiscal year.
Despite these mixed financial results, Gland Pharma’s stock has shown some recent gains. Over the past month, its shares have climbed by more than 9%, and in the last five trading sessions, the stock rose by more than 3%. However, over the past year, the stock has fallen by more than 1%, and on a year-to-date (YTD) basis, it has declined nearly 7%.
At 12:11 p.m., Gland Pharma shares were trading at ₹1,806, up by 1.49% from the previous day’s close. The stock had earlier reached an intraday high of ₹1,825.59 on the BSE.
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