Shares of Gland Pharma Ltd rallied up to 2.6% in morning trade on Tuesday, December 3, after the company announced receiving approval from the United States Food and Drug Administration (USFDA) for its ophthalmic solution to treat high eye pressure.

Gland Pharma informed the exchanges in a filing that it has received approval from the US health regulator for Latanoprost Ophthalmic Solution, 0.005% (2.5 mL Fill). The product is bioequivalent and therapeutically equivalent to the reference listed drug (RLD), Xalatan, latanoprost ophthalmic solution 0.005% (50 μg/mL), which is sold by UPJOHN US 2 LLC.

Latanoprost Ophthalmic Solution is used for treatment of high eye pressure, or intraocular pressure (IOP), in patients with open angle glaucoma or ocular hypertension, the company informed the stock exchanges.

Gland Pharma plans to launch the product in FY25. The product had US sales of approximately $111.6 million for the twelve months ending December 2023, according to IQVIA data.

Gland Pharma’s consolidated revenue from operations for the September quarter of FY25 increased more than 2% to ₹140.58 crore compared to ₹137.34 crore in the September quarter of FY24. The company’s consolidated profit-after-tax for the second quarter of FY25 stood at ₹16.35 crore, a decline of more than 15% compared to ₹19.41 crore in the corresponding quarter of the preceding fiscal.

Shares of Gland Pharma have slipped more than 1% in the last one year. The stock has dropped nearly 7% on a Year-To-Date (YTD) basis. In the last six months the stock has declined more than 4%. In the past month, the stock has gained over 9%, while rising more than 3% in the last 5 sessions.

Shares of Gland Pharma Ltd rallied as much as 2.59% to hit an intraday high of ₹1,825.59 apiece on the BSE. However, the stock pared some of early gains to trade 1.49% higher at ₹1,806 apiece on the BSE at 12:11 pm.