Cadila Healthcare rose 1.09% to Rs 486.45 at 14:00 IST on BSE after the company announced that its US subsidiary received final approval from the US drug regulator to market Oseltamivir powder for Oral Suspension, 6 mg/ml.
The announcement was made on Saturday, 16 September 2017.Meanwhile, the S&P BSE Sensex was up 194.09 points, or 0.6% to 32,466.70.
On the BSE, 31,684 shares were traded in the counter so far, compared with average daily volumes of 1.09 lakh shares in the past one quarter. The stock had hit a high of Rs 490.90 and a low of Rs 483.45 so far during the day. The stock had hit a record high of Rs 558 on 12 June 2017. The stock had hit a 52-week low of Rs 329.95 on 26 December 2016.
The stock had underperformed the market over the past one month till 15 September 2017, declining 0.8% compared with the 2.62% gains in the Sensex. The scrip had also underperformed the market in past one quarter, dropping 9.59% as against Sensex's 3.85% gains. The stock had, however, outperformed the market over the past one year, gaining 25.04% compared with the 13.58% gains in the Sensex.
The large-cap company has equity capital of Rs 102.37 crore. Face value per share is Re 1.
Cadila Healthcare said that Nesher Pharmaceuticals, a subsidiary of Zydus Pharmaceuticals USA, received final approval from the United States Food & Drug Administration (USFDA) to market Oseltamivir powder for Oral Suspension, 6 mg/ml. The powder is used in the treatment and prevention of influenza.
It will be produced at the Nesher Pharmaceuticals' manufacturing facility located at St. Louis, MO, USA. The annual sales of the Oseltamivir powder for oral suspension in the US are estimated at $367.92 million as per the IMS Health data. The group now has more than 150 approvals and has so far filed over 300 abbreviated new drug applications (ANDA) since the commencement of the filing process in FY 2003-04.
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Cadila Healthcare's consolidated net profit fell 65.3% to Rs 138.40 crore on 3.6% fall in net sales to Rs 2135.70 crore in Q1 June 2017 over Q1 June 2016.
Cadila Healthcare is a global pharmaceutical company that discovers, develops, manufactures and markets a broad range of healthcare therapies.
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