Jubilant Pharmova declines after US FDA issues 3 observations to Washington-based facility

Jubilant Pharmova slipped 2.45% to Rs 739.70 after the United States Food and Drug Administration (US FDA) issued 3 observations post the completion of audit of Washington-based manufacturing facility of its step-down subsidiary.

The United States Food and Drug Administration (US FDA) had conducted an eight day audit at the contract manufacturing facility located in Spokane, Washington (USA) of Jubilant HollisterStier LLCs.

Jubilant HollisterStier LLC is a subsidiary of Jubilant Pharma Holding Inc., which is a subsidiary of Jubilant Pharma Limited, Singapore, a wholly owned subsidiary of Jubilant Pharmova.

Pursuant to the completion of audit, the US FDA has issued 3 observations to the said facility.

The company will submit an action plan on the observations, Jubilant Pharmova said in a statement.

Jubilant Pharmova is engaged in radiopharma, allergy immunotherapy, CDMO of sterile injectable, generics, contract research development and manufacturing (CRDMO) and proprietary novel drugs businesses.

The company has reported a net loss of Rs 58.60 crore in Q4 FY24 as against a net loss of Rs 97.90 crore in Q4 FY23. Total income increased by 5.15% YoY to Rs 1746.40 crore during the period under review.

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