Shilpa Medicare announced that it has received Europe approval for closure of decentralized procedure for Varenicline tablets, 0.5 mg and 1 mg.
Varenicline is indicated for smoking cessation in adults. It is used for quitting smoking.The firm stated, commercial supplies shall be started after the approval of national procedure.
This product had sales of about $ 57 Million as of December 2021 prior to a decline in sales due to drug shortage due to post-production quality issues. This approval will enable the company to make this quality medicine available to adults who intend to quit smoking and fill the drug shortage
Shilpa Medicare is a global brand in manufacturing and supplying of API and formulation globally in different regulated markets.
The companys consolidated net profit stood at Rs 4.58 crore in Q3 FY24 as compared with net loss of Rs 6.62 crore posted in Q3 FY23. Net sales stood at Rs 286.48 crore in Q3 FY24, up 9.1% year on year.
The scrip rose 0.33% to Rs 438.80 on the BSE.
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