Alembic Pharmaceuticals rose 3.20% to Rs 774.85 after the company said its joint venture, Aleor Dermaceuticals, received establishment inspection report (EIR) for its formulation facility at Karkhadi in Gujarat.
Aleor Dermaceuticals is a 60:40 joint venture (JV) between Alembic Pharmaceuticals and Orbicular Pharmaceutical Technologies. It was formed in April 2016 and it focuses on commercialising dermatology products globally.
The United States Food and Drug Administration (USFDA) had inspected Aleor Dermaceuticals' formulation facility at Karkhadi in Gujarat between 6th and 8th January 2020.
On a consolidated basis, the pharmaceutical company's net profit rose 88.10% to Rs 233.25 crore on a 30.19% increase in the net sales to Rs 1,206.83 crore in Q4 March 2020 over Q4 March 2019.
Alembic Pharmaceuticals is a vertically integrated research and development pharmaceutical company. The company manufactures and markets generic pharmaceutical products all over the world.
While the Nifty Pharma index has risen 12.47% in the past one month, shares of Alembic Pharma have added 26.98% during the same period.
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