Caplin Point Laboratories rose 1.08% to Rs 671 after the company's subsidiary, Caplin Steriles, received final approval from US Food and Drug Administration (USFDA) for its abbreviated new drug application (ANDA) Thiamine Hydrochloride Injection.
The said drug is generic therapeutic equivalent version of reference listed drug (RLD), Thiamine Hydrochloride injection of Fresenius Kabi USA LLC.
Thiamine Hydrochloride Injection is effective in the treatment of Thiamine (Vitamin B1) deficiency or beriberi, a serious condition caused by prolonged lack of Vitamin B1.
According to IQVIA (IMS Health), the drug had US sales of approximately $38 million for the 12 month period ending September 2022.
C. C. Paarthipan, Chairman of Caplin Point Laboratories, said, We're glad to receive 3 back to back ANDA approvals recently, taking the tally to 16 approvals for Caplin Steriles and 4 more with partners. These recent approvals will not only help the company's current targets, but also the future.
Caplin Point Laboratories is engaged in the business of pharmaceuticals - producing, developing and marketing wide range of generic formulations and branded products and exporting to overseas market.
The pharma company's consolidated net profit jumped 30.1% to Rs 97.48 crore on 14.1% rise in net sales to Rs 372.07 crore in Q3 FY23 over Q3 FY22.
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