Strides Pharma Science gained 1.1% to Rs 449.90 after the drug company on Monday announced that its step-down wholly owned subsidiary, Strides Pharma Global Pte. received approval for oseltamivir phosphate for oral suspension from the USFDA.
Oseltamivir phosphate is used for treatment of acute, uncomplicated influenza A and B in patients 2 weeks of age and older who have been symptomatic for no more than 48 hours.The product is bioequivalent and therapeutically equivalent to the reference listed drug, Tamiflu of Hoffmann-La Roche, Inc. According to IQVIA MAT November 2020 data, the US market for Oseltamivir Phosphate for oral suspension was approximately $ 132 million.
The product will be manufactured at the company's facility at Bengaluru and will be marketed by Strides Pharma Inc. in the US market. The company has 271 cumulative ANDA filings with USFDA of which 243 ANDAs have been approved and 28 are pending approval.
Strides Pharma Science is a global pharmaceutical company. The company mainly operates in the regulated markets and has an 'in Africa for Africa' strategy along with an institutional business to service donor‐funded markets. The company focuses on difficult to manufacture products that are sold in over 100 countries.
The company reported a consolidated net loss of Rs 162.55 crore in Q2 FY22 as against a net profit of Rs 80.94 crore in Q2 FY21. Revenue from operations during the quarter fell by 9.08% YoY to Rs 721.47 crore.
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