Sun Pharamceuticals Industries was up 2.92% to Rs 419.6 at 10:56 IST on the BSE after the company announced the launch of Ezallor Sprinkle capsules in the US market.
Meanwhile, the S&P BSE Sensex was up by 26.11 points or 0.07% to 38,762.34.
On the BSE, 4.32 lakh shares were traded in the counter so far compared with average daily volumes of 4.38 lakh shares in the past two weeks. The stock had hit a high of Rs 424.5 and a low of Rs 415.5 so far during the day. It hit a 52-week high of Rs 678.8 on 6 June 2018 and a 52-week low of Rs 350.4 on 13 May 2019.
Sun Pharmaceutical Industries announced the US launch of Ezallor Sprinkle (rosuvastatin) capsules for the treatment of three types of elevated lipid disorders in people who have difficulty swallowing, a problem that is estimated to affect approximately 30-35% of long-term care residents.
Ezallor Sprinkle is indicated as an adjunct to diet for the treatment of adult patients with hypertriglyceridemia, as an adjunct to diet for the treatment of adult patients with primary dysbetalipoproteinemia (type III hyperlipoproteinemia), and as an adjunct to other lipid-lowering treatments (e.g., LDL apheresis) or as monotherapy if such treatments are unavailable, to reduce LDL-C, total cholesterol, and ApoB in adult patients with homozygous familial hypercholesterolemia. Ezallor Sprinkle has not been studied in Fredrickson type I and V dyslipidemias.
"With the introduction of Ezallor Sprinkle, Sun Pharma continues our commitment of providing a portfolio of alternative formulation products to address the needs of people who have difficulty swallowing, which is especially prevalent among residents in long-term care facilities," said Abhay Gandhi, CEO, North America, Sun Pharma.
"These patients often encounter more medication errors and challenges with medication administration as compared to long-term care residents who do not have difficulty swallowing," he added.
A foreign brokerage reportedly upgraded the Sun Pharma stock to 'overweight' from 'underweight' and hiked price target to Rs 505 from Rs 470. The brokerage reportedly expect the current financial year to be transitional year followed by cost normalisation and positive operating leverage.
On consolidated basis, Sun Pharmaceuticals Industries' net profit fell 52.6% to Rs 635.88 crore on 5% increase in net sales to Rs 7044.26 crore in Q4 March 2019 over Q4 March 2018.
Sun Pharmaceutical Industries is the world's fourth largest specialty generic pharmaceutical company and India's top pharmaceutical company.
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