Wockhardt rose 2.98% to Rs 1,438.75 at 13:14 IST on BSE after the company said it received US health regulator's approval for pain medication Oxycodone Hydrochloride oral solution.
The announcement was made during trading hours today, 22 June 2015.
Meanwhile, the BSE Sensex was up 344.67 points, or 1.26%, to 27,660.84.
On BSE, so far 1.31 lakh shares were traded in the counter, compared with an average volume of 3.43 lakh shares in the past one quarter.
The stock hit a high of Rs 1,450 and a low of Rs 1,427.75 so far during the day. The stock hit a 52-week high of Rs 2,000 on 8 April 2015. The stock hit a 52-week low of Rs 543.10 on 10 July 2014.
The stock had outperformed the market over the past one month till 19 June 2015, rising 1.78% compared with 1.19% fall in the Sensex. The scrip had, however, underperformed the market in past one quarter, sliding 26.82% as against Sensex's 4.05% fall.
The large-cap pharmaceutical and biotechnology company has an equity capital of Rs 55.04 crore. Face value per share is Rs 5.
Wockhardt said it has received final approval from the United States Food & Drug Administration (USFDA) for marketing 5mg/ 5m1 of Oxycodone HCI liquid, which is used in treatment of moderate to severe acute and chronic pain. Wockhardt said it is launching the product soon and will be amongst the few generic versions of this product in the market.
According to IMS Health, the total market for this product in the US is about $58 million. Oxycodone is used extensively in management of pain, especially in opioid tolerant patients. Wockhardt already markets several other controlled substance products in the United States and generally has a leading presence in the liquid formulations segment.
In the US generic pharmaceutical market, Wockhardt has been consistently growing market shares for all its products. In many instances, Wockhardt, by virtue of being amongst the few players to market technically challenging products has reaped the advantage of being an early entrant. Wockhardt will be manufacturing the Oxycodone HCI liquid at its facility in Morton Grove, IL. The technology for the product was developed in-house, Wockhardt said.
On a consolidated basis, net profit of Wockhardt declined 54.22% to Rs 34.08 crore on 3.90% rise in net sales to Rs 1079.14 crore in Q4 March 2015 over Q4 March 2014.
Wockhardt is a research based and technology intensive global pharmaceutical and biotechnology company.
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