Venus Remedies surges 6% after getting marketing nod for lung cancer drug

Venus Remedies share price hit an intraday high of Rs 355 per share, rising 6 per cent on the BSE in Monday’s intraday trade. This came after the company on Friday said that it has secured marketing authorization for Pemetrexed 500mg, a chemotherapeutic agent widely used in the treatment of lung cancer and mesothelioma, in the Philippines. 

 

“This authorization marks a significant milestone in the company's journey to strengthen its presence in the high-growth Southeast Asian pharmaceutical market,” the company said in an exchange filing. 

 

Venus Remedies is engaged in research, development, and manufacturing of pharmaceuticals with a key focus on critical care drugs, especially antibiotics and oncology. The company is one of the major global manufacturers of critical care antibiotics, such as meropenem and imipenem-cilastatin.

   

On the financial front, Venus Remedies reported a 64.69 per cent decline in net profit, which fell to Rs 3.51 crore in the quarter ended September 2024, compared to Rs 9.94 crore in the same quarter last year. Sales also decreased by 0.16 per cent, totaling Rs 167.45 crore for the September 2024 quarter, down from Rs 167.72 crore in the corresponding period of 2023.

 

Meanwhile, on the equities side, Venus Remedies’s stock has underperformed the market year to date as it has fallen 15 per cent, while slipping 13 per cent in the last one year. In comparison BSE Sensex has risen 13 per cent year to date and 17 per cent in a year. 

 

The company has a total market capitalisation of Rs 458.42 crore. Its shares are trading at a price to earnings multiple of 13 times and at an earning per share of Rs 25.75. 

 

At 11:51 AM; the shares of the company were trading 2.50 per cent higher at Rs 342.95 a piece. By comparison, the BSE Sensex was down 0.02 per cent at 81,729.23 level.