Alembic Pharma shares jump 5% after USFDA approval; check details here

Alembic Pharma share price surged up to 5 per cent at Rs 1,170.60 per share on the BSE in Thursday’s intraday trade. The share price moved up after the pharmaceutical company disclosed that it has received final approval from the US Food & Drug Administration (USFDA) for its abbreviated new drug application (ANDA) Albendazole Tablets USP, 200 mg.

The approved drug is therapeutically equivalent to the reference listed drug product (RLD), LAlbenza Tablets, 200 mg, of US based Impax Laboratories, Inc. (Impax). 

Albendazole is used to treat neurocysticercosis, an infection of the nervous system caused by pork tapeworms. It is also effective against cystic hydatid disease, an infection of the liver, lung, and peritoneum caused by dog tapeworms. Additionally, albendazole is used to treat various other worm infections.

 

Alembic has a cumulative total of 214 ANDA approvals (186 final approvals and 28 tentative approvals) from USFDA, the company said. 

Vadodara-headquartered Alembic Pharmaceuticals reported an 11.5 per cent year-on-year increase in profit after tax (PAT) for Q1 FY24, ending June 30, reaching Rs 134 crore. 

Revenue from operations grew 4.4 per cent year-on-year to Rs 1,563.8 crore, driven by strong performance in the US market. Sequentially, revenue increased by 2.8 per cent, but PAT fell by 24.5 per cent. The Ebitda margin rose 14 per cent year-on-year, reaching Rs 239 crore.

For the quarter, Alembic Pharmaceuticals' India Branded Business segment grew by 9 per cent to Rs 572 crore. The Animal Health business saw a robust 23 per cent increase, driven by strong brand performance. The International Business segment experienced an 18 per cent growth in US Generics, reaching Rs 461 crore, with two new US market launches.

Ex-US International Formulations grew by 2 per cent to Rs 271 crore, and the company received 206 cumulative abbreviated new drug application (ANDA) approvals. Meanwhile, the API (active pharmaceutical ingredient) business reported revenue of Rs 259 crore, down 15 per cent due to a higher base last year.

The company has a total market capitalisation of Rs 22,705.01 crore. Its shares are trading at a price to earnings multiple of 29.40  times with an earning per share of Rs 37.91 per share.

At 02:09 PM; the share price of the company was trading 3.47 per cent higher at Rs 1,153.35 a piece. By comparison, the BSE Sensex was trading 0.08 per cent lower at 82,282 levels.