Here's why Alembic Pharma stock skyrocketed 12% on August 26; details here

Alembic Pharma stock zooms: Shares of pharmaceutical company Alembic Pharma rallied as much as 11.52 per cent to hit an intraday high of Rs 1,227.35 per share on Monday, August 26, 2024. 

The surge in Alembic Pharma share price came after the company announced that it has received US Food & Drug Administration (USFDA) final approval for Betamethasone Valerate Foam, 0.12 per cent.

Betamethasone valerate foam, 0.12 per cent is a medium potency topical corticosteroid indicated for relief of the inflammatory and pruritic manifestations of corticosteroid-responsive dermatoses of the scalp. 

In an exchange filing, Alembic Pharma said, “This is to inform the exchange that the Company has received US Food & Drug Administration (USFDA) Final Approval for Betamethasone Valerate Foam, 0.12 per cent.”

 

The approved Abbreviated New Drug Application (ANDA) is therapeutically equivalent to the reference listed drug product (RLD), Luxiq Foam, 0.12 per cent, of Norvium Bioscience, LLC (Norvium), it added. 

Alembic Pharma claims to have a cumulative total of 213 ANDA approvals (185 final approvals and 28 tentative approvals) from USFDA.  

Q1FY25 performance

The pharmaceutical company's consolidated net profit rose 11.7 per cent to Rs 134.7 crore in Q1FY25 as compared to Rs 121 crore in Q1FY24. Revenue from operations rose 5.1 per cent annually to Rs 1,561.7 crore in Q1FY25.

Earnings before interest, taxes, depreciation and amortisation (Ebitda) jumped 14 per cent Y-o-Y to Rs 239 crore while Ebitda margin stood at 15.3 per cent during the same period. 

Alembic Pharmaceuticals Limited is among the leading research and development pharmaceutical companies founded in 1907. Headquartered in Vadodara, Gujarat, Alembic is renowned for its vertically integrated operations and state-of-the-art research and manufacturing facilities, which are approved by regulatory authorities in several developed countries, including the USFDA. The company has a robust marketing team of over 5,000 professionals.

Alembic Pharmaceuticals has a market capitalisation of Rs 21,906.96 crore, as per the Bombay Stock Exchange (BSE). The 52-week high of the stock is Rs 1,285.60 while its 52-week low is Rs 707.50 apiece. 

At 11:07 AM, shares of Alembic Pharma were trading 1.27 per cent higher at Rs 1,114.50 per share. In comparison, BSE Sensex was trading 0.64 per cent higher at 81,608.95 levels.