Pharma stock jumps more than 8% after receiving final approval from USFDA
Alembic Pharmaceuticals Ltd share started its trading session today at a price of Rs 479.40 and currently trades at Rs 501.90 showing a gain of around 7 percent as compared to the previous closing price of Rs 468.65. The share observed a hike of around 8.7 percent with an intra-day high of Rs 509.40.
Such a sharp movement in the share price is witnessed after the company announced that it has received final approval from the US Food & Drug Administration (USFDA) for its Abbreviated New Drug Application (ANDA) Brimonidine Tartrate Ophthalmic Solution.
The solution is an alpha-adrenergic receptor agonist which is mainly indicated for the reduction of elevated intraocular pressure (IOP) with open-angle glaucoma or ocular hypertension.
Alembic Pharmaceuticals Ltd, headquartered in India, is a specialty and generic drug manufacturing company focusing on the manufacturing and marketing of generic pharmaceutical products across the globe. Alembic’s state-of-the-art research and manufacturing facilities are approved by regulatory authorities of many developed countries including the USFDA.
The company also operates a branded formulation business which covers a range of therapeutic areas such as dermatology, oncology, ophthalmology, and injectable formulations.
Having a quick glance at the financials, the revenues show decent improvement in the numbers reported on a QoQ basis. It moved from Rs 1,475 crores in Q2 to 1,509 crores in Q3. Moreover, the net profits of the company somewhat remained flat at around Rs 135 crores.
The profitability ratios represent a different picture with reducing ROE and ROCE ratios. ROE moved down from 26.91 percent in FY20-21 to 10.01 percent in FY21-22. ROCE numbers shifted from 26.28 percent in FY20-21 to 11.16 percent in FY21-22.
As compared to the leverage ratios in FY19-20, the company is in a comparatively better position with a drastic reduction in numbers to around 0.12 during the latest financial year.
Written by Amit Madnani
The post Pharma stock jumps more than 8% after receiving final approval from USFDA appeared first on Trade Brains.
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