Jubilant Pharmova hits all time high on receiving ‘VAI’ tag for US facility
Source: Business Standard
Jubilant Pharmova share price rose as much as 4.2 per cent, touching its all time high at Rs 1060.15 per share on the BSE in early hours of Wednesday’s intraday deals. Jubilant Pharmova stock price today surged after its subsidiary received a positive communication by the United States Food and Drugs Administration (USFDA).
Jubilant Pharmova on Tuesday said that Jubilant HollisterStier’s Washisngton facility has been classified as ‘Voluntary Action iIndicated’ by the US drug regulatory agency.
“US FDA had audited JHS’s contract manufacturing facility located at Spokane, Washington (USA) from May 28,2024 to June 6, 2024, it has determined the inspection classification of the facility as ‘Voluntary Action Indicated’,” the company said in an exchange filing.
A voluntary action indicated (VAI) status from the FDA means an inspection identified objectionable conditions or practices, but no immediate regulatory action is recommended. Meanwhile, official action indicated (OAI) means objectionable conditions were found, and regulatory action is recommended.
Jubilant HollisterStier is a leading contract manufacturer of sterile injectables (both liquid and lyophilization), ampoules and ophthalmics (Ointment, liquid and creams).
Jubilant HollisterStier LLC is a subsidiary of Jubilant Pharma Holding Inc, which is a subsidiary of Jubilant Pharma, Singapore, a wholly owned subsidiary of Jubilant Pharmova .
For the April-June quarter of financial year 2024-25 (Q1FY25), Jubilant Pharmova reported consolidated net profit to Rs 481.8 crore, driven by a gain from the sale of its investment in SOFIE Biosciences Inc, USA. This compares to a net profit of Rs 6 crore in Q1FY24. Consolidated total revenue from operations was Rs 1,731.7 crore in Q1FY25, up from Rs 1,586.9 crore a year earlier.
The company has a total market capitalisation of Rs 16,258.62 crore. Its shares are trading at a price to earnings multiple of 830.96 times with an earning per share of Rs 1.22, according to data available on BSE.
At 11:24 AM; the share price of the company was trading 0.41 per cent higher at Rs 1021.45 a piece. By comparison, the BSE Sensex was trading 0.08 per cent higher at 81,983 levels.
First Published: Sep 11 2024 | 11:36 AM IST
