Indoco Remedies shares rise over 3% on USFDA nod for allergy drug
Source: Business Standard
Mumbai based pharmaceutical company Indoco Remedies share price surged 3.13 per cent at Rs 349.95 per share on the BSE. The stock price jumped after the company on Friday said that it has received final ANDA approval from the US FDA for Cetirizine Hydrochloride Tablets 10 mg (OTC).
The drug is a generic equivalent of the reference listed drug, Zyrtec Allergy Tablets, 10 mg of Johnson & Johnson Consumer Inc.
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Cetirizine Hydrochloride Tablets USP, 10 mg will be manufactured by Indoco, at their manufacturing facility located at L-14, Verna Industrial Area, Verna, Goa – 403722 in India, it said in a statement. Cetirizine is used for relief of symptoms of hay fever and other allergic conditions.
“This approval is a testament to Indoco’s commitment to delivering high-quality and affordable healthcare solutions to global markets. We are proud to contribute to providing effective allergy relief medicines and remain focussed in expanding our portfolio in the OTC space,” said Aditi Panandikar, managing director, Indoco Remedies.
Indoco is a pharmaceutical company with a global presence, generating a turnover of $212 million. The company has a workforce of over 6,000 employees and operates 11 manufacturing facilities—seven for finished dosage forms (FDFs) and four for active pharmaceutical ingredients (APIs)—alongside a R&D centre and a contract research organisation (CRO) facility.
Indoco develops and manufactures a diverse range of pharmaceutical products for both Indian and international markets, generating over 106 million prescriptions annually from more than 235,000 doctors across various specialties. With eight domestic marketing divisions, Indoco boasts a strong brand portfolio spanning multiple therapeutic areas, including gastro-intestinal, respiratory, anti-infective, ophthalmic, nutritional, cardiovascular, anti-diabetic, pain management, and gynaecology
Share price history
Indoco Remedies share price underperformed the market as it plummeted 13.1 per cent year to date, while gaining only 2 per cent in the last one year. In comparison BSE Sensex has risen 14.6 per cent year to date and 27 per cent in a year.
The company has a total market capitalization of Rs 3,125.90 crore. Its shares are trading at price to earnings valuation of 29.60 times, while having an earning per share of Rs 11.46.
At 1:30 PM, the stock price of the company pared all its gains, and slipped in red by 0.06 per cent at Rs 339.10 a piece on the BSE. By comparison, the BSE’s Sensex was up 0.64 per cent to 81,973.11 level.
First Published: Oct 04 2024 | 1:35 PM IST
