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Natco Pharma gains after USFDA approval for generic drug

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rose 1.25% to Rs 619.75 at 12:31 on after the company said it received final approval for generic Armodafinil tablets for US market.

The announcement was made during trading hours today, 29 November 2016.

Meanwhile, the Sensex was up 174.93 points, or 0.66%, to 26,525.10.

On BSE, so far 25,000 shares were traded in the counter, compared with average daily volume of 30,786 shares in the past one quarter. The stock hit a high of Rs 626 and a low of Rs 612.40 so far during the day. The stock hit a record high of Rs 703.95 on 25 August 2016. The stock hit a 52-week low of Rs 390 on 29 March 2016. The stock had outperformed the market over the past 30 days till 28 November 2016, rising 2.36% compared with the 5.66% decline in the Sensex. The scrip had, however, underperformed the market in past one quarter, falling 10.65% as against Sensex's 7.03% decline.

The large-cap company has equity capital of Rs 34.86 crore. Face value per share is Rs 2.

announced receiving final approval of Abbreviated New Drug Application (ANDA) containing a paragraph IV certification filed with the US Food and Drug Administration (USFDA) for generic version of Armodafinil tablets, 50 milligrams (mg), 150 mg, and 250 mg. Natco and its marketing partner Breckenridge Pharmaceutical, Inc., plan to launch this product in the US market immediately.

Cephalon (acquired by Teva in 2011) sells Armodafinil 50mg, 150mg, and 250mg tablets under brand name NUVUGIL in the US market. NUVUGIL is a wakefulness promoting agent for oral administration. NUVUGIL Tablets had US sales of approximately $480 million for twelve months ending December 2015, according to IMS Health.

On a consolidated basis, net profit of rose 127.21% to Rs 66.55 crore on 75.56% rise in net sales to Rs 415.21 crore in Q2 September 2016 over Q2 September 2015.

manufactures generic dosage forms, bulk actives and intermediates for the Indian and international markets.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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