FDC jumps 6% after launching 2 variants of Covid-19 drug Favipiravir

Shares of drug firm FDC Ltd on Wednesday rose as much as 6.12 per cent to Rs 336.95 on the BSE after the company launched two variants of the Covid-19 drug Favipiravir under the brand names PiFLU and Favenza.

The Drug Controller General of India (DCGI) had earlier approved the use of Favipiravir, an off-patent, oral antiviral drug that has been shown to quicken clinical recovery in Covid-19 patients with mild to moderate symptoms, FDC said in a statement to the exchanges yesterday.

"Early diagnosis and treatment will help in arresting the deteriorating condition of patients, and we will be working with the government and healthcare fraternity to make Favenza and PiFLU available across the country” FDC spokesperson Mayank Tikkha said.

Both the products are currently available across the country. The price per tablet is Rs 55 for both the variants, the company said.

At 11:30 AM, the stock was trading 4.79 per cent higher at Rs 332.70 as compared to a flat S&P BSE sensex. Around 6.6 lakh shares have changed hands on the NSE and BSE, combined, so far.

FDC is a pharmaceutical research and development company, which specializes in the areas of synthetics (basic drugs), nutraceuticals, formulations and biotechnology products.

The company reported a 63.1 per cent year-on-year (YoY) increase in consoldaited net profit at Rs 91.92 crore for the June quarter of 2020-21 (Q1FY21) while net sales declined 10.3 per cent YoY to Rs 308.18 crore. 

Profit before tax (PBT) soared 55.4 per cent YoY to Rs 121.36 crore in Q1FY21. Current tax expense for the quarter jumped 37.5 per cent at Rs 30.77 crore. Consolidated earnings before interest, tax, depreciation, and ammortisation (Ebitda) grew 49.05 per cent YoY to Rs 131.55 crore while Ebita margin stood at 42.69 per cent compared to 25.69 per cent in Q1 FY20.