Cadila Healthcare advances after receiving USFDA nod for drugs

Cadila Healthcare rose 1.36% to Rs 507.30 at 10:10 IST on BSE after the company said that it has received the final approval from the United States Food & Drug Administration to market two drugs.

Meanwhile, the S&P BSE Sensex was up 69.16 points, or 0.22% to 31,883.38.

On the BSE, 5,082 shares were traded in the counter so far, compared with average daily volumes of 1.11 lakh shares in the past one quarter. The stock had hit a high of Rs 507.35 and a low of Rs 501.75 so far during the day. The stock had hit a record high of Rs 558 on 12 June 2017. The stock had hit a 52-week low of Rs 329.95 on 26 December 2016.

The stock had outperformed the market over the past one month till 6 October 2017, gaining 0.98% compared with the Sensex's 0.48% gains. The stock had, however, underperformed the market over the past one quarter, declining 1.97% as against the Sensex's 1.42% rise. The scrip had, however, outperformed the market over the past one year, gaining 29.27% as against the Sensex's 13.19% rise.

The large-cap company has equity capital of Rs 102.37 crore. Face value per share is Re 1.

Cadila Healthcare said that it has received the final approval from the United States Food & Drug Administration (USFDA) to market Amitriptyline Hydrochloride Tablets USP in strengths of 10 mg, 25 mg, 50 mg, 75 mg, 100 mg and 150 mg. The announcement was made on Saturday, 7 October 2017.

The drug is used to treat depression and will be manufactured at the group's formulation manufacturing facility at Special Economic Zone, Ahmedabad.

Separately, the company said after market hours on Friday, 6 October 2017, that it has received final approval from the USFDA to market Dutasteride Capsules, 0.5 mg. It will be manufactured at the group's formulations manufacturing facility at Moraiya, Ahmedabad.

The drug is indicated for the treatment of symptomatic benign prostatic hyperplasia (BPH) in men with an enlarged prostate to improve symptoms, reduce the risk of acute urinary retention (AUR) and reduce the risk of the need for BPH related surgery.

Cadila Healthcare's consolidated net profit fell 65.3% to Rs 138.40 crore on 3.6% fall in net sales to Rs 2135.70 crore in Q1 June 2017 over Q1 June 2016.

Cadila Healthcare is a global pharmaceutical company that discovers, develops, manufactures and markets a broad range of healthcare therapies.

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