Cadila Healthcare extends recent rally

Cadila Healthcare rose 1.72% to Rs 941 at 15:10 IST on BSE, with the stock extending recent rally triggered by the company reporting strong Q3 earnings.

Meanwhile, the S&P BSE Sensex was up 28.59 points or 0.14% at 20,362.86.

On BSE, so far 52,000 shares were traded in the counter as against average daily volume of 85,000 shares in the past two weeks.

The stock hit a high of Rs 950 so far during the day, which is a 52-week high for the counter. The stock hit a low of Rs 908 so far during the day. The stock had hit a 52-week low of Rs 631 on 20 August 2013.

Shares of Cadila Healthcare have surged 10.29% in three trading sessions from Rs 853.20 on 6 February 2014, after the company during trading hours on 7 February 2014 reported strong Q3 December 2013 earnings.

Cadila Healthcare's consolidated net profit jumped 81.5% to Rs 185.87 crore on 16.6% growth in total income to Rs 1884.47 crore in Q3 December 2013 over Q3 December 2012.

During the quarter, the company's business in the US registered a growth of 61% and Emerging Markets business grew by 30%.

During the quarter, Cadila Healthcare filed 31 additional ANDAs with the USFDA taking the cumulative ANDA filings for the period April-December 2013, to 49. In Mexico, the company launched 2 new products during the quarter, taking the cumulative launches to 6 and filed 8 dossiers with the Mexican regulatory authority, taking the cumulative filings to 36. The company filed 9 dossiers with the ANVISA, taking the cumulative filings to 113. In the European market, the company received the approval for 15 new product dossiers and launched 2 new products in France and 3 new products in Spain. 7 new products were launched in the different Emerging Markets during the quarter, Cadila Healthcare said in a statement.

During the quarter, the company received the USFDA approval for initiating Phase I clinical trials of ZYDPLA1 - a novel, next generation orally active, small molecule DPP-4 inhibitor to treat Type 2 Diabetes.

For Biosimilars, the company initiated Phase III clinical trials for one of the mAbs and completed Phase I clinical trials completed for both the novel biologics, PEGEPO and Rabimabs, Cadila Healthcare said in a statement.

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

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