Cadila Healthcare gains after USFDA approval for drug

Cadila Healthcare rose 2.31% to Rs 509.40 at 11:17 IST on BSE after the company said it received final approval from the US drug regulator for Aspirin and extended-release Dipyridamole capsules.

The announcement was made during trading hours today, 30 August 2017.

Meanwhile, the S&P BSE Sensex was up 242.14 points, or 0.77% to 31,630.53.

On the BSE, 39,000 shares were traded in the counter so far, compared with average daily volumes of 1.42 lakh shares in the past one quarter. The stock had hit a high of Rs 512.90 and a low of Rs 502.80 so far during the day. The stock hit a record high of Rs 558 on 12 June 2017. The stock hit a 52-week low of Rs 329.95 on 26 December 2016.

The stock had underperformed the market over the past one month till 29 August 2017, falling 8.29% compared with 3.46% decline in the Sensex. The scrip had outperformed the market in past one quarter, rising 7.18% as against Sensex's 0.78% rise. The scrip had also outperformed the market in past one year, rising 29.02% as against Sensex's 10.74% rise.

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

Zydus Cadila has received the final approval from the US Food and Drug Administration (USFDA) to market Aspirin and extended-release Dipyridamole capsules in the strength of 25 milligram (mg)/200 mg. The drug is an antiplatelet agent which works in the prevention of excessive blood clotting and is used to reduce the risk of stroke in patients who have had or are at risk of stroke.

The drug will be manufactured at the group's formulations manufacturing facility at Moraiya, Ahmedabad. The sales of Aspirin and extended-release Dipyridamole capsules are estimated at $198.7 million.

The group now has more than 140 approvals and has so far filed over 300 Abbreviated New Drug Applications (ANDAs) since the commencement of the filing process in financial year ended 2004.

Cadila Healthcare's consolidated net profit fell 65.26% to Rs 138.40 crore on 3.64% fall in net sales to Rs 2135.70 crore in Q1 June 2017 over Q1 June 2016.

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

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