Cadila Healthcare gains after USFDA approval for generic type 2 diabetes drug

Cadila Healthcare rose 2.39% to Rs 359.35 after Zydus Cadila received tentative approval from the US drug regulator to market Empagliflozin tablets, in the strengths of 10 mg and 25 mg.

The medication is used together with diet and exercise to improve blood sugar control in adults with Type 2 diabetes mellitus. It is also used to reduce the risk of cardiovascular death in adult patients with Type 2 diabetes mellitus and established cardiovascular disease.

The drug will be manufactured at the group's manufacturing facility at SEZ, Ahmedabad, Cadila Healthcare said in a statement on Friday 10 April 2020.

The group now has 286 approvals and has so far filed over 386 ANDAs since the commencement of the filing process in FY 2003-04, it added.

On a consolidated basis, the drug maker's net profit tanked 26.54% to Rs 375.18 crore on a 0.52% rise in net sales to Rs 3,534.50 crore in Q3 December 2019 Q3 December 2018.

Cadila Healthcare is a pharmaceutical company.

In the past one month, the stock has surged 44.11%, outperforming the Nifty Pharma index which added 31.15%.

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