Caplin Point rises over 12% in three days

Caplin Point Laboratories rose 3.38% to Rs 508.10, extending gains for the third consecutive session.

Shares of Caplin Point Laboratories spurted 12.56% in three trading sessions from a recent closing low of Rs 451.40 hit on 15 April 2021.

Meanwhile, the company during trading hours yesterday (19 April) announced that its subsidiary, Caplin Steriles, received final approval from the United States Food and Drug Administration (USFDA) for its abbreviated new drug application (ANDA) milrinone lactate injection, single-dose vial presentation.

Milrinone lactate injection is indicated for the short-term intravenous treatment of patients with acute decompensated heart failure. The product is a generic therapeutic equivalent of Primacor Injection, 1 mg/mL, of Sanofi-Aventis US.

According to IQVIA (IMS Health), milrinone lactate injection had US sales data of approximately $24 million for the 12-month period ending December 2020, for both the vial and bag presentations, the latter of which is under development at Caplin Steriles.

C. C. Paarthipan, chairman of Caplin Point Laboratories commented "We're expecting approvals for 3 more products this Quarter and we're working on launches for 9 products in the next few months from the site."

The company reported 12.3% increase in consolidated net profit to Rs 66.14 crore on 20.2% increase in net sales to Rs 274.39 crore in Q3 FY21 over Q3 FY20.

Caplin Point Laboratories is a pharmaceutical company. It holds over 2,800 product licenses across the globe, with a dominant position in Latin America. The company is entering into Regulated markets of US, EU, Brazil, Mexico, Australia, with a state-of-the-art manufacturing facility for injectables, already approved by EU-GMP, ANVISA and USFDA.

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