Cipla rises in volatile trade after getting approval for Epzicom

Cipla rose 0.38% to Rs 594 at 11:56 IST on BSE after the company announced that it has received final approval for generic Epzicom tablets.

The announcement was made on Tuesday, 4 April 2017, when the stock markets were shut on account of local holiday.

Meanwhile, the S&P BSE Sensex was up 16.44 points, or 0.05%, to 29,926.66

On the BSE, so far 1.08 lakh shares were traded in the counter, compared with average daily volumes of 1.16 lakh shares in the past one quarter. The stock had hit a high of Rs 600.55 and a low of Rs 593.25 so far during the day.

The stock was volatile. The stock hit a 52-week high of Rs 621.90 on 6 February 2017. The stock hit a 52-week low of Rs 458.25 on 25 May 2016. The stock had underperformed the market over the past 30 days till 3 April 2017, gaining 0.71% compared with Sensex's 3.74% rise. The scrip also underperformed the market in past one quarter, rising 3.07% as against Sensex's 12.26% gain.

The large-cap pharmaceutical company has equity capital of Rs 160.90 crore. Face value per share is Rs 2.

Cipla announced that the company has received final approval for its Abbreviated New Drug Application (ANDA) for Abacavir and Lamivudine Tablets USP, 600 mg/300 mg, from the United States Food and Drug Administration(USFDA).

Abacavir and Lamivudine Tablets are AB-rated generic equivalents to the reference listed drug (RLD), Epzicom Tablets of ViiV Healthcare Company and are indicated in combination with other antiretroviral agents for the treatment of HIV-1 infection.

Epzicom Tablets had US sales of about $346.3 million for the 12 month period ended February 2017, according to IMS Health. The product will cater to the US market and will be commercially available shortly, Cipla said.

Cipla's consolidated net profit rose 43.85% to Rs 374.83 crore on 15.64% rise in net sales to Rs 3550.02 crore in Q3 December 2016 over Q3 December 2015.

Cipla is a global pharmaceutical company. Its portfolio includes over 1000 products across wide range of therapeutic categories.

Powered by Capital Market - Live News