Ind-Swift Labs set to launch anti-allergic drug in US; shares hit the roof

Ind-Swift Laboratories hit an upper circuit of 10% at Rs 33.15 after the company said it will commercially launch anti-histamine drug, Fexofenadine, in the US market.

Fexofenadine is an anti-histamine drug used for the treatment of seasonal allergic rhinitis and urticaria.

The company has tied up with a reputed generic player in USA, which had filed the ANDA using the IndSwift Laboratories DMF (drug master file). The company has received the commercial orders and the supplies are beginning from the current quarter.

USA is a significant market for anti-histamine product. Over 14% of the total turnover of the company is contributed by the US market.

Ind-Swift Lab supplies 7-8 products commercially to the US market. The company has been successfully inspected by the USFDA (United States Food & Drug Administration) in March 2020 for the sixth time since its inception, without any 483 observations. It has also received EIR (establishment inspection report).

On a consolidated basis, the company reported a net loss of 9.03 crore in Q3 December 2020 as against a net profit of Rs 40.29 crore in Q3 December 2019. Net sales rose 2.6% YoY to Rs 203.72 crore during the quarter.

Ind-Swift Laboratories manufactures bulk drugs and intermediates. The company's product portfolio includes anti-infective, anti-allergy, analgesic and cardiovascular medicines.

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