J B Chemicals gains on USFDA nod for epilepsy drug

J B Chemicals & Pharmaceuticals rose 2.04% to Rs 563.95 after the US drug regulator approved the company's abbreviated new drug application (ANDA) for Carbamazepine extended release tablets.

The United States Food and Drug Administration (USFDA) has approved J B Chemicals & Pharmaceuticals' abbreviated new drug application (ANDA) for Carbamazepine extended release (ER) tablets USP 100 mg, 200 mg and 400 mg. The announcement was made before market hours today, 27 April 2020.

Carbamazepine extended release tablets are used for the treatment of epilepsy and trigeminal neuralgia. The product is a generic version of Tegretol XR tablet in the same strength of Novartis Pharmaceuticals Corp. According to IQVIA, the drug had US sales of approximately $128 million.

The company plans to commercialize this product in Q3 of this financial year and is expected to boost the company's US sales.

On consolidated basis, the company reported an 33% jump in net profit to Rs 66.28 crore on a 12.2% rise in net sales to Rs 428.63 crore in Q3 December 2019 over Q3 December 2018.

J B Chemicals & Pharmaceuticals manufactures and markets a range of pharmaceutical formulations, herbal remedies and active pharmaceutical ingredient (APIs). The firm's business segments include domestic formulation business, exports and API business.

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