Strides Pharma corrects on profit taking

Strides Pharma Science fell 1.41% to Rs 700.25 on profit booking after advancing in the past three sessions.

The stock had added 4.89% in the past three sessions to end at Rs 710.30 on Friday (20 November 2020), from its recent closing low of Rs 677.15 on 17 November 2020.

During market hours today, Strides Pharma Science said that its step-down wholly owned subsidiary, Strides Pharma Global Pte., Singapore, has received approval for Prednisone tablets USP, 2.5 mg and 5 mg from the United States Food & Drug Administration (USFDA). The product is bioequivalent and therapeutically equivalent to the Reference Listed Drug (RLD), Deltasone tablets, 2.5 mg and 5 mg, of Pharmacia and Upjohn Co.

According to IQVIA MAT September 2020 data, the US market for Prednisone tablets USP, 2.5 mg and 5 mg is approximately $30 million. The product will be manufactured at the company's flagship facility at Bengaluru and will be marketed by Strides Pharma Inc. in the US market.

The company has 127 cumulative ANDA filings with USFDA of which 93 ANDAs have been approved and 34 are pending approval.

Strides is a global pharmaceutical company. It focuses on "difficult to manufacture" products that are sold in over 100 countries.

The drug company's consolidated net profit dropped 43.64% to Rs 79.98 crore on 10.97% to Rs 793.55 crore in Q2 September 2020 over Q2 September 2019.

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