Sun Pharma advances after approval of CEQUA

Sun Pharmaceutical Industries rose 1.72% to Rs 612 at 10:21 IST on BSE after the company announced securing USFDA approval of CEQUA to treat dry eye disease.

The announcement was made before market hours today, 16 August 2018.

Meanwhile, the S&P BSE Sensex was down 26.74 points, or 0.07% to 37,825.26

On the BSE, 6.71 lakh shares were traded in the counter so far compared with average daily volumes of 5.86 lakh shares in the past two weeks. The stock had hit a high of Rs 614.70 and a low of Rs 602.25 so far during the day. The stock hit a 52-week high of Rs 608.55 on 12 February 2018. The stock hit a 52-week low of Rs 433.15 on 14 August 2017.

Sun Pharmaceutical Industries (Sun Pharma and includes its subsidiaries and/or associate companies) today announced that Sun Pharma has received approval for CEQUA (cyclosporine ophthalmic solution) 0.09%, from the US Food and Drug Administration (FDA). CEQUA is indicated to increase tear production in patients with keratoconjunctivitis sicca (dry eye).

CEQUA is dosed twice daily and will be available as a single-use vial. CEQUA (cyclosporine ophthalmic solution) 0.09%, for topical ophthalmic use will be commercialized in the US by Sun Ophthalmics, the branded ophthalmics division of Sun Pharma's wholly owned subsidiary.

Dry eye disease represents an area of high unmet medical need, with a significant number of patients who are currently untreated, said Abhay Gandhi, CEO, North America, Sun Pharma. The US FDA approval of CEQUA represents a long-awaited dry eye treatment option and is an important milestone in the development of Sun's Ophthalmics business.

Sun Pharmaceutical Industries Q1 June 2018 consolidated net profit was Rs 983 crore. Net profit for Q1 June 2017 was adversely impacted by settlement with certain plaintiffs related to the Modafinil antitrust litigation in the US, with the settlement amounting to Rs 951 crore. Excluding the impact of this settlement, adjusted net profit was up by 87% over Q1 June 2017. Sales / income from operations rose 16% to Rs 7139 crore in Q1 June 2018 over Q1 June 2017.

Sun Pharmaceutical Industries is the world's fifth largest specialty generic pharmaceutical company and India's top pharmaceutical company.

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