Sun Pharma gains after USFDA approval for generic drug

The announcement was made after market hours on Tuesday, 4 June 2013.

Meanwhile, the S&P BSE Sensex was down 37.97 points, or 0.19%, to 19,507.81.

On BSE, 12,000 shares were traded in the counter as against an average daily volume of 1 lakh shares in the past one quarter.

The stock hit a high of Rs 1,029.80 and a low of Rs 1,019.50 so far during the day. The stock had hit a record high of Rs 1,085.40 on 30 May 2013. The stock had hit a 52-week low of Rs 554 on 5 June 2012.

The stock had outperformed the market over the past one month till 4 June 2013, rising 3.51% compared with the Sensex's 0.15% fall. The scrip had also outperformed the market in past one quarter, rising 27.57% as against Sensex's 3.54% rise.

The large-cap pharmaceutical major has an equity capital of Rs 103.56 crore. Face value per share is Re 1.

Sun Pharmaceutical Industries received final approval from the United States Food & Drug Administration (USFDA) for its Abbreviated New Drug Application (ANDA) for generic version of an injection which is indicated for replacement therapy in the male in conditions associated with symptoms of deficiency or absence of endogenous testosterone. It is a generic version of Pfizer's Depo-Testosterone Injection. As per April-2013 IMS MAT data, the product had annual revenue of approximately $130 million in the US.

Sun Pharmaceutical Industries' consolidated net profit rose 23.32% to Rs 1011.56 crore on 32.14% rise in total income from operations (net) to Rs 3087.04 crore in Q4 March 2013 over Q4 March 2012.

Sun Pharma is an international, integrated, speciality pharmaceutical company. It manufactures and markets a large basket of pharmaceutical formulations as branded generics as well as generics in India, US and several other markets across the world. In India, the company is a leader in niche therapy areas of psychiatry, neurology, cardiology, nephrology, gastroenterology, orthopedics and ophthalmology. The company has strong skills in product development, process chemistry and manufacturing of complex API, as well as dosage forms.

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