Sun Pharma gains after USFDA nod for generic drug

Sun Pharmaceutical Industries rose 1.94% to Rs 533.40 at 15:18 IST on BSE after the company said it received US drug regulator's approval for carvedilol phosphate extended release capsules.

The announcement was made during market hours today, 26 October 2017.

Meanwhile, the S&P BSE Sensex was up 10.72 points, or 0.03% to 33,053.22.

On the BSE, 2.84 lakh shares were traded in the counter so far, compared with average daily volumes of 4.95 lakh shares in the past one quarter. The stock had hit a high of Rs 538.75 and a low of Rs 519.50 so far during the day. The stock hit a 52-week high of Rs 753 on 28 October 2016. The stock hit a 52-week low of Rs 433.15 on 14 August 2017.

The stock had underperformed the market over the past one month till 25 October 2017, rising 3.11% compared with 4.57% rise in the Sensex. The scrip had also underperformed the market in past one quarter, falling 8.70% as against Sensex's 2.04% rise. The scrip had also underperformed the market in past one year, falling 29.25% as against Sensex's 18.70% rise.

The large-cap company has equity capital of Rs 239.93 crore. Face value per share is Re 1.

Sun Pharmaceutical Industries announced that one of its wholly-owned subsidiaries has received final approval from US Food and Drug Administration (USFDA) for its Abbreviated New Drug Application (ANDA) for generic version of Coreg CR (carvedilol phosphate) extended release capsules, 10mg, 20mg, 40mg, 80 mg.

These generic carvedilol phosphate are therapeutic equivalents of GSK's Coreg CR extended release capsules. As per IMS, Coreg CR had annual sales of approximately $208 million in the US for the 12 months ended August 2017.

Sun Pharmaceutical Industries reported consolidated net loss of Rs 322.60 crore in Q1 June 2017 compared with net profit of Rs 2267.71 crore in Q1 June 2016. Net sales fell 23% to Rs 6166.66 crore in Q1 June 2017 over Q1 June 2016.

Sun Pharmaceutical Industries is a specialty generic pharmaceutical company and India's top pharmaceutical company.

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