Alembic Pharma rises after oncology facility completes US FDA audit with 'zero' observations

Alembic Pharmaceuticals added 2.50% to Rs 1277.65 after the company announced the successful completion of the United States Food and Drug Administration (US FDA) inspection for its oncology formulation facility located at Panelav, Gujarat.

The US FDA had conducted an inspection at the company's oncology (injectable and oral solid) formulation facility from 7 October 2024 to 8 October 2024.

"The inspection was successfully completed without any Form 483 observation," the company said in a statement.

Alembic Pharmaceuticals is in the business of development, manufacturing, and marketing of pharmaceutical products, i.e. formulations and active pharmaceutical ingredients.

The pharmaceutical companys consolidated net profit increased 11.69% to Rs 134.71 crore in Q1 FY25 as compared to Rs 120.60 crore posted in Q1 FY24. Revenue from operations grew 5.09% year on year (YoY) to Rs 1,561.73 crore in the quarter ended 30 June 2024.

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