Strides Pharma hits record high after arm gets USFDA nod for antidepressant drug

Strides Pharma Science rallied 3.13% to Rs 1,395.80 after the company's step-down wholly owned subsidiary, Strides Pharma Global Pte, Singapore has received US Food & Drug Administration (USFDA) approval for Fluoxetine tablets.

The product is bioequivalent and therapeutically equivalent to the reference listed drug (RLD), Fluoxetine Tablets of TWi Pharmaceuticals, Inc.

Fluoxetine is an antidepressant of the Selective Serotonin Reuptake Inhibitor (SSRI) class. It is used for the treatment of Major Depressive Disorder (MDD), ObsessiveCompulsive Disorder (OCD), Bulimia Nervosa, Panic Disorder, with or without Agoraphobia.

With the approval of the Fluoxetine Tablets, the company is now positioned to offer a complete portfolio of Fluoxetine across capsules and tablets in 10 mg, 20 mg and 60 mg strengths. Fluoxetine capsules and tablets have a combined market size of around $130 million as per (Intercontinental Marketing Services Health Inc) IMS.

The addition of the Fluoxetine Tablets will allow for enhanced flexibility in dosing, catering to a broader spectrum of patient needs. The company plans to launch all three strengths in the near future. The Fluoxetine tablets will be manufactured at the companys facility in Puducherry.

Strides Pharma Science is engaged in develops and manufactures a wide range of IP-led niche Pharmaceutical products.

The company reported a consolidated net profit of Rs 70.20 crore in Q1 FY25 as against a net loss of Rs 7.11 crore posted in Q1 FY24. Revenue from operations stood at Rs 1,087.50 crore in the quarter ended June 2024, registering a growth of 16.93% YoY.

The counter hit an all-time high of Rs 1,430.80 in intraday today.

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