 "Gland Pharma jumps 5% after USFDA nod for Vitamin-K deficiency drug")
Shares of Gland Pharma surged up to 4.76 per cent at Rs 1860 on the BSE in the early morning trade of Thursday after the company received a drug approval from the United States Food and Drugs Administration (USFDA).
The generic drugmaker received the nod from the USFDA for Phytonadione Injectable Emulsion. The product is bioequivalent and therapeutically equivalent to the reference listed drug (RLD), Vitamin K1 Injectable Emulsion, of Hospira, Inc.
The drug indicated in coagulation disorders caused by vitamin K deficiency or interference with vitamin K activity.
Gland Pharma expects to launch the product through its marketing partners in the near future, it said in a statement on Wednesday.
According to IQVIA, the drug had US sales of approximately $15 million for the twelve months ending September 2024.
In the recently concluded second quarter of financial year 2024-25 (Q2FY25), the pharma company reported a 15.7 per cent year-on-year (YoY) decline in net profit, posting Rs 163.5 crore for the second quarter ending September 30, 2024. In the same quarter of the previous fiscal year, the company had reported a net profit of Rs 194 crore, according to a regulatory filing. Revenue from operations grew by 2.4 per cent, reaching Rs 1,405.8 crore compared to Rs 1,373.4 crore in the corresponding quarter of the previous year.
At the operating level, Ebitda fell 8.4 per cent to Rs 297 crore in Q2 of the current fiscal, down from Rs 324.1 crore in Q2 of the previous year. The Ebitda margin also decreased to 21.1 per cent in the reporting quarter, compared to 23.6 per cent in the same period last year.
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Meanwhile, on the equities side, Gland Pharma’s stock has underperformed the market year to date as it has fallen 5 per cent, while slipping 0.5 per cent in the last one year. In comparison BSE Sensex has risen 13 per cent year to date and 17 per cent in a year.
The company has a total market capitalisation of Rs 29,670.96 crore. Its shares are trading at a price to earnings multiple of 26.90 times and at an earning per share of Rs 66.94.
At 9:41 AM; the shares of the company were trading 1.29 per cent higher at Rs 1,798.20 a piece. By comparison, the BSE Sensex was up 0.17 per cent at 81,664.52 level.