Indoco Remedies zooms 5% after USFDA approval for anti-smoking drug

Indoco Remedies share price surged 5.42 per cent at Rs 317.80 a piece on the BSE after the company received a drug approval from the US regulator authority USFDA. 

 

The company on Wednesday announced the final approval of the company’s abbreviated new drug application (ANDA) for Varenicline tablets, 0.5 mg and 1 mg, to market a generic equivalent to the reference listed drug (RLD), Chantix Tablets, 0.5 mg and 1 mg, of PF Prism CV (PF) from USFDA. 

 

This product, Varenicline tablets will be manufactured at the company’s manufacturing facility located at L-14, Verna Industrial Area, Verna, Goa – 403722 in India.Varenicline is used to aid smoking cessation treatment. 

 

In March 2023, IQVIA MAT reported that the yearly sales for Varenicline Tablets were $501 million in the US.

 

Aditi Panandikar, Managing Director said, “Besides reflecting the capability of Indoco Remedies to deliver products of high-quality standards, this development also provides impetus to our growth aspirations in an important market such as the US.” 

Indoco Remedies share price history

The company’s stock has underperformed the market year to date as it has fallen 20.9 per cent year to date, while shedding 4.5 per cent in the last one year. In comparison BSE Sensex has risen 11.1 per cent year to date and 25.2 per cent in a year. 

 

The company has a total market capitalisation of Rs 2,845.66 crore. Its shares are trading at a price to earnings multiple of 26.30 times and at an earning per share of Rs 11.46. 

 

At 11:58 AM, the stock price of the company pared some of its gains and was up 2.44 per cent at Rs 308.80 a piece on the BSE. By comparison, the BSE’s Sensex was down 0.16 per cent to 80,244.11 level.