Marksans Pharma hits 52-week high after USFDA issues EIR for Goa facility

Shares of Marksans Pharma soared up to 1.98 per cent at Rs 220.14 per share on the BSE in Tuesday's intraday trade

Shares of Marksans Pharma  soared up to 1.98 per cent, hitting its 52-week high at Rs 220.14 per share on the BSE in Tuesday’s intraday trade. This came after the pharmaceutical company on Tuesday said that it has received an establishment inspection report (EIR) from the United States Food and Drugs Administration for its manufacturing facility in Goa.  

“This is to inform you that the US FDA has issued an Establishment Inspection Report (“EIR”) for the said manufacturing facility and the inspection has now been successfully closed by the US FDA,” the company said in an exchange filing. 

Further the US FDA determined that the inspection classification of this facility is “Voluntary Action Indicated (VAI).

The US FDA had inspected the manufacturing facility located at Verna Industrial estate, Verna, Goa, India from April 09, 2024 to April 17, 2024. 

A 'VAI' status means that objectionable conditions were found, but the regulator is not prepared to take or recommend any administrative or regulatory action. In contrast, Official action indicated (OAI) status, means regulatory and administrative actions are recommended, according to the US FDA. 

Marksans Pharma Ltd revenue surged by 18.71 per cent year-on-year to Rs 605.57 crore in the April-June quarter of financial year 2024-2025 (Q1FY25). On a quarterly basis, the company's revenue increased by 5.04 per cent over the last three months.

Net profits also saw a jump in Q1FY25, up 29.26 per cent from the same period last year to Rs 88.75 Crore in Q1 2024-2025. Quarterly net profit grew by 13.36 per cent compared to the previous three months.

The company has a total market capitalisation of Rs 10,037.58 crore. Its shares are trading at a price to earnings multiple of 82.18 times with an earning per share of Rs 2.68. 

The share price of the company has shot up by 37.4 per cent year to date, while it has soared 101.4 per cent in the last one year.

At 01:51 PM; the shares of the company were locked in the 0.34 per cent circuit at Rs 221.25 per share on the BSE. By comparison, the BSE Sensex was up by 0.55 per cent to 80,869 levels.