Zydus Lifesciences hits all time high on USFDA nod for multiple drugs

Shares of Zydus Lifesciences zoomed up to 1.93 per cent, hitting its all time high at Rs 1203.20 per share on the BSE in Thursday’s intraday trade. This came after the company on Wednesday announced that it has received tentative approvals for two drugs from the United States Foods and Drugs Administration.

The first drug diroximel fumarate delayed-release capsules, 231 mg is indicated for the treatment of relapsing forms of multiple sclerosis (MS) in adults. The drug will be manufactured at the group’s formulation manufacturing facility in Ahmedabad SEZ, India, the company said in an exchange filing. 

Diroximel fumarate delayed-release capsules had annual sales of $847.4 million in the United States, as per IQVIA MAT May 2024.

In a separate filing the company also informed that it has also secured final approval to market sacubitril and valsartan tablets. 

Sacubitril and valsartan combination is used to treat chronic heart failure in adults to help reduce the risk of death and hospitalisation. The drug will be manufactured at the group’s formulation manufacturing facility in Moraiya, Ahmedabad (India). 

The combination drug had annual sales of $5,483 million in the US, according to IQVIA MAT May 2024. 

The group now has 399 approvals and has so far filed over 460 ANDAs since the commencement of the filing process in FY 2003-04.

The large cap firm has a total market capitalisation of Rs 1.17 trillion with its shares currently trading at a price to earnings multiple of 34.51 times. The earning per share of the company stood at Rs 34.20, BSE data showed. 

At 10:42 AM; the stock of the company pared all its gains and slipped in red and was trading 0.90 per cent lower at Rs 1,169.60 per share on the BSE. In comparison the BSE Sensex fell 0.33 per cent to 79,657 levels.