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Cadila Healthcare tumbles after Moraiya unit gets USFDA warning letter

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Cadila Healthcare fell 4.29% to Rs 244.35 after the company said its Moraiya formulation facility in Gujarat has received a warning letter from the US drug regulator.

The company has taken multiple steps after the inspection to address the observations received from US Food and Drug Administration (USFDA) during the inspection. The company will continue to take all necessary steps to ensure that the USFDA is fully satisfied with our remediation of the above facility.

The firm is confident of responding to USFDA to address the observations within the statutory time permitted in the letter. This warning letter does not affect the existing business of the company in the US and the existing product supplies from the Moraiya facility will continue.

The company said it remains committed to patient safety and meeting the expectations of regulatory compliance. After the inspection of Moraiya facility, Zydus Cadila has successfully completed USFDA audits of formulations manufacturing facility at Baddi, and API manufacturing facilities at Ankleshwar and Dabhasa during the year. The announcement was made during market hours today, 4 November 2019.

Meanwhile, the S&P BSE Sensex was up 183 points or 0.46% to 40,348.06.

Cadila Healthcare's consolidated net profit slumped 34.1% to Rs 303.60 crore on 23% surge in net sales to Rs 3,406.20 crore in Q1 June 2019 over Q1 June 2018.

Cadila Healthcare is headquartered in Ahmedabad, India, and ranks 4th in the Indian pharmaceutical industry. The group has manufacturing sites and research facilities spread across five states of Gujarat, Maharashtra, Goa, Himachal Pradesh and Sikkim in India and in the US and Brazil.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, November 04 2019. 14:55 IST