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Dr Reddy's Labs firms up after launching Vigabatrin powder in US

Capital Market 

The stock rose 1.55% to Rs 2,549.40 after the company said it has launched Vigabatrin powder for oral solution in the US market.

Vigabatrin powder is a therapeutic equivalent generic version of Sabril (vigabatrin) powder, approved by the US Food and Drug Administration (USFDA). The Sabril brand and generic had US sales of approximately $274 million MAT for the most recent twelve months ending in June 2019 according to IMS Health.

Vigabatrin is a prescription medicine used with other treatments in adults and children over 10 years with refractory complex partial seizures (CPS).

Meanwhile, S&P BSE Sensex was down 42.59 points or 0.11% at 37,359.90.

On BSE, 18,000 shares were traded in Dr Reddy's Laboratories counter, compared to a 2-week average of 25,000 shares. The stock hit an intraday high of Rs 2,558.20 and an intraday low of Rs 2,519.55. It hit a 52-week high of Rs 2,965.20 on 2 May 2019 and a 52-week low of Rs 2,065.30 on 15 February 2019.

Shares of Dr Reddy's Laboratories gained 2.27% in two trading sessions to its current market price of Rs 2,549.40, from a recent closing low of Rs 2,492.80 on Friday, 16 August 2019.

The drug major's consolidated net profit rose 42.1% to Rs 676.50 crore on 3.3% increase in net sales to Rs 3,843.60 crore in Q1 June 2019 compared with Q1 June 2018.

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

First Published: Tue, August 20 2019. 14:28 IST