FDC gained 3.83% to Rs 329.65 after the pharmaceutical company launched two variants of of Favipiravir drug - PiFLU and Favenza - which will be used to treat mild to moderate cases of COVID-19 in India.
The announcement was made after market hours yesterday, 25 August 2020.
FDC has launched two variants of of Favipiravir drug for COVID-19, i.e. PiFLU and Favenza; which will be used to treat mild to moderate cases of COVID-19 in India. With the third largest number of cases globally, at close to three million, and a daily increase rate that is on the rise, the Indian economy and populace have both seen major hits over the past two quarters, FDC said.
Earlier this year, the Drug Controller General of India (DCGI) approved the use of Favipiravir, an off patent, oral anti-viral drug that has been shown to quicken clinical recovery in COVID-19 patients with mild to moderate symptoms. It is a broad spectrum anti-viral agent, and selectively inhibits RNA polymerase of influenza and SARCOV-2 virus and prevents viral replication.
Commenting on the development, Mayank Tikkha, the spokesperson at FDC, stated the company will be working with the government and healthcare fraternity to make Favenza and Piflu available across the country.
FDC's PiFLU and Favenza is currently available across the country. FDC has also increased the production and availability of its brand of balanced electrolyte drink Enerzal and Electral as per ASPEN guidelines, 3 litres of fluid intake in a day (60 to 120 ml in every 30 minutes) helps in speedy recovery of people who are home quarantined.
FDC's consolidated net profit jumped 63.1% to Rs 91.72 crore on a 10.3% decline in net sales to Rs 308.18 crore in Q1 June 2020 over Q1 June 2019.
FDC is a fully integrated research-oriented pharmaceutical company engaged in the manufacturing and marketing of Formulations (Finished Dosage Forms) and Active Pharmaceutical Ingredients (APIs).
Powered by Capital Market - Live News
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)