Vivimed Labs hit an upper circuit of 5% at Rs 28.45 after the company announced the receipt of Government of India (Director General of Health Services) approval to manufacture and market Favipiravir tablet 200 mg & 400 mg for Indian market.
The company will sell Favipiravir tablets under its own brand name "Favulous" across India. The drug is approved to be used to treat mild-to-moderate Covid-19 in adults under restricted emergency use.Favipiravir registered highest sales in the month of April 2021. Since the launch of the drug last June, Glenmark Pharma has registered a turnover of Rs 762 crore.
Commenting on the launch, Ramesh Krishnamurthy, the chief executive officer (CEO) of Vivimed Labs, said: "With huge spike in COVID-19 cases being reported daily in India, there is an urgent need to provide more treatment options to healthcare professionals. We are launching 'Favulous' at a competitive price to make the drug accessible to more and more patients thereby ensuring good health and reducing their financial burden. This is in line with Vivimed's commitment to be at forefront in India's fight against COVID-19."
The company will work closely with the various governments and medical community to ensure availability of 'Favulous' to patients across India.
On a consolidated basis, Vivimed Labs posted a net loss of Rs 49.55 crore in Q3 FY21 as against a net loss of Rs 32.07 crore in Q3 FY20. Net sales jumped 40.6% year on year to Rs 277.94 crore in Q3 FY21.
Vivimed Labs is a pharmaceutical and chemical products company. The company's segments include speciality chemicals and pharmaceuticals.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
