Page 5 - Pharma Companies

Biocon Q2 FY25 results: Net profit declines 84% to Rs 27.1 crore

Revenue driven by gains from US Oncology and Insulins franchises

NPPA asks pharma manufacturers to cut price of 3 anti-cancer drugs

The government has asked the companies to reduce prices of three anti-cancer drugs to pass on the benefit of customs duty exemption and GST reduction to the consumers. In line with the government's commitment to ensure the availability of drugs at affordable prices, the National Pharmaceutical Pricing Authority (NPPA) has issued an office memorandum directing the concerned manufacturers to reduce the MRP on three anti-cancer drugs, Trastuzumab, Osimertinib and Durvalumab. This is in pursuance to the announcement made in the Union Budget for the year 2024-25 exempting these three anti-cancer medicines from customs duty, the Ministry of Chemicals and Fertilisers said in a statement. The Department of Revenue, Ministry of Finance, issued a notification dated July 23, this year reducing the customs duty to nil on the three drugs. "Accordingly, there should be a reduction in MRP of these drugs in the market and benefits of reduced taxes and duties should be passed on to the consumers,"

Piramal Pharma deploying $85 mn capex this fiscal: Nandini Piramal

Piramal Pharma is utilising a capex of about USD 85 million for various initiatives, including capacity expansion, maintenance and de-bottlenecking of CDMO sites, in the current fiscal, according to its Chairperson Nandini Piramal. The Mumbai-headquartered firm, which aims to cross USD 2 billion in revenue by FY30, has already invested around USD 30 million in the first half of the ongoing fiscal on the initiatives. "We expect the capex this year to be at a similar level as last year, which is about USD 85 million," Piramal told PTI in an interaction. A part of the capex is planned for the domestic market while some of it would also go into the US business, she added. "Some part of it, around USD 30 million, is maintenance capex, and the rest would go into capacity expansion in Telangana and Dahej (Gujarat) plants and also towards de-bottlenecking of some of the CDMO sites," Piramal noted. The company last week reported over four-fold increase in consolidated net profit at Rs 23 c

Sun Pharma gains 3%; hits new high on UBS 'Buy' rating, sees more upside

UBS has a target price of Rs 2,450 on Sun Pharma and expects it to record the highest growth in the near-term and the medium-term via a ramp-up of the specialty drug pipelline.

Indian pharma sector set for 8-10% growth this fiscal: CRISIL Ratings

The sector is expected to benefit from steady cash flows and low financial leverage, which will help maintain stable credit profiles, even as pharma cos pursue acquisitions in niche therapeutic areas

Granules tanks 16% on concerns over 6 observations issued by US FDA

More than 31 million equity shares, representing 12.89 per cent equity of the pharmaceutical company, had changed hands on the NSE till 02:08 PM.

Strides Pharma gets shareholders' nod to set up speciality pharma CDMO

Strides Pharma Science on Wednesday said it has received approval from shareholders and secured creditors for creation of OneSource -- a specialty pharma CDMO (contract development and manufacturing organization). The company has secured the approval of its shareholders and secured creditors with overwhelming majority, along with those of OneSource Specialty Pharma and SteriScience Specialties, in meetings convened under the guidance of the National Company Law Tribunal, it said in a regulatory filing. All the secured creditors who voted on the scheme for the three companies in their respective meetings were in favour of the scheme, it added. "We believe OneSource will unlock considerable value for Strides' stakeholders upon its listing. We remain committed to delivering on this promise and express our gratitude to our shareholders and creditors for their continued trust and support," Strides Pharma Science Executive Chairperson Arun Kumar said. In September 2023, Strides announced

Entod Pharma denies false claims in media regarding PresVu Eye Drops

The company further mentioned that the opinions and claims printed in news stories do not represent Entod Pharmaceuticals

Glenmark to pay $25 million as part of settlement with US authorities

Glenmark Pharmaceuticals has agreed to pay USD 25 million as part of a settlement with the US Department of Justice regarding a case related to the pricing of a generic drug. Glenmark Pharmaceuticals Inc, USA, a wholly-owned subsidiary of the Mumbai-based drug maker, has agreed to pay the amount in six installments over five years, with interest on the settlement amount at a rate of 4.25 per cent per annum from May 28, 2024, the company said in a late night regulatory filing on Wednesday. The Civil Division of the US Department of Justice has concluded its False Claims Act and Anti-Kickback Statute investigation in a settlement with Glenmark Pharmaceuticals Inc, USA, it said. "The settlement amount and interest on the settlement amount constitute restitution," the drug maker said. As noted, the settlement does not contain any admission of liability by the company, except to the extent already admitted by Glenmark in the August 2023 Deferred Prosecution Agreement, it added. Last ye

Philips appoints Bharath Sesha as new managing director for India

At Philips, Bharath Sesha succeeds Daniel Mazon, who has moved to a global role at Philips headquarters in the Netherlands

Akums Drugs strengthens global presence with European market expansion

The decision to enter the European market comes at a time when the global pharmaceutical landscape is undergoing changes

Drug companies move Delhi HC seeking interim relief against FDC ban

The Union Ministry of Health and Family Welfare had on August 22 issued notification banning the 156 FDC medicines saying they had no therapeutic benefits

Biocon Biologics secures deal with Janssen to launch biosimilar Bmab 1200

Agreement clears way for Indian company to launch treatment in Europe, Canada and other markets

Andhra Pradesh pharma company fire accident: Two more injured workers die

The toll rose to three in the flash fire at a pharma company in Anakapalli district as two persons succumbed to burn injuries, an official said on Monday. A chemist and three workers from Jharkhand sustained serious injuries in the accident on August 23 at Syngene Active Ingredients Pvt Ltd, located at Jawaharlal Nehru Pharma City (JN Pharma City) in Parawada. "Two more injured persons died. One person died yesterday night and another person died today (Monday) morning," Anakapalli Superintendent of Police M Deepika Patil told PTI. The lone survivor, Oybon Khora (23) is in a critical condition, she said. Lal Singh Poorthy (22) succumbed to the injuries on Sunday night and the chemist K Suryanarayana (35) died on Monday morning, she said. Prior to the two deaths, Roy Angira (21), also from Jharkhand, died on Saturday. The flash fire occurred around 12:30 am on August 23 when a chemical powder and a chemical liquid were being mixed without following standard operating procedures, ..

Akums Drugs scripts a turnaround, reports Rs 60 cr profit in Q1FY25

Akum's revenue from operations in Q1FY25 came in at Rs 1019.1 crore, a rise of 5.08 per cent Y-o-Y

AstraZeneca warns of shifting UK vaccine production to US: Report

An AztraZeneca spokesperson said there are no discussions in the US or India as the company is committed to pursuing the opportunity at Speke and are in constructive talks with the UK government

Andhra CM to visit pharma unit accident site, interact with those injured

Andhra Pradesh Chief Minister N Chandrababu Naidu will meet those injured in the pharma unit fire accident in Visakhapatnam on Thursday and follow it up with a visit to the accident spot here. According to the official schedule, the Chief Minister will interact with the injured workers undergoing treatment at a private hospital in Venkojipalem in the port city around noon and also the medical teams. Later, Naidu will visit Escientia Advanced Sciences Pvt Ltd around 1.30 pm, the pharma company where the fire accident occurred on Wednesday, leading to the death of 17 persons and injuries to 33. Meanwhile, Anakapalli district Collector Vijaya Krishnan told PTI that there was no rise in the death toll which stood at 17. "The actual cause is yet to be ascertained," she said, adding preliminary assessment pointed to solvent leakage from a pipe which fell on an electric panel, leading to the fire accident. Though it is being reported that the accident occurred due to a reactor blast, ...

Toll rises to 17 in pharma company reactor blast at Andhra's Anakapalli

Officials said they were scanning closed-circuit television footage and questioning the injured

Ipca Labs Q1 results: Net profit rises 18% to Rs 192 cr, revenue up 32%

The firm's revenue from operations rose to Rs 2,093 crore, a 32 per cent rise from Rs 1,585 crore reported in Q1FY24

Aurobindo Pharma Q1FY25 results: Net profit jumps 61% to Rs 919 cr

Aurobindo Pharma on Saturday said its consolidated net profit increased 61 per cent year on year to Rs 919 crore in the first quarter ended June 2024, aided by strong sales across markets. The Hyderabad-based drug maker had reported a net profit of Rs 571 crore in the April-June quarter of last fiscal. Revenue from operations increased to Rs 7,567 crore in the June quarter as against Rs 6,851 crore in the year-ago period, the drug maker said in a statement. "We are pleased with our continued strong performance this quarter, with a significant top-line growth across all our business segments," Aurobindo Pharma Vice-Chairman and Managing Director K Nithyananda Reddy stated. The profitability was sustained by improved gross margins and operational efficiencies, while ramping up our recently commercialised plants, he added. "We are confident in our ability to achieve our growth targets for FY25," Reddy said.