Shares of Indoco Remedies Soar More Than 3% After USFDA Approval of an Allergy Drug
Share price of Mumbai-based pharmaceutical company Indoco Remedies rose 3.13 percent to Rs 349.95 per share on the BSE. The stock price rose after the company said Friday that it has received final ANDA approval from the US FDA for Cetirizine Hydrochloride Tablets 10 mg (OTC).
The medicine is a generic equivalent of the reference medicine, Zyrtec Allergy Tablets, 10 mg from Johnson & Johnson Consumer Inc.
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Cetirizine Hydrochloride Tablets USP, 10 mg will be manufactured by Indoco, at their manufacturing facility located at L-14, Verna Industrial Area, Verna, Goa β 403722 in India, a statement said. Cetirizine is used for the relief of symptoms of hay fever and other allergic conditions.
βThis approval is a testament to Indoco’s commitment to providing high-quality and affordable healthcare solutions to global markets. We are proud to contribute to providing effective allergy medicines and remain focused on expanding our portfolio in the OTC space,β said Aditi Panandikar, Managing Director, Indoco Remedies.
Indoco is a pharmaceutical company with a global presence and revenues of $212 million. The company has more than 6,000 employees and operates eleven manufacturing facilities β seven for finished dosage forms (FDFs) and four for active pharmaceutical ingredients (APIs) β in addition to an R&D center and a contract research organization (CRO).
Indoco develops and manufactures a wide range of pharmaceutical products for both the Indian and international markets, generating over 106 million prescriptions annually from over 235,000 physicians across specialties. With eight domestic marketing divisions, Indoco has a strong brand portfolio spanning multiple therapeutic areas including gastrointestinal, respiratory, anti-infective, ophthalmic, nutritional, cardiovascular, anti-diabetic, pain management and gynecology.
Stock price history
Indoco Remedies’ share price has underperformed the market as it tumbled 13.1 percent year-to-date, while it rose just 2 percent over the past year. In comparison, BSE Sensex is up 14.6 percent year to date and 27 percent in a year.
The company has a total market capitalization of Rs 3,125.90 crore. The stock is trading at a price-to-earnings valuation of 29.60 times, while earnings per share stand at Rs 11.46.
At 1:30 PM, the company’s share price lost all its gains and fell 0.06 percent in the red to Rs 339.10 apiece on the BSE. In comparison, the BSE’s Sensex rose 0.64 percent to the level of 81,973.11.
First publication: Oct 04, 2024 | 1:35 PM IST