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26 April 2017

Hot Pursuit

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Alembic Pharma rises after USFDA approvals for drugs
The announcement was made during market hours today, 25 April 2017.

Meanwhile, the S&P BSE Sensex was up 241.56 points, or 0.81% to 29,897.40.

On the BSE, 12,483 shares were traded in the counter so far, compared with average daily volumes of 59,265 shares in the past one quarter. The stock had hit a high of Rs 629 and a low of Rs 605 so far during the day.

The stock had hit a 52-week high of Rs 709.30 on 23 March 2017. The stock had hit a 52-week low of Rs 517.90 on 24 June 2016.

It had underperformed the market over the past one month till 24 April 2017, gaining 0.51% compared with the Sensex's 0.8% rise. The scrip had also under performed the market over the past one quarter, advancing 3.37% as against the Sensex's 8.33% rise.

The large-cap company has equity capital of Rs 37.70 crore. Face value per share is Rs 2.

Alembic Pharmaceuticals announced that it has received final approvals from the United States Food & Drug Administration (USFDA) for its abbreviated new drug application (ANDA) Olmesartan Medoxomil Tablets, 5mg, 20mg and 40mg and Olmesartan Medoxomil with Hydrochlorothiazide Tablets 20/12.5 mg, 40/12.5 mg and 40/25 mg.

The approved ANDAs are therapeutically equivalent to the reference listed drug products (RLDs) Benicar Tablets 5mg, 20mg and 40 mg and Benicar HCT Tablets, 20/12.5 mg, 40/12.5 mg and 40/25 mg of Daiichi Sankyo Inc. The approved ANDAs are indicated for the treatment of hypertension.

Benicar and Benicar HCT had an estimated annual market size of $1.8 billion in US for twelve months ended 31 December 2016, according to IMS.

Alembic now has a total of 55 ANDA approvals (49 final approvals and 6 tentative approvals) from the USFDA.

On a consolidated basis, net profit of Alembic Pharmaceuticals declined 67.8% to Rs 86.55 crore on 15.9% decline in net sales to Rs 769.86 crore in Q3 December 2016 over Q3 December 2015.

Alembic Pharmaceuticals, a vertically integrated research and development pharmaceutical company, manufactures and markets generic pharmaceutical products all over the world.

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