On Monday, the shares of India’s largest antibiotics drug maker surged 20 percent higher to Rs 272.90 per share after the business received marketing approval from the Philippines for six chemotherapy medications.
At 11:20 a.m., Venus Remedies Ltd shares hit a 20 percent upper circuit on the National Stock Exchange from the previous close price. The company has a market capitalization of Rs 364 crore.
Venus Remedies Ltd has received marketing permission from the Philippines, the second largest Association of Southeast Asian Nations (ASEAN) market, for six important chemotherapeutic medications for cancer treatment.
Venus Remedies has obtained marketing authorization for bortezomib, cisplatin, doxorubicin, docetaxel, fluorouracil, and paclitaxel in the Philippines, making it an important market for the company in the ASEAN area.
Venus Remedies oncology wing has also secured marketing authorization from Myanmar for another chemotherapy drug.
The $4.20 billion pharmaceutical market of the Philippines, a growing market for cancer drugs where Venus Remedies has so far secured marketing approval for 52 products across various segments, presents immense opportunities for the company to expand its operations in the AsiaPacific region in general and Southeast Asia in particular through its elaborate range of drugs.
In the last six months, the stock has gained 31 percent ranging from Rs 207.25 to current levels and year-to-date basis stock has gained 53 percent.
In the recent financial year, the company reported a net profit margin of 4.78 percent and an operating margin of 6.88 percent.
On a YoY comparison of the metrics, Venus Remedies’s revenues declined by 34 percent from Rs 143 crore in Q2FY23 to Rs 95 crore in Q2FY24. Similarly, Net profit declined by 83 percent, from Rs 6 crore to 1 crore.
Venus Remedies Ltd is an Indian pharmaceutical company that operates in both domestic and foreign markets. Its primary activity is the manufacture of medicinal products.
As per the latest shareholding pattern, promoters of the company hold a 41.76 percent stake, and retail investors hold a 57.06 percent stake in the company as of FY 23-24.
Written by Omkar Chitnis
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