The shares of the multinational pharmaceutical company gained up to 2 percent after the company received WHO Prequalification approval for miltefosine formulation and API.
With a market capitalization of Rs 95,005.48 crore. The shares of Zydus Lifesciences Ltd were trading at Rs 938.60 per share, increasing around 1.79 percent as compared to the previous closing price of Rs 922.10 apiece.
As per the company filing, Zydus Lifesciences Ltd has received the WHO prequalification approval for the API and formulation of the key drug to treat Leishmaniasis, ‘Miltefosine’. With this, Miltefosine will be added to WHO’s pre-qualification list, allowing for greater access to the medicine internationally.
Furthermore, Leishmaniasis is caused by protozoan parasites transmitted by the bite of infected female phlebotomine sandflies. The illness causes starvation, population relocation, inadequate housing, a weak immune system, and financial hardship for the world’s poorest people.
Looking into the company’s performance, Zydus Lifesciences Ltd’s revenue increased by 6 percent from Rs 4,257 Crore in Q3FY23 to Rs 4,505 Crore in Q3FY24. During the same period, net profit increased by 25 percent from Rs 631 crore to Rs 790 Crore.
The company has launched 11 new products and new launches include the launch of the first product viz. Zituvio and 2 transdermal products and Filed 12 ANDAs and received final approval for 6 new ANDAs.
The company’s revenue from India climbed by 35% from Rs 7,097.9 crore in FY2021-22 to Rs 7,639.9 crore in FY2022-23, while revenue from outside India increased by 20% from Rs 8,012 crore in FY2021-22 to Rs 9,597.5 crore.
As of FY22-23, In order to expand the capacity and new product pipeline, the Company entered into an agreement with Watson Pharma Pvt. Ltd. for the purchase of its API manufacturing facility at Ambernath, Maharashtra, India for a consideration of Rs 467.7 mn.
Zydus Lifesciences Ltd. is an Indian life sciences firm. The company is involved in the research and development, manufacture, marketing, and sale of final dosage human formulations such as generics and specialty formulations, including biosimilars, among other things.
Written by:- Abhishek Singh
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