The shares of the pharmaceutical products manufacturer gained up to 5 percent after the company’s subsidiary received USFDA approval for Gabapentin Tablets USP, 600 Mg, and 800mg.
With a market capitalization of Rs 7,531.18 crore, the shares of Strides Pharma Science Ltd were trading at Rs 819.50 per share, increasing around 2.52 percent as compared to the previous closing price of Rs 796.55 apiece.
As per the exchange filing, Strides Pharma Science Ltd has announced that its step-down wholly-owned subsidiary, Strides Pharma Global Pte. Limited, Singapore, has received approval for Gabapentin Tablets USP, 600 mg and 800 mg, from the United States Food & Drug Administration (USFDA).
Furthermore, Gabapentin tablets have a market size of $ 140Mn as per IMS. This approval further strengthens the Company’s presence in the Gabapentin portfolio, complementing the existing approval of Gabapentin capsules, which has a market size of $ 208Mn.
Looking into Strides Pharma Science Ltd’s performance, revenue increased by 20 percent from Rs 865 crore in Q3 FY23 to Rs 1,038 crore in Q3 FY24. During the same period, net profit increased by 165 percent, from a loss of Rs 82 crore to a profit of Rs 54 crore.
The company has 260 cumulative ANDA filings which include the recently acquired portfolio from Endo at Chestnut Ridge with USFDA, of which over 235 ANDAs have been approved. The company has an aim to launch 60 new products over three years in the US.
Furthermore, From FY20 to Dec FY24, the company has secured $74 million in MSAs, of which $43 million were secured in FY24 alone so far. 9 Partners including top global companies have been added to our total unique clientele of 16 after USFDA approval.
The stock has delivered returns of 77.68 percent in the last six months and a multi-bagger return of 176.93 percent in a year. A shareholder’s investment of Rs. 1 lakh in the company would be worth Rs. 2.76 lakh in a year.
Ace investor Mukul Agrawal holds 14,00,000 shares, i.e. equivalent to 1.52 percent of the company as of December quarter 2023.
Strides Pharma Science Limited develops and manufactures intellectual property-led specialized pharmaceutical products. The company works in two segments: pharmaceutical and bio-pharmaceutical.
Written by:- Abhishek Singh
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