The shares of this pharmaceutical company gained up to 7 percent after the company received ANDA approval for its Doxazosin Tablets United States Food and Drug Administration (USFDA).
With a market capitalization of Rs 3,280.56 crore, the shares of Unichem Laboratories Ltd were trading at Rs 465.95 per share, increasing around 4.54 as compared to the previous closing price of Rs 445.50 apiece.
Unichem Laboratories Ltd announced in an exchange filing that it has received ANDA approval from the United States Food and Drug Administration (USFDA) to market a generic version of Viatris Specialty, LLC’s Cardura (Doxazosin) Tablets, 1 mg, 2 mg, 4 mg, and 8 mg.
Looking into the company’s performance, Unichem Laboratories Ltd’s revenue climbed by 26 percent from Rs 329 Crore in Q2FY23 to Rs 416 Crore in Q2FY24. During the same period, net loss declined from Rs 71 crore to Rs 24 crore.
The Company has established a good and proven track record of product variety with a distinct capacity that complements Ipca’s strength. Ipca is a major research-driven global pharmaceutical firm with medications sold in several countries throughout the world.
India’s pharmaceutical exports to Africa fell 5 percent in FY23. The African continent provided 18% of the total USD19.9 billion in completed pharmaceutical product exports. Political instability has a negative impact on exports in this region.
In the fiscal year 2022-23, the company’s revenue from operations increased by 5.76 percent to Rs 1,34,302.22 Lakhs, up from Rs 1,26,983.22 Lakhs the year before.
Capital expenditure for the fiscal year 2022-23 was Rs 4,204.82 lakhs. So far, R&D has created over 72 ANDAs and 76 DMFs spanning markets and therapeutic areas. The firm anticipates an increase in submissions and approvals in the future.
Unichem Laboratories is an Indian pharmaceutical firm. It makes and markets pharmaceutical formulations across the world, including the regulated markets in the United States and Europe.
Written by:- Abhishek Singh
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