Alembic Pharmaceuticals rose 2% to Rs 556.30 at 14:00 IST on BSE after the company said it received US drug regulator's approval for Olmesartan Medoxomil and Amlodipine Tablets.
The announcement was made during market hours today, 18 July 2017.Meanwhile, the S&P BSE Sensex was down 195.77 points, or 0.61% to 31,879.01.
On the BSE, 17,230 shares were traded in the counter so far, compared with average daily volumes of 15,527 shares in the past one quarter. The stock had hit a high of Rs 561.60 and a low of Rs 540 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 492.25 on 27 June 2017.
The stock has gained 5.67% in four sessions to its current price, from a close of Rs 526.45 on 12 July 2017.
The stock had outperformed the market over the past one month till 17 July 2017, rising 4.39% compared with the Sensex's 3.28% rise. The stock had, however, underperformed the market over the past one quarter, dropping 10.56% as against the Sensex's 9.05% rise. The scrip had also underperformed the market over the past one year, declining 4.98% as against the Sensex's 15.23% rise.
The large-cap company has equity capital of Rs 37.70 crore. Face value per share is Rs 2.
Alembic Pharmaceuticals said that it has received approval from the US Food & Drug Administration (USFDA) for its abbreviated new drug application (ANDA) for Olmesartan Medoxomil and Amlodipine Tablets, 20mg/5mg, 40mg/5mg, 20mg/10mg and 40mg/10mg.
The approved ANDA is therapeutically equivalent to the reference listed drug product Azor Tablets, 20mg/5mg, 40mg/5mg, 20mg/10mg and 40mg/10mg of Daiichi Sankyo Inc. It is indicated for the treatment of hypertension, alone or with other antihypertensive agents to lower blood pressure.
The drug has an estimated annual market size of $312 million in US for twelve months ending December 2016 according to IMS.
Alembic Pharmaceuticals' consolidated net profit rose 2.4% to Rs 93.04 crore on 18.3% rise in net sales to Rs 741.35 crore in Q4 March 2017 over Q4 March 2016.
Alembic Pharmaceuticals, a vertically integrated research and development pharmaceutical company, manufactures and markets generic pharmaceutical products all over the world.
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