Zydus Cadila has received final approval from USFDA to market Metoprolol Succinate extended-release tablets USP in the strengths of 25mg, 50mg, 100mg and 200mg.
Shares of Cadila Healthcare added nearly 3 percent in the early trade on Monday as Zydus Cadila has received USFDA approval for Metoprolol Succinate extended-release tablets.
Zydus Cadila has received final approval from USFDA to market Metoprolol Succinate extended-release tablets USP in the strengths of 25mg, 50mg, 100mg and 200mg.
The drug is used to treat chest pain, heart failure and high blood pressure.
The drug will manufactured at the group's formulations manufacturing facility at SEZ, Ahmedabad.
The group has now more than 185 approvals and has so far filed over 320 ANDAs since the commencement of the filling process in FY 2003-24.
CLSA | Rating - Buy | Target - Rs 450
CLSA has upgraded Cadila to Buy from Underperform and also raised target price to Rs 450 from Rs 440 per share as it expects 16 percent earnings CAGR over FY18-20 with room for positive surprise in the US.
Improving India outlook & a strong US pipeline will drive earnings and long-term drivers include specialty products initiative in US along with novel research.
Nomura | Rating - Buy | Target - Rs 426
Nomura has upgraded its rating on Cadila to Buy from Neutral with reduced target price at Rs 426 from Rs 464 per share.
33 percent correction from 2017 peak is higher than consensus earnings cut of 10 percent for FY18, it said.
It thinks the market is adequately factoring in US market-related uncertainties. It expects launch momentum to remain strong and revised EPS estimates lower by 21/20/13 percent for FY18/19/20.
At 09:18 hrs Cadila Healthcare was quoting at Rs 379.65, up Rs 9.70, or 2.62 percent on the BSE.
Posted by Rakesh Patil