Alembic Pharmaceuticals rose 2.94% to Rs 934.90 after the company said it received establishment inspection report (EIR) for general oral solid formulation facility at Panelav, Gujarat.
The US Food and Drug Administration (US FDA) had conducted the inspection between 9th and 13th of March 2020.
"EIR is in place for all our manufacturing facilities for international markets," the company said in a filing today.
In a separate announcement today, Alembic Pharma said that its joint venture, Aleor Dermaceuticals (Aleor), received approval from the USFDA for its abbreviated new drug application (ANDA) Adapalene Gel USP, 0.3%. The gel is indicated for the topical treatment of acne vulgaris in patients 12 years of age and older. Adapalene Gel USP, 0.3% has an estimated market size of $34 million for twelve months ending March 2020 according to IQVIA.
The company has a cumulative total of 123 ANDA approvals (110 final approvals and 13 tentative approvals) from USFDA.
Alembic Pharmaceuticals is a vertically integrated research and development pharmaceutical company. The company manufactures and markets generic pharmaceutical products all over the world.
On a consolidated basis, the pharmaceutical company's net profit rose 88.10% to Rs 233.25 crore on a 30.19% increase in the net sales to Rs 1,206.83 crore in Q4 March 2020 over Q4 March 2019.
While the Nifty Pharma index has risen 44% in the past three month, shares of Alembic Pharma have added 72% during the same period.
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