Shares of Alembic Pharmaceuticals soared up to 4.13 per cent at Rs 1,135 per share on the BSE in Tuesday’s early morning trade. This came after the company received final approval from the US Food & Drug Administration (USFDA) for its abbreviated new drug application (ANDA) for Betamethasone Valerate Foam, 0.12 per cent.
Betamethasone valerate foam is used to treat scalp conditions such as psoriasis and seborrhea. Betamethasone, a corticosteroid, works by reducing inflammation, itching, and redness. The product is a generic equivalent of Luxiq Foam by Norvium Bioscience, LLC, the company said in an exchange filing on Monday.
With this approval, Alembic’s total ANDA approvals from the US FDA now stands at 213, comprising 185 final approvals and 28 tentative approvals, the company said.
Q1FY25 show
Alembic Pharmaceuticals reported an 11.5 per cent year-on-year increase in profit after tax (PAT) for the April-June quarter of financial year 2024-25 (Q1FY25), reaching Rs 134 crore, driven by strong performance in the US market. Revenue from operations grew 4.4 per cent year-on-year to Rs 1,563.8 crore in the June quarter.
Sequentially, revenue increased by 2.8 per cent, but PAT fell 24.5 per cent. The Earnings before interest, tax, depreciation and amortisation (Ebitda) margin rose 14 per cent year-on-year to Rs 239 crore.
The India Branded Business segment saw a 9 per cent increase, totaling Rs 572 crore, with notable growth in specialty therapies like gynaecology, gastrointestinal, anti-diabetic, and ophthalmology.
Despite this, heat waves in Q1FY25 caused market disruptions in certain regions. The Animal Health business grew 23 per cent for the quarter, supported by strong brands.
In the International Business segment, US Generics grew 18 per cent to Rs 461 crore, aided by two new US market launches. Ex-US International Formulations increased by 2 per cent to Rs 271 crore, and the company secured 206 cumulative abbreviated new drug application (ANDA) approvals.
At 10:22 AM the shares of the company pared all its gains, slipping in red, down 1.07 per cent at Rs 1078.25 per share. By comparison the BSE Sensex was up 0.07 per cent at 81,751 levels.
First Published: Aug 27 2024 | 10:43 AM IST
