Alembic Pharma surges 3 per cent

Alembic Pharmaceuticals today informed the bourses that it has received the final USFDA approval for its abbreviated new drug application (ANDA) Tizanidine Hydrochloride Capsules, 2 mg, 4 mg, and 6 mg.

The approved ANDA is therapeutically parallel to the reference listed drug product (RLD) Zanaflex Capsules, 2 mg, 4 mg, and 6 mg, of Covis Pharma B.V. Due to the short duration of therapeutic effect, treatment with tizanidine hydrochloride capsules should be reserved for those daily activities and times, when relief of spasticity is most important.

The said medicine has an estimated market size of US$28 mn for twelve months ending September 2019, according to IQVIA.

Alembic has a cumulative total of 111 ANDA approvals (99 final approvals and 12 tentative approvals) from the USFDA.

In the recent quarter Q2FY20, the consolidated revenue came in at Rs 1,240.87 crore as against Rs 1,127.06 crore in the corresponding quarter last year, registering a 10.1 per cent YoY increase. EBITDA for the quarter grew by 14.3 per cent YoY to Rs 345.51 crore as against R. 302.34 crore in the corresponding quarter last year, with a corresponding margin expansion of 102 bps and the EBITDA margin for the quarter stood at 27.8 per cent. PAT for the quarter came in at Rs 246.27 crore as against Rs 200.07 crore in the corresponding quarter last year, registering a YoY increase of 23.1 per cent.

Revenue mix as of Q2FY20 stood at API- 16 per cent, Branded- 32 per cent, and Generics- 52 per cent. The International formulations business grew 10 per cent YoY to Rs 646 crore. The India formulations business for the quarter was Rs 391 crore as against Rs 385 crore for the last year. API business grew 31  per cent to Rs 204 crore as against Rs 155 crores for the last year. The US Generics business grew 25 per cent to Rs 539 crore in the quarter.

Today, the stock jumped nearly 3 per cent and made an intraday high of Rs 576.75 on the BSE.