Cipla on 52-week low despite approval for generic Depo-Provera

The pharma major Cipla was experiencing selling pressure on Monday. The company informed the bourses that it has received final USFDA approval for medroxyprogesterone injectable.

The drug medroxyprogesterone injection is used to prevent pregnancy. Cipla's medroxyprogesterone injectable is generic therapeutic equivalent of Pfizer’s Depo-Provera. As per IQVIA data, Depo-Provera has a market size of around US$159 million per annum, as of November 2018.

Cipla is a global pharmaceutical company focused on agile and sustainable growth, complex generics, and deepening portfolio in our home markets of India, South Africa, North America, and key regulated and emerging markets.

During the recent quarter Q2FY19, the company’s revenue mix comprises of domestic sales (42 per cent0 and International sales (57 per cent).

On Monday, the stock opened at Rs. 510 per share and made an intraday low of Rs. 492 on the BSE. At 10:51 hours, the stock was trading nearly at Rs. 493.80 on the BSE. The company had hit its 52-week high of Rs. 678 on September 19, 2018 and its 52-week low of Rs. 492 on January 28, 2019 on the BSE.