Shilpa Medicare gets USFDA approval for cancer injection

Shilpa Medicare today informed the bourses that it has received USFDA's final approval for zoledronic acid injection.

Zoledronic acid injection is used to treat high blood calcium levels, i.e. hypercalcemia that occurs with cancer. It is also used with cancer chemotherapy to treat bone problems that may occur with multiple myeloma and other types of cancer.

As per IQVIA, the global market for this medicine is USD 10.8 million approx.

During the recent quarter Q3FY19, the company registered decline in its topline by 6.5 per cent on a YoY basis. Also, the net profit declined by 32 per cent on a YoY basis. However, its US business showed growth momentum with rise in sales by 46 per cent YoY. The total filings for the US business stood at 34 on quarter end, out of which it has received 4 final approvals and 1 tentative approval.

On Thursday, the stock of Shilpa Medicare rose by nearly 2 per cent and made an intra-day high of Rs. 382.25 on the BSE. At 13:10 hours, the stock was trading at Rs. 375 on the BSE. The stock had hit its 52-week high of Rs. 546.95 on September 14, 2018 and 52-week low of Rs. 328.05 on April 2, 2019 on the BSE.