Alembic Pharma gets tentative approval for Alcaftadine Ophthalmic

Vadodara-based pharmaceutical company, Alembic Pharma, today informed the bourses that it has received a tentative USFDA approval for its abbreviated new drug application (ANDA) Alcaftadine Ophthalmic solution, 0.25 per cent.

Alcaftadine is an antihistamine that reduces the effects of natural chemical histamine in the body. Histamine can produce symptoms such as itchy or watery eyes. Alcaftadine ophthalmic (for the eyes) is used to prevent itching caused by allergies.

With this, Alembic Pharma has a cumulative total of 120 ANDA approvals (107 final approvals and 13 tentative approvals) from USFDA.

Looking at the recently concluded quarter Q3FY20, consolidated revenue came in at Rs 1,209.13 crore as against Rs 1,018.15 crore in the corresponding quarter last year, registering 18.8 per cent YoY increase. EBITDA for the quarter grew by 34.2 per cent YoY to Rs 325.05 crore as against Rs 242.23 crore in the corresponding quarter last year, with a corresponding margin expansion of 309 bps. EBITDA margin for the quarter stood at 26.9 per cent. PAT for the quarter came in at Rs 227.68 crore, as against Rs 170.75 crore in the corresponding quarter last year, with YoY increase of 33.3 per cent.

Revenue mix for Q3FY20 stood at API-15 per cent, branded formulations-30 per cent and generics-55 per cent. International formulations business grew 48 per cent YoY to Rs 664 crore. India formulations business came in at Rs 368 crore for the quarter as against Rs 365 crore last year. The company has received eight ANDA approvals during the quarter.

Today, the stock jumped nearly four per cent and made an intraday high of Rs 640 on BSE.