Indoco Remedies shines on receiving USFDA nod for Olanzapine tablets
Indoco Remedies Limited announced on Thursday that it has received approval from United States Food and Drug Administration (USFDA) for its ANDA for Olanzapine tablets USP 2.5mg, 5mg, 7.5 mg, 10mg, 15mg, and 20 mg. The products are therapeutically equivalent to the reference listed drug ‘Zyprexa’ of Eli Lilly.
Post this development, the stock of Indoco Remedies Ltd went up by 5.5 per cent at 11.19 am on August 6, 2020.
As per the data provided by IMS, the US market size of Olanzapine tablets is US$ 65 million.
Olanzapine is indicated for the treatment of schizophrenia and bipolar disorder. The drug may also be used in combination with other medications to treat depression and certain mental conditions. Schizophrenia is a chronic brain disorder, the symptoms of which include delusions, hallucinations, trouble with thinking, and concentration, along with lack of motivation. Bipolar disorder is a mental disorder that causes unusual shifts in mood, energy, activity levels, concentration, and the ability to carry out day-to-day tasks.
On the financial front, the company’s revenue in the March quarter of FY20 grew by 7.9 per cent YoY while its net profit plunged by 53.3 per cent YoY. Its domestic formulation business grew by 10.3 per cent for the quarter and the international formulation business achieved a growth of 12.5 per cent for the quarter.
On Thursday, the stock of Indoco Remedies surged 5.5 per cent to Rs 247 from its previous close of Rs 234.15 on BSE.