Marksans Pharma trades in red post EIR from USFDA
Marksans Pharma announced that it has received Establishment Inspection Report (EIR) from United States Food and Drug Administration (USFDA) for the company’s New York facility.
The inspection was held at the company’s manufacturing facility, Time-Cap Laboratories Inc. located in Farmingdale (New York). The inspection was carried out from December 5 to 18, 2019.
Marksans Pharma also announced its financial results for the recently ended third quarter of FY20. On a consolidated basis, the company gained total revenue of Rs 287.7 crore for Q3FY20 thus, increasing by 15.8 per cent from Rs 248.5 crore in Q3FY19. The net profit gained for Q3FY20 increased by 17.6 per cent to Rs 29.6 crore in Q3FY20, as compared to Rs 25.1 crore in Q3FY19. The company highlights that it has become debt-free which in turn will open up opportunities for the company for efficient utilisation of cash.
Subsequently, total revenue for 9MFY20 increased by 13.7 per cent to Rs 799.2 crore from Rs 752.8 crore in 9MFY19. The company’s net profit rose by 10.5 per cent as it gained a net profit of Rs 78 crore for 9MFY20 as compared to Rs 70.6 crore gained for 9MFY19. Marksans Pharma was able to achieve revenue of Rs 360.8 crore from the formulations business in Europe and UK, as compared to Rs 323.1 crore achieved during 9MFY19 thus, clocking a growth of 11.7 per cent.
Headquartered in Mumbai, Marksans Pharma Limited is engaged in the research, manufacturing and marketing of generic pharmaceutical formulation in the global markets. Its product portfolio spreads over major therapeutic segments of CVS, CNS, antidiabetic, pain management, etc.
On Tuesday, the stock of the company closed at Rs 20.95, down by 5.20 per cent or Rs 1.15 per share. The 52-week high is Rs 28.10 and 52-week low is Rs 11.45 on BSE.