Multibagger stock: Strides Pharma Sciences receives USFDA approval
Strides Pharma Sciences announced that the company’s step-down wholly-owned subsidiary, Strides Pharma Global Pte. Limited, Singapore has received approval from United States Food & Drug Administration (USFDA) for Ethacrynic Acid tablets USP, 25 mg.
Ethacrynic Acid tablets USP, 25 mg, is a generic version of Edecrin tablets, 25 mg, of Bausch Health Americas, Inc. The company also stated in the press release that the product will be manufactured at its facility in Bengaluru and would be further marketed by Strides Pharma Inc. in the US market.
As per IQVIA MAT August 2020 data, the US market for Ethacrynic Acid tablets USP, 25 mg is around USD 14 million.
Recently, the company had also received approval from USFDA for Butalbital, Acetaminophen, and Caffeine tablets USP, 50 mg/325 mg/40 mg, which is bioequivalent and therapeutically equivalent to the reference listed drug (RLD), Butalbital, Acetaminophen, and Caffeine tablets USP, 50 mg/325 mg/40 mg, of Actavis Laboratories FL, Inc.
For Q1FY21, the company reported 14 per cent YoY growth in the net sales to be Rs 781.80 while net profit gained for the same period of time increased significantly by 492.67 per cent to Rs 122.80 crore from Rs 20.72 crore gained in Q1FY20.
The stock of the company has more than doubled in the last one year. It surged by around 174 per cent since its March lows and gained by around 15 per cent in a month.
On Tuesday, the stock of the company closed at Rs 753.35, up by 0.92 per cent or Rs 6.85 per share. It made an intraday high of Rs 758.85 per share and an intraday low of Rs 742.80 per share. Its 52-week high is of Rs 764.60 and the 52-week low is of Rs 271 on BSE.