Cadila Healthcare gains on receiving orphan drug designation from USFDA for Saroglitazar
Cadila Healthcare, a global pharmaceutical company today announced that United States Food & Drug Administration (USFDA) has granted orphan drug designation (ODD) to Saroglitazar Magnesium (Mg).
Saroglitazar Mg is used for the treatment of patients with primary biliary cholangitis (PBC), which is a liver disease, caused due to the progressive destruction of bile ducts in the liver.
Orphan drug designation provides eligibility for certain development incentives, like tax credits for qualified clinical testing, prescription drug user fee exemptions and seven-year marketing exclusivity. Meanwhile, USFDA had granted fast track designation to Saroglitazar Mg for PBC in December 2020.
Reacting to this, the company’s stock inched higher by 0.93 per cent and made an intraday high of Rs 466.50 per share on Thursday at around 11 am.
Besides, the company reported a net profit of Rs 423.60 crore in Q2FY21, an increase of 410.98 per cent. It had reported a profit of Rs 82.90 crore in Q2FY20. The company reported net sales of Rs 3,762.30 crore for Q2FY21, an increase of 15.97 per cent as against the net sales of Rs 3,244.20 crore for Q2FY20.
According to BSE data, the stock traded at a P/E multiple of 26.70 and a price-to-book ratio of 3.90. The stock has a 52-week high and a 52-week low of Rs 509.35 and Rs 212.70, respectively.
At 12.32 pm, the stock of Cadila Healthcare Ltd was trading at Rs 465.20, up by 0.66 per cent on BSE.