Cipla gains post making deal with Roche for selling drug effective for COVID patients
Roche India recently announced that Central Drugs Standards Control Organisation (CDSCO) has provided an emergency use authorisation (EUA) for Roche’s antibody cocktail (Casirivimab & Imdevimab) in India.
Casirivimab and Imdevimab are indicated for the treatment of mild to moderate COVID-19 in high-risk patients. Cipla will market & distribute the product in India. The drug will be available in leading hospitals and COVID-treatment centres.
Reacting to this, the company’s stock today increased by 3.13 per cent and made an intraday high of Rs 916.50 per share. The stock of the company has increased by 55.50 per cent from its decline in May 2020.
The company reported a net profit of Rs 752.51 crore in Q3FY21. In Q3FY20, it had reported a profit of Rs 353.58 crore, which is an increase of 112.83 per cent. The company reported net sales of Rs 5,154.17 crore for Q3FY21, an increase of 21.72 per cent as against the net sales of Rs 4,234.55 crore for Q3FY20.
Roche Products (India) Private Limited is a wholly-owned subsidiary of Roche Group, headquartered in Basel (Switzerland). Roche provides medicines in oncology, immunology, infectious diseases, ophthalmology, and diseases of the central nervous system.
According to BSE data, the stock traded at a P/E multiple of 26.95 and a price-to-book ratio of 3.80. The stock has a 52-week high and a 52-week low of Rs 966 and Rs 565.90, respectively.
The stock of Cipla Ltd ended in red on Thursday i.e. down by 0.55 per cent at Rs 883.80.