Caplin Point: Subsidiary bags approval, stock up 3 per cent

Caplin Steriles, a 100 per cent subsidiary of Caplin Point Laboratories has received final approval by the United States Food and Drug Administration (USFDA) for its abbreviated new drug application (ANDA) Glycopyrrolate injection USP.

Glycopyrrolate is the generic therapeutic equivalent of West-Ward Pharmaceutical International’s product, Robinul. The injection had sales of approximately US$110.12 million for the calendar year 2018 in the US market. Caplin Steriles has filed for 11 ANDAs, of which 7 are on its own, while the remaining 4 are with partners.

In the quarter ended December 2018, Caplin Point Laboratories reported net sales of Rs. 159.03 crore as against Rs. 141.61 crore in the corresponding quarter last year, registering a growth of 12.3 per cent. The company reported a net profit of Rs. 45.83 crore for the period ended December 2018, up 22.7 per cent from Rs. 37.48 crore in December 2017. The EBITDA for the company rose 23.31 per cent to Rs. 65.49 crore from Rs. 53.11 crore in December 2017.

On Friday, Caplin Point was trading at Rs. 405.35 per share, up 0.37 per cent on the BSE.