Shares of Dr Reddy’s Labs hit a record high at Rs 2823, up around 2 percent in early trade on Wednesday. Investors are excited about the company as it launched Sumatriptan injection USP in the US market.
“It is a therapeutic equivalent generic version of Imitrex Statdose Pen (sumatriptan succinate) and was launched in the US market on February 25 following approval by the United States Food & Drug Administration (USFDA),” it said in a statement.
Sumatriptan is used to treat symptoms of migraine headaches (severe, throbbing headaches that sometimes are accompanied by nausea and sensitivity to sound and light). The injection is an autoinjector system for subcutaneous use.
Macquarie estimates USD 1.1 billion of sales from the US in FY15. It has upgraded the drug major's target price to Rs 3,325, driven by much higher US sales. The brokerage has also hiked its FY15e earnings per share (EPS) increased to Rs 160 versus Rs 156.
At 09:52 hrs, the stock was quoting at Rs 2,803.00, up Rs 29.10, or 1.05 percent on the BSE.
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