Shares of Marksans Pharma rallied almost 9 percent on July 12 after the US Food and Drug Administration (FDA) gave it the go-ahead to manufacture a pain relief tablet.
Marksans Pharma shares traded up 9.68 percent at Rs 102.55 at 12.08pm on the National Stock Exchange. On Wednesday, one crore shares of the company were traded on the exchanges, which is three times its monthly trading average. The shares have given 71 percent returns since January 1.
The pharma company received approval for manufacturing Acetaminophen and Ibuprofen tablets, used to reduce multiple pain-related symptoms, said the company in an exchange filing on July 12. The tablets are available over the counter.
Marksans Pharma's new tablets are similar to Advil Dual Action which is manufactured by GlaxoSmithKline Consumer Healthcare, a London-based company.
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“We are committed to expanding our portfolio in pain management, this approval further demonstrates our regulatory and manufacturing capabilities and our strength to follow a focused growth approach,” said Managing Director Mark Saldanha.
The drug maker’s revenue grew 24 percent year-on-year to Rs 1,911 crore in FY23. Net profit for the company increased 42 percent to Rs 266 crore in the same period, while EBIDTA margins increased 124 basis points.
The company's product portfolio spreads over segments like antidiabetics, pain management, gastroenterological, and anti-allergies.
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