Venus Remedies trades 2% up on approval to market cancer drugs in Serbia

Venus Remedies is engaged in the business of pharmaceutical production. The company specializes in producing various formulations in the therapeutic segment, including antibiotics, oncology drugs, and critical care medicines.

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Shares of Venus Remedies traded 2 percent higher on September 20 morning after the pharma company received the marketing approval from Serbia for its drugs used in treatment of cancer.

"The company has secured marketing authorisation from Serbia for gemcitabine and docetaxel, widely used chemotherapy drugs beneficial in the treatment of various types of cancer. With this, Venus Remedies has now secured a total of 511 marketing approvals for its oncology products across 66 countries," the company said in a regulatory filing with the exchanges.

"We have more than 40 marketing authorisations in South Eastern Europe and Balkan region, including nine for oncology drugs. The marketing authorisation from Serbia is a significant milestone that will help improve access to affordable cancer drugs in the region," said Aditi Chaudhary, president of international business at Venus Remedies.

At 11.15am, the Venus Remedies stock was quoting Rs 239, up Rs 3.90, or 1.66 percent, on the NSE.

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In its results for the April-to-June quarter, the company reported a 33.49 percent on-year decline in revenue from operations at Rs 95.15 crore. Net profit for the quarter was down 82.87 percent YoY to Rs 1.18 crore. Operating profit margins for the quarter expanded to 10.93 percent from 10.14 percent in the previous fiscal.

Venus Remedies is engaged in the business of pharmaceutical production. The company specialises in producing various formulations in the therapeutic segment, including antibiotics, oncology drugs, and critical care medicines.

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