Caplin Point stock spikes 15% as subsidiary clears Brazilian health regulator’s inspection

Caplin Point Laboratories shares surged 15% to 1,817 after its subsidiary's manufacturing plant cleared inspections by Anvisa and the US FDA with zero observations. The company reported healthy year-over-year revenue and profit growth.

A Ksheerasagar
Published19 Aug 2024, 01:28 PM IST
Caplin Point stock spikes 15% as subsidiary clears Brazilian health regulator's inspection
Caplin Point stock spikes 15% as subsidiary clears Brazilian health regulator’s inspection(Pixabay)

Shares of Caplin Point Laboratories, a pharmaceutical company, surged 15% in today's intraday trading, reaching an all-time high of 1,817 per share. This spike followed the company's announcement, made via an exchange filing on Saturday, that the injectable and ophthalmic manufacturing plant of Caplin Steriles, a subsidiary of Caplin Point Laboratories, had successfully cleared an inspection by the Brazilian health regulator Anvisa.

"Anvisa-Brazil conducted an inspection of Caplin Steriles’ injectable and ophthalmic manufacturing facility located at Gummidipoondi. The inspection was conducted between August 12th and 16th, 2024, and concluded with zero observations," the company said.

Also Read | The Feds are ‘playing nice’ with pharma, at least for now

On August 09, the United States Food and Drug Administration (US FDA) also conducted an unannounced inspection, which concluded with zero observations.

Chairman Mr C C Paarthipan said, “It is indeed gratifying to have two back-to-back audits with zero observations. We remain steadfast in our commitment to maintaining the highest levels of quality compliance at all our sites. Brazil is an important part of our expansion plans in Latin America, and this clearance opens the door to the largest market in that geography.”

Caplin Steriles is approved by several regulatory agencies, such as the US FDA, EU-GMP, ANVISA, and INVIMA. It has developed and filed 42 ANDAs in the USA on its own and with partners, with 30 approvals so far. The company is also working on a portfolio of 40+ simple and complex injectable and ophthalmic products, that it intends to file over the next 4 years, Caplin Point said in its latest regulatory filing. 

Also Read | India’s share in US pharma market rises to 13.1 per cent, overtakes Switzerland

The company also has multiple products filed with several approvals in non-US markets such as Mexico, Australia, Canada, South Africa, etc.

On August 8, Caplin Steriles received final approval from the United States Food and Drug Administration (US FDA) for its abbreviated new drug application (ANDA) for Timolol Maleate Ophthalmic Solution USP, 0.5% (eye drops), which is a generic equivalent of the Reference Listed Drug (RLD) TIMOPTIC by Bausch and Lomb Inc.

Earnings

For the June-ending quarter, the company reported operating revenue of 458.96 crore, reflecting a 16.1% year-over-year increase. The company's PAT for Q1 FY25 stood at 124.92 crore, marking 19.8% year-over-year growth. Revenue from the U.S. market for Q1 FY25 was 77.93 crore, an impressive 68.9% year-over-year increase.

Also Read | Torrent, Glenmark, Mankind, Lupin among key drivers of pharma market growth

Meanwhile, the company's shares have been on an upward trend since March 2023, surging by 203% to date.

 

Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before taking any investment decisions.

Catch all the Business News , Market News , Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.

MoreLess
First Published:19 Aug 2024, 01:28 PM IST
Business NewsMarketsStock MarketsCaplin Point stock spikes 15% as subsidiary clears Brazilian health regulator’s inspection

Most Active Stocks

Indian Oil Corporation share price

138.90
03:59 PM | 4 NOV 2024
-6.1 (-4.21%)

Tata Steel share price

146.95
03:56 PM | 4 NOV 2024
-2.75 (-1.84%)

Reliance Industries share price

1,302.00
03:59 PM | 4 NOV 2024
-37.1 (-2.77%)

Tata Motors share price

824.10
03:59 PM | 4 NOV 2024
-19.5 (-2.31%)
More Active Stocks

Market Snapshot

  • Top Gainers
  • Top Losers
  • 52 Week High

City Union Bank share price

178.10
03:29 PM | 4 NOV 2024
0.25 (0.14%)

Federal Bank share price

204.15
03:59 PM | 4 NOV 2024
-0.1 (-0.05%)

Jubilant Pharmova share price

1,252.35
03:40 PM | 4 NOV 2024
-11.65 (-0.92%)

UTI Asset Management Company share price

1,326.85
03:29 PM | 4 NOV 2024
-33.4 (-2.46%)
More from 52 Week High

Poly Medicure share price

2,876.70
03:43 PM | 4 NOV 2024
-286 (-9.04%)

Vodafone Idea share price

7.89
03:59 PM | 4 NOV 2024
-0.56 (-6.63%)

Chennai Petroleum Corporation share price

614.70
03:45 PM | 4 NOV 2024
-40.85 (-6.23%)

Angel Broking share price

2,886.35
03:59 PM | 4 NOV 2024
-184.55 (-6.01%)
More from Top Losers

Fine Organic Industries share price

5,123.00
03:29 PM | 4 NOV 2024
280.9 (5.8%)

Firstsource Solutions share price

358.85
03:50 PM | 4 NOV 2024
18.55 (5.45%)

Rainbow Childrens Medicare share price

1,630.70
03:59 PM | 4 NOV 2024
81.1 (5.23%)

Gillette India share price

10,323.35
03:29 PM | 4 NOV 2024
361.55 (3.63%)
More from Top Gainers

Recommended For You

    More Recommendations

    Gold Prices

    • 24K
    • 22K
    Bangalore
    80,415.000.00
    Chennai
    80,421.000.00
    Delhi
    80,573.000.00
    Kolkata
    80,425.000.00

    Fuel Price

    • Petrol
    • Diesel
    Bangalore
    102.92/L0.00
    Chennai
    101.03/L0.23
    Kolkata
    104.95/L0.00
    New Delhi
    94.77/L0.00

    Popular in Markets

      HomeMarketsPremiumInstant LoanMint Shorts