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Business News/ Markets / Stock Markets/  Jubilant Pharmova stock gains 6.45% in an overall weak market; here's why
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Jubilant Pharmova stock gains 6.45% in an overall weak market; here's why

Jubilant Pharmova's share price surged 6.45% after its Radiopharma business received ANDA approval for Technetium Sulfur Colloid Injection.

On the bottom line, the consolidated net profit for the company reached ₹62 crore in Q2 FY24 compared to the net profit of ₹05 crore reported in the corresponding period of the previous year.Premium
On the bottom line, the consolidated net profit for the company reached 62 crore in Q2 FY24 compared to the net profit of 05 crore reported in the corresponding period of the previous year.

Jubilant Pharmova (formerly Jubilant Life Sciences Limited) witnessed a 6.45% surge in its share price, reaching 438.90 apiece, during early trade on Monday after the company's Radiopharma business received ANDA approval for Technetium Sulfur Colloid Injection.

The company, in an exchange filing on Friday, said that “Jubilant Pharmova Limited’s wholly owned subsidiary Jubilant Draximage Inc. (‘Company’) received approval from the US FDA with regards to the company’s abbreviated new drug application (ANDA) submitted pursuant to Section 505(j) of the Federal Food, Drug, and Cosmetic Act (FD&C) for kit for the preparation of Technetium (Tc 99m) Sulfur Colloid Injection."

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For this approval, the company said it is eligible for 180 days of exclusivity through the ‘Competitive Generic Therapy’ designation from the US FDA. This approval is effective November 9, 2023.

Speaking on the announcement, Pramod Yadav, CEO of Jubilant Radiopharma business, said, "At Jubilant, we are glad to announce approval for Sulfur Colloid, which will improve the availability of this critical radiopharmaceutical to patients and healthcare professionals."

"Technetium Sulfur Collid is our second product to be launched in FY24 after the approval and launch of Technetium Mertiatide Injection in Q1’FY24 and highlights our strong focus on the nuclear medicine business and commitment towards improving patient lives," he added.

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Jubilant Pharmova is involved in Radiopharma, allergy immunotherapy, CDMO sterile injectables, contract research development and manufacturing (CRDMO), generics, and proprietary novel drug businesses.

In the Radiopharma business, the company is involved in the manufacturing and supply of Radiopharmaceuticals with a network of 46 radio-pharmacies in the US.

In terms of financials, the company reported a 5% YoY jump in its consolidated revenues at 1,680 crore. The revenue from its Radiopharma business grew by 12.61% YoY to 741 crore, and the revenue from its CDMO Sterile Injectables segment came in at a flat 301 crore, while the revenue from CRDMO dropped 12.81% to 279 crore in Q2 FY24.

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On the bottom line, the consolidated net profit for the company reached 62 crore in Q2 FY24 compared to the net profit of 05 crore reported in the corresponding period of the previous year.

At 10:15 AM, the stock was trading with a gain of 2.35% at 422 apiece. 

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. 

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Published: 13 Nov 2023, 10:19 AM IST
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