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Indoco Remedies share price jumped over 5 percent intraday on March 9 after the company announced the launch of Brinzolamide Ophthalmic suspension
in the United States.
Indoco Remedies announced the launch of Brinzolamide Ophthalmic Suspension 1 percent in the United States, the first generic version of AZOPT by
Teva Pharmaceuticals. The product is developed and manufactured by Indoco Remedies Ltd. for TEVA at its facility in Goa, the company said in an
exchange filing.
The ANDA approved by the US Food and Drug Administration (US FDA) for Brinzolamide Ophthalmic Suspension 1 percent, is used to treat high pressure
inside the eye due to ocular hypertension and open-angle glaucoma, it added.
The stock was trading at Rs 292.75, up Rs 16.15, or 5.84 percent at 13:05 hours. It has touched an intraday high of Rs 294.75 and an intraday low of
Rs 276.75.
"This first-to-market generic version of AZOPTŪ (Brinzolamide Ophthalmic Suspension 1%, developed by Indoco) in the U.S. brings in an enormous
opportunity to Indoco to serve the patients with a generic option. It also provides us immense satisfaction to be part of the journey in
developing and securing approval from the US regulators for such Complex Generic products (ophthalmic suspensions), ensuring access to
affordable and quality medicines," said Aditi Kare Panandikar, Managing Director at Indoco Remedies.
The company's consolidated net profit jumped 169.2 percent to Rs 25.1 crore in Q3 FY21 from Rs 9.3 crore in Q3 FY20. Net revenue during the quarter
rose 17.6 percent (YoY) to Rs 333.3 crore. EBIDTA in Q3 December 2020 improved 70.8 percent to Rs 60 crore from Rs 35.1 crore in Q3 December 2019.
Brokerage firm Prabhudas Lilladher has a buy call on the stock with target of Rs 358 per share. It has reduced earnings estimate by 7 percent for
FY21E due to tepid performance of acute therapy medicines in IPM, while increase earnings estimate by 3 percent/2 percent for FY22/23E given
revision in EU growth projection, the research firm said.
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