The stock closed at 6.12 per cent to Rs 573.50 on BSE
Shares of Sun Pharma were up 5.75 per cent at Rs 571.55 on the BSE
The stock was up 4% at Rs 564 on the BSE with trading volumes on the counter more than doubled.
Riomet is an oral diabetes medicine that helps control blood sugar level
The Mumbai-based pharma major reported 59% decline in its net profit for the quarter ending September to Rs 912 cr
The Sun Pharmaceutical stock, after seeing some gains post September quarter results, is now marginally below pre-result levels despite the recent positive news flow. So, what's keeping sentiment low in the counter?First the positive part. The latest development pertains to the restart of supplies of some products to the US by Sun from its key plant in Halol (Gujarat). A Credit Suisse report, referring to IMS data, also indicates that Sun's oncology generics of Gleevac has gained market share sequentially in the December quarter (Q3) so far, on a trailing basis. The Gleevac generics, which has seen competitive pressures post Sun's exclusivity ended in FY17 and contributed $230 million to Sun's FY17 sales, was estimated to see its contribution drop by a third in FY18. So, the news of it gaining market share (19 per cent sequential revenue growth) is positive. This, coupled with Sun's re-entry into key segments such as neurology (Duloxetine, Carbidopa and Levodopa) and ENT (Azelastine ..
Use of contaminated Riomet potentially could result in a risk of infection, especially in the immunocompromised patient.
The scrip was the worst hit among the 30 Sensex blue chips
Sun Pharma reported a decline in consolidated net profit in the second quarter of FY 2018
Analysts on average had expected a profit of Rs 827 crore, according to Thomson Reuters data
Key triggers are in improvement in ex-Taro performance, resolution of US FDA issues
Nifty Pharma index, the largest gainer among sectoral indices, was up 2.8%, as compared to unchanged in Nifty 50 index at 10,441 at 09:46 AM
Sun Pharma, Unichem Lab, Ipca Lab, Wockhardt, Marksans Pharma, Cadila Healthcare and Aurobindo Pharma were up in the range of 3% to 8%
As per IMS, Coreg CR had annual sales of around $208 million in the US for the 12 months ended August 2017
The stock was up 4% to Rs 549 on the BSE in early morning trade in otherwise subdued market.
Dadra is Sun Pharma's second-largest plant in India, and had received 11 adverse observations in a US FDA inspection in April
The Mumbai based pharma major however did not share the details of the EIR
Arm themselves with speciality and complex drugs facing less competition
The company's speciality initiatives target the global market with the US being one of the important markets, Shanghvi said
In past three trading sessions, Nifty Pharma index surged 6%, while S&P BSE Healthcare gain 5% against 1% rise in the benchmark indices.