Medicamen Biotech Surges 6% as it Files First ANDA for BORTEZOMIB Injection with USFDA

20 Jul 2023 , 11:15 AM

Medicamen Biotech shares witnessed a 6% surge, trading at Rs 759.20 on July 19, with 56,517 shares changing hands on NSE. The company successfully filed its first Abbreviated New Drug Application (ANDA) for the BORTEZOMIB injection with the US Food and Drug Administration (USFDA).

Medicamen expresses that this achievement is a significant milestone for the company and could trigger a USFDA audit in the future. During the quarter ending in March, the company reports a 20% YoY increase in revenue, reaching Rs 138 crore in FY23.

However, the Operating Profit Margins decreased to 18%, while the net profit remained at Rs 15 crore. The Earnings per Share (EPS) for the stock also experiences a slight dip of 3% to Rs 11.86 for FY23.

Over the past month, Medicamen’s stock has delivered a notable return of 11.26%. However, over the past six months, it shows a negative return of 8.66%.

The successful ANDA filing with USFDA opens new opportunities for Medicamen in the international market, bolstering its growth prospects in the pharmaceutical sector. Investors closely observe the positive developments, leading to increased attention and interest in the company’s stock performance.

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