Piramal Pharma Surges 4% as US FDA Issues Positive Report for Bethlehem Facility

9 Nov 2023 , 03:09 PM

Piramal Pharma Ltd’s shares surged nearly 4 % on November 9 following positive action from the US FDA. Piramal Pharma receives an Establishment Inspection Report (EIR) from the US FDA for its manufacturing facility in Bethlehem, USA. The EIR signifies the closure of the inspection, allowing Piramal Pharma to file for drugs from the facility.

The US FDA conducted a Good Manufacturing Practices (GMP) Inspection of Piramal Pharma’s Bethlehem facility from September 18 to September 27, 2023. In September, the company received a Form-483 with 2 observations related to system improvement, not data integrity.

Piramal Pharma reports an 11 % YoY increase in consolidated revenue from operations to Rs 1,911 crore in Q2FY24. Consolidated profit after tax (PAT) is Rs 5 crore in the quarter, compared to a loss in the corresponding quarter last fiscal year.

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