Pharma stock falls by 7% after USFDA inspection 

Source: Tradebrains

Share price of an integrated global pharmaceutical company fell by nearly 6.95 percent and closed at Rs. 1,070.45 on Thursday, which is the biggest single-day fall since November 2022.

With a market cap of Rs. 62,724 crore, shares of Aurobindo Pharma Ltd. opened at Rs. 1,155.05 on February 1st, compared to its previous close of Rs. 1,150.40. 

The company has delivered positive returns of more than 31.1 percent in the last six months, compared to nearly 161.05 percent returns in the last one year. So far in 2024, it has given negative returns of around 0.90 percent. 

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According to the recent filings on stock exchanges, Eugia-III, formerly known as unit IV of Aurobindo Pharma Limited, is being inspected by the U.S. Food and Drug Administration (FDA). 

Eugia-III, a formulation manufacturing facility, of Eugia Pharma Specialities Ltd. has been under progress since January 22, 2024. Eugia Pharma Specialities Ltd. is the injectables arm of Aurobindo Pharma. 

Further, the company claimed that the inspection has not been concluded yet and after the inspection is over, it will inform the stock exchanges regarding the outcome. 

In terms of financials, the revenue from operations of Aurobindo Pharma increased by 5.37 percent from Rs. 6,851 crore in the June 2023 quarter to Rs. 7,219 crore in the December 2023 quarter, accompanied by an 31.92 percent increase in net profit to Rs. 752 crore in the September 2023 quarter from Rs. 570 crore in the June 2023 quarter. 

As of December 2023, FIIs hold 20.72 percent of the shares, whereas DIIs hold 20.60 percent of the shares in the company, aggregating to 41.32 percent of the institutional holdings. 

Headquartered in Hyderabad, Aurobindo Pharma Limited develops, manufactures, and commercialises a wide range of branded speciality pharmaceuticals, generic pharmaceuticals and active pharmaceutical ingredients globally in more than 150 countries. 

Founded in 1986, the company has 25 manufacturing and packaging facilities approved by leading regulatory agencies including the USFDA, WHO, and Health Canada. 

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