Venus Remedies gains 5% on Saudi Arabia’s marketing approval for anti-coagulant drug

The company has said it has so far secured marketing authorisations from Saudi Arabia for six antibiotics meant for intensive care units and three oncology products

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Venus Remedies shares were trading 5 percent higher on August 28 after the pharma company received marketing approval from Saudi Food and Drug Authority (SFDA) for its anti-coagulant drug Enoxaparin. The approval comes on the back of good manufacturing practices certification received by the company six months ago for its Himachal Pradesh facility from the foreign drug regulator.

Enoxaparin is a crucial drug in preventing blood clots among patients suffering from ailments such as deep-vein thrombosis, acute coronary syndrome, pulmonary embolism and in critical conditions such as heart attack. The company has received marketing approval for the same to be sold in pre-filled syringes.

“The Enoxaparin market size of Saudi Arabia was USD 35 million in 2022 and is estimated to reach USD 40 million by 2025, expanding at a CAGR of 5 percent. We have so far secured marketing authorisations from Saudi Arabia for six antibiotics meant for intensive care units and three oncology products,” the company said in a regulatory filing.

At 2.15 pm on the NSE, Venus Remedies stock was quoting at Rs 244.85, up 5 percent or Rs 11.65.

In its results for Q1FY24, the company reported a 33.49 percent YoY (year-on-year) decline in revenue from operations at Rs 95.15 crore. Net profit for the quarter was down 82.87 percent YoY to Rs 1.18 crore. The operating profit margins for the quarter expanded to 10.93 percent from 10.14 percent in the same period of the previous fiscal.

Venus Remedies is engaged in the business of pharmaceutical production. The company specialises in producing various formulations in the therapeutic segment, including antibiotics, oncology drugs, and critical care medicines.

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