FDA inspects Cipla’s US plant, reports zero observations

The company will be releasing its second quarter earnings on October 27

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Pharma giant Cipla said that a routine current Good Manufacturing Practices (cGMP) inspection was conducted by the United States Food and Drug Administration (USFDA) at the manufacturing facility unit 1 and 2 of InvaGen Pharmaceuticals Inc.

The inspection concluded with zero Form 483 observations.

InvaGen Pharmaceuticals Inc is a wholly-owned subsidiary of Cipla and the plant is located in Hauppauge, Long Island, New York, USA, the company informed exchanges on October 26.

The inspection was conducted from October 16 to October 25.

The company will be releasing its second-quarter earnings on October 27.

Cipla has been in the news recently on speculations that the promoter Hamied family selling its stake. Cipla reported a 45.1 percent rise in its consolidated net profit for the quarter ended June 2023 at Rs 995.7 crore as compared to Rs 696.4 crore in the corresponding quarter of the last year.

The company’s US business reported the highest-ever revenue of $222 million, registering a growth of 43 percent YoY growth in the first quarter.

Shares of the company are trading at Rs1,145.15, down 1.06 percent at 2.30 pm on NSE