AstraZeneca Pharma to launch breast cancer drug, shares jump 6%

AstraZeneca Pharma shares gained 6 percent intraday on December 21 after the pharma company said it will launch Enhertu, a breast cancer drug, in January 2024 in India.

“Enhertu is indicated for the treatment of adult patients with unresectable or metastatic HER2-positive breast cancer who have received a prior anti-HER2-based regimen,” said the company in an exchange filing.

As of 10.30 am, shares of AstraZeneca Pharma were trading at Rs 4,676.45 apiece on the NSE, higher by 1.31 percent from the previous session’s closing price.

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The pharma player said that it received import and market permission in Form CT-20 from the Drugs Controller General of India for Tanstuzumab deruxtecan 100 mg/5 mL vial lyophilized powder for concentrate for solution for infusion (Enhertu) in May this year.

For the quarter ended September, AstraZeneca Pharma reported a 60.8 percent on-year growth in profit at Rs 52.4 crore, driven by exceptional gain and a higher topline. Revenue increased 31.7 percent on-year to Rs 311 crore.

So far in 2023, the stock has rallied nearly 40 percent. In comparison, the benchmark equity index Nifty 50 has recorded gains of 15.5 percent during the same time period.

AstraZeneca Pharma India is a listed subsidiary of AstraZeneca Plc, UK. It covers the manufacturing, sales and marketing activities of the company in India. AstraZeneca gained attention after the vaccine it developed with Oxford sold as Covishield in India was used throughout the world as a preventive measure against the pandemic.

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