Venus Remedies gains on Saudi certification to all production units in Baddi

The certification is a testament to the company’s commitment to maintaining high-quality standards in its manufacturing processes, which will help it expand its presence in the Saudi Arabian market, Venus Remedies said.

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Shares of Venus Remedies Limited gained 2 percent in the morning session on February 27 after the company received the good manufacturing practices (GMP) certificate from the Saudi Food and Drug Authority (SFDA) for all its production facilities in Baddi, Himachal Pradesh.

The certificate includes first-time approval for pre-filled enoxaparin syringes and general injection facilities, as well as renewed approval for Cephalosporin and Carbapenem antibiotics and liquid and lyophilised oncology drugs.

At 11:23am on Monday, Venus Remedies shares traded at Rs 163.90, up Rs 3.20, or 1.99 percent, on the BSE. It touched an intraday high of Rs 167.85 and an intraday low of Rs 159.35.

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The company said it has been expanding its global footprint by receiving marketing authorisations for its generic cancer drugs in Uzbekistan and Palestine. With over 800 marketing authorisations worldwide, the firm is committed to providing affordable generic alternatives to expensive branded drugs and improving access to affordable medicines for cancer patients in need.

“The marketing approvals for Carboplatin in Uzbekistan and Docetaxel and Irinotecan in Palestine have strengthened the company’s position in the Central Asia and Middle East regions. This move will help the company gain a foothold in these emerging markets and provide access to affordable cancer treatment options,” Venus Remedies said.

However, for the quarter ended December 2022, the company reported a net profit of Rs 3.29 crore, which was down 41.73 percent from Rs 5.65 crore in December 2021. Net sales also declined by 5.99 percent from Rs 124.34 crore in December 2021 to Rs 116.90 crore in December 2022.