Medicamen Biotech gains on successful ANDA filing for Bortezomib injections

Medicamen Biotech shares were up 6 percent at Rs 759.20 on July 19 at 1:15 pm, with 56,517 shares changing hands on NSE.

Medicamen has successfully filed its first Abbreviated New Drug Application (ANDA) for the BORTEZOMIB injection with the US Food and Drug Administration (USFDA), the company announced on July 19 through a filing to the exchanges.

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“This is major milestone for the Company which will trigger USFDA Audit in due course of time” said Medicamen.

For the quarter ended March, the company reported a 20 percent year-on-year increase in revenue to Rs 138 crore in FY23 as against the previous year. The Operating Profit Margins fell to 18 percent while the net profit retained the Rs 15 crore value. The Earnings per Share (EPS) for the stock fell by 3 percent to Rs 11.86 for FY23.

The stock has delivered a 11.26 percent return over the past one month and a negative 8.66 percent return over the past six months.