Aurobindo Pharma hits 52-week high on US FDA clean chit to Telangana unit

Broking house Sharekhan in its November 13 report has has upgraded the stock to buy with a revised price target of Rs 1,163.

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Shares Aurobindo Pharma gained 1 percent to clock a fresh 52-week high of Rs 1,017.30 in early trade on November 20 after the United States Food and Drug Administration (US FDA) completed an inspection with zero observation.

The US FDA conducted a pre-approval inspection (PAI) at Unit-I and III, formulation manufacturing facility, of APL Healthcare Ltd, a wholly owned subsidiary of the company, at TSIIC Green Industrial Park, Pollepally Village in Telangana.

The inspection was conducted from November 13 to 17 and closed with zero observation and a classification of ‘No Action Indicated’ (NAI), the company said.

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Broking house Sharekhan in its November 13 report has upgraded the stock to buy with a revised price target of Rs 1,163.

The company sees stronger growth in the US, Europe, growth markets, and APIs. The company has seen an increase in EBITDA margins over the past five quarters, which indicates likely stability in the product mix. The launch of gRevlimid planned in Q3FY2024 and biosimilars by the end of FY2025 and Pen-G product sales coming in from Q1CY2024 will drive strong profitable growth over the short-medium term, said Sharekhan.

Injectables under Eugia are expected to grow in double digits and reach $500 million and are expected to drive growth in the base business. The company plans to launch 40 products in the next 12 months, it added.

The company had reported an 85 percent year-on-year rise in consolidated net profit to Rs 757crore for the July-September quarter of the current financial year. Revenue came in at Rs 7,219.4 crore, up 25.7 percent from the year-ago quarter numbers of Rs 5,739.3 crore.