Jubilant Pharmova Shares Surge on US FDA Approval for Radiopharma Product

Jubilant Pharmova Shares Surge on US FDA Approval for Radiopharma Product

VoM News Desk | November 13, 2023 | 09:17 PM IST | Breaking News | Follow on Google News

Jubilant Pharmova Shares Surge on US FDA Approval for Radiopharma Product

Jubilant Pharmova Shares Surge on US FDA Approval for Radiopharma Product

Jubilant Pharmova, previously known as Jubilant Life Sciences Limited, has seen a notable rise in its share prices following the US FDA approval for one of its key radiopharmaceutical products. This approval marks a significant milestone for the company, reflecting its strong focus on the nuclear medicine business and its commitment to enhancing patient care.

ANDA Approval Boosts Share Prices

The company’s shares jumped 6.45% to ₹438.90 each in early trading on Monday after announcing that its wholly-owned subsidiary, Jubilant Draximage Inc., received approval from the US FDA for its Technetium Sulfur Colloid Injection. This approval, effective from November 9, 2023, grants the company 180 days of exclusivity under the ‘Competitive Generic Therapy’ designation.

Jubilant’s Focus on Radiopharma and Nuclear Medicine

Pramod Yadav, CEO of Jubilant Radiopharma, expressed satisfaction with the FDA approval, which will improve the availability of this critical radiopharmaceutical for patients and healthcare professionals. This product is the second to be launched in FY24, following the approval and launch of Technetium Mertiatide Injection in Q1 FY24.

Financial Performance and Business Segments

Jubilant Pharmova, engaged in various segments including Radiopharma, CDMO sterile injectables, and generics, reported a 5% year-on-year increase in consolidated revenues to ₹1,680 crore. The Radiopharma business saw a 12.61% growth to ₹741 crore. Despite a flat revenue of ₹301 crore in the CDMO Sterile Injectables segment and a 12.81% decrease in CRDMO revenue to ₹279 crore, the overall financial performance remains robust. The consolidated net profit reached ₹62 crore in Q2 FY24, a significant improvement from the previous year. At 10:15 AM, the stock was trading with a gain of 2.35% at ₹422 per share.

VoM News Desk

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