Ranbaxy Labs rises as US court upholds drug sales exclusivity
Ranbaxy Labs rose 0.93% to Rs 405.25, after a favorable ruling by a US court for marketing Simvastatin tablets.
The counter clocked 3.12 lakh shares on BSE.The stock slipped from Rs 424.05 on 18 October, to Rs 397.35 by 13 November 2006, under selling pressure. Here, it rose to Rs 401.50 by 14 November, as buying resumed.
Ranbaxy Laboratories announced that a US Court of Appeals, has affirmed an earlier district circuit verdict on Simvastatin, preserving 180-day exclusivity after patent expiry.The company had launched 80 mg Simvastatin tablets with 180-day exclusivity in June 2006. It currently has over 60% market share for Simvastatin tablets.
During November, Ranbaxy Laboratories had received tentative US Food and Drug Administration approval to manufacture Cetirizine Hydrochloride Syrup. The annual sales for the syrup, prescribed for seasonal allergic rhinitis, is $146.3 million.
In October, Ranbaxy Laboratories’s Canadian unit, Ranbaxy Pharmaceuticals (RPCI), and Janssen-Ortho (JOI) signed a licensing and supply agreement for a generic fentanyl patch. It is sold as Ran Fentanyl Transdermal System, and is used to treat severe pain. This is the second product to be commercialized by RPCI as part of a licensing arrangement between the companies. The market for generic fentanyl patch is expected to reach Canadian $ 50 million.
Ranbaxy Laboratories registered a net profit of Rs 117.55 crore for Q3 September 2006, compared to a net loss of Rs 10.77 crore in Q3 September 2005. Net sales during the period rose 33.80%, to Rs 1,090.31 crore (Rs 814.63 crore).Consolidated net profit was up 651% at Rs 140 crore in the quarter ended September '06 from Rs 19 crore in year-ago quarter.Ranbaxy Labs' sales in the US witnessed 26% growth, at Rs 435 crore in the September 2006 quarter, compared with Rs 345 crore in the same quarter of the previous year.
The counter clocked 3.12 lakh shares on BSE.The stock slipped from Rs 424.05 on 18 October, to Rs 397.35 by 13 November 2006, under selling pressure. Here, it rose to Rs 401.50 by 14 November, as buying resumed.
Ranbaxy Laboratories announced that a US Court of Appeals, has affirmed an earlier district circuit verdict on Simvastatin, preserving 180-day exclusivity after patent expiry.The company had launched 80 mg Simvastatin tablets with 180-day exclusivity in June 2006. It currently has over 60% market share for Simvastatin tablets.
During November, Ranbaxy Laboratories had received tentative US Food and Drug Administration approval to manufacture Cetirizine Hydrochloride Syrup. The annual sales for the syrup, prescribed for seasonal allergic rhinitis, is $146.3 million.
In October, Ranbaxy Laboratories’s Canadian unit, Ranbaxy Pharmaceuticals (RPCI), and Janssen-Ortho (JOI) signed a licensing and supply agreement for a generic fentanyl patch. It is sold as Ran Fentanyl Transdermal System, and is used to treat severe pain. This is the second product to be commercialized by RPCI as part of a licensing arrangement between the companies. The market for generic fentanyl patch is expected to reach Canadian $ 50 million.
Ranbaxy Laboratories registered a net profit of Rs 117.55 crore for Q3 September 2006, compared to a net loss of Rs 10.77 crore in Q3 September 2005. Net sales during the period rose 33.80%, to Rs 1,090.31 crore (Rs 814.63 crore).Consolidated net profit was up 651% at Rs 140 crore in the quarter ended September '06 from Rs 19 crore in year-ago quarter.Ranbaxy Labs' sales in the US witnessed 26% growth, at Rs 435 crore in the September 2006 quarter, compared with Rs 345 crore in the same quarter of the previous year.
posted by SY at 5:01 PM
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