homemarket Newsstocks NewsAuro Pharma ends positive as Street awaits US drug regulator action; Ajanta Pharma in the red
Auro Pharma ends positive as Street awaits US drug regulator action; Ajanta Pharma in the red
Pharma stocks are also in the news with the US FDA issuing observations for Aurobindo Pharma and Ajanta Pharma.
Aurobindo Pharma and Ajanta Pharma shares were in focus on Monday after the US drug regulator, issued observations for the two companies. On Aurobindo Pharma, CNBC-TV18 accessed From 483 issued to Unit XI which is a non-antibiotic API facility. It was inspected earlier in 2018-2019 as well and the form was issued and official action indicated status in 2019, which was then turned into a warning letter in 2019. So it has had a warning letter on it.
It was re-inspected recently from July 25, to around August 2 and at that point in time, it was issued around three observations.
The street is possibly of the view that maybe this particular plant would see the light at the end of the tunnel or these observations would then successfully be resolved for Aurobindo.
However, remember that it entirely depends on the communication the company has with the US FDA and the kind of remediation they undertake. However, it seems like there is no data integrity kind of observations or strict observations than what was expected.
Ajanta Pharma is also in focus because the US FDA inspected their Dahej facility last week and issued them two observations on that particular plant that manufactures formulations. Their exports are around 30 percent of their business and within that, the US is around 30 percent of their sales within the export market.
It was up 6.50 percent in the previous quarter. They have guided for around 4 to 5 percent growth for the entire fiscal a bit subdued in terms of guidance.
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