182% Rise In 1-Yr: Pharma Stock Jumps On USFDA Approval for Gabapentin Tablets USP

Small cap pharmaceuticals sector company Strides Pharma Science Ltd shares zoomed 3.49% intraday today soon after its step‐ down wholly owned subsidiary, Strides Pharma Global Pte. Limited, Singapore, obtained approval for Gabapentin Tablets USP, 600 mg and 800 mg, from the United States Food & Drug Administration (USFDA). Last trading price of Strides Pharma shares on BSE is Rs 824.35 per share. Strides Pharma shares witnessed rally of 182% in last 1-year span. The company has a market capitalisation of Rs 7575.75 crore. Check details below:

Strides Pharma Shares Zoom On USFDA Nod For Gabapentin Tablets USP: The media release of Strides Pharma dated March 5, 2024 stated, "The product is bioequivalent and therapeutically equivalent to the Reference Listed Drug (RLD) Neurontin Tablets, 600 mg and 800 mg, of Viatris Specialty LLC. Gabapentin tablets has a market size of ~US$140Mn as per IMS. This approval further strengthens the Company's presence in the Gabapentin portfolio, complementing the existing approval of Gabapentin capsules, which has a market size of US$208Mn. The Gabapentin tablets will be manufactured at the company's facility in Puducherry."

Gabapentin is an anticonvulsant medication primarily used to treat partial seizures and neuropathic pain. It is a commonly used medication for the treatment of neuropathic pain caused by diabetic neuropathy, postherpetic neuralgia, and central pain.

Strides Pharma Stock Outlook & Return: The 52-week high price of Strides Pharma shares on BSE is Rs 838.10 apiece and 52-week low price is Rs 268.40 apiece, respectively. Strides Pharma Science Shares BSE zoomed 26% year-to-date, soared 82% in last 6-months, and witnessed surge of 157% in last 2-years. In last 3-years, Strides Pharma stock declined 5% and gained 88% in last 5-years.

Strides Pharma Financials: The company for the quarter ended December 31, 2023 declared its Q3 profit for FY 2023-24 at Rs 49.67 crore as against the net loss of Rs 80.03 crore during the corresponding quarter of last year. The company declared its December 2023 quarter revenue from operations at Rs 1037.67 crore, up 20% as against Rs 864.85 crore in similar quarter of last year. EBITDA declared at Rs 193 crore, up 66% year-on-year (YoY), pushed by robust revenue and gross margin expansion.

About: Strides, a global pharmaceutical company headquartered in Bengaluru, India, is listed on the BSE Limited (532531) and National Stock Exchange of India Limited (STAR). The Company mainly operates in the regulated markets and has an "in Africa for Africa" strategy and an institutional business to service donor‐ funded markets. The Company's global manufacturing sites are located in India (Chennai, Puducherry, and two locations in Bengaluru), Italy (Milan), Kenya (Nairobi), and the United States (New York). The Company focuses on "difficult to manufacture" productssold in over 100 countries. Additional information is available at the Company's website at www.strides.com.

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