Dr. Reddy’s gets final approval for gAggrenox
Dr. Reddy’s Lab has received final USFDA approval for Aspirin and Dipyridamole Extended-Release tablet. This is a generic copy of Boehringer Ingelheim Pharma’s drug Aggrenox, which is used to lower the risk of stroke in people who have had a mini-stroke or stroke due to a blood clot.
Teva had launched the generic of this drug in July 2015 and there are seven more generic companies who have final USFDA approval to make copy of this drug (Sandoz, Barr, Par, Cadila, Amneal, ANI pharma and Sun Pharma). Dr. Reddy’s will become ninth generic manufacture.
IndusInd Bank drops after Q2FY19 earnings
IndusInd Bank stock dropped 2% after announcement of Q2FY19 numbers. The net profit which has improved by 4.5% yoy to Rs920cr against Rs880.1cr yoy was below consensus estimates. The higher provisioning of Rs275cr made on certain infra assets related to IL&FS led to lower profits.
NII has improved by 21% yoy to Rs2,203.3cr against Rs1,821cr in the corresponding quarter previous year.
GNPA for Q2FY19 stood at 1.09% against 1.15% qoq, which has declined by 6bps qoq.
HUL slips 3% despite PAT rising 19.5% in Q2FY19
Shares of Hindustan Unilever (HUL) slipped 3% during afternoon session despite of reporting strong numbers for the second quarter (Q2) of FY19.
The company has reported a PAT growth of 19.5% yoy to Rs1, 525cr against an estimate Rs1, 440cr.
Revenue growth of 11.1% yoy to Rs9, 234cr was driven by a 10% underlying volume growth.
EBITDA jumped 20% yoy to Rs2, 019cr, in-line with the estimate. The EBITDA margin expanded 162bps yoy to 21.9%.
Oil rises as Saudi Arabia vows to hit back against any sanctions
Oil gained above $72 a barrel as top OPEC producer Saudi Arabia threatened to retaliate against any punitive measures over the disappearance of journalist and government critic Jamal Khashoggi.
Futures in New York climbed as much as 1.9% after posting the biggest weekly loss since May. The Saudi foreign ministry said the kingdom “will respond to any measure against it with an even stronger measure,” which could be read as a veiled threat to use its energy riches as a political tool. The warning came after President Donald Trump pledged “severe punishment” should Saudi Arabia be linked to Khashoggi’s disappearance.
Glenmark Pharma gets USFDA nod for Hydrocortisone Valerate cream
Glenmark Pharmaceuticals Inc., USA (Glenmark) has been granted final approval by the United States Food & Drug Administration (USFDA) for Hydrocortisone Valerate Cream USP, 0.2%, a generic version of Westcort Cream, 0.2%, of Sun Pharmaceutical Industries Inc.
According to IQVIA sales data for the 12-month period ending August 2018, the Westcort Cream, 0.2% market achieved annual sales of approximately $17mn.
Glenmark’s current portfolio consists of 139 products authorized for distribution in the US market place and 60 ANDA’s pending for approval with the USFDA, the company said.
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