Marksans Pharma jumps 8%; arm gets UK MHRA nod for Loperamide capsule

NEW DELHI: Shares of Marksans Pharma jumped 8 per cent in early trade on Friday as the drug firm said that its subsidiary had been granted market authorisation from UK’s health regulator for anti-diarrhoea medication capsules Loperamide.

The counter rose to a high of Rs 64.45 as against the previous close of Rs 59.90 on the National Stock Exchange.

In a statement on Thursday, the company said that the UK Medicines and Healthcare products Regulatory Agency had provided market authorisation to Relonchem Ltd, a wholly-owned subsidiary of Marksans Pharma, for the 2 mg Loperamide capsules. According to reports, Marksans will manufacture the products at its UK MHRA approved state-of-the-art oral dosage facility in Goa. In July-September, Marksans Pharma reported a 17.30 per cent on-year jump in net profit to Rs 27.60 crore.

Net profit was at Rs 23.53 crore during the same period the previous year. The company’s sales registered a gain of 22.76 per cent to Rs 168.85 crore in the quarter ended September 2021 as against Rs 137.55 crore in the previous quarter ended September 2020. In the first six months of the current financial year, the company clocked in revenue of Rs 305.1 crore from its Europe and UK Formulation business, registering an on-year growth of 6.7 per cent.

During the same period a year ago, the business achieved revenue of Rs 286.0 crore. In April-September, Marksan Pharma’s US & North America Formulation business reported on-year growth of 1.2 per cent to Rs 306.1 crore.