Shares of Zydus Lifesciences traded up 1% on the morning of September 21 after the pharmaceutical company announced that it had received final approval from the United States Food and Drug Administration (USFDA) for acne treatment gel. “We have received final approval from the USFDA for clindamycin phosphate gel USP. Clindamycin is an antibiotic that works by stopping the growth of bacteria and helping to reduce the number of lesions caused by acne. The company’s annual revenue in the United States is $37 million, based on IQVIA MAT figures as of July 2023,” the company said in the regulatory filing.
“The drug will be manufactured at the group’s on-site manufacturing facility in Changodar, Ahmedabad,” the statement added. At 9:30 am on NSE, shares of Zydus Lifesciences were trading at Rs 630.55 per share, up Rs 5.80, or 0.93 per cent.
In the results for the April-June quarter, the company reported a 26.19% year-on-year increase in operating revenue at Rs 5,140 crore. Net profit for the quarter grew 96.87% year-on-year to Rs 1,134 crore. Operating margin for the quarter increased 900 basis points year-over-year to 29%.
Zydus Lifesciences is engaged in the development, manufacturing and marketing of a wide range of pharmaceutical products, including generic drugs and active pharmaceutical ingredients (APIs).
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