Sun Pharma slips

Sun Pharmaceutical Industries slipped 1.13% to Rs 1304.10 at 13:51 IST on BSE despite receiving tentative approval from US Food and Drug Administration for its abbreviated new drug application for generic Gemzar, gemcitabine injection.

On BSE, 78,764 shares were traded in the counter. The scrip had an average daily volume of 29,033 shares in the past one quarter.

The stock hit a high of Rs 1339 and a low of Rs 1299.50 far during the day. The stock had a 52-week high of Rs 1339 on 5 March 2008 and a 52-week low of Rs 886 on 16 August 2007.

The mid-cap scrip had outperformed the market over the past one month till 5 March 2008, gaining 17.39% compared to the Sensex’s fall of 11.37%. It had also outperformed the market in the past one quarter, rising 21.80% compared to Sensex’s decline of 16.44%.

The company’s current equity is Rs 102.30 crore. Face value per share is Rs 5.

The current price of Rs 1304.10 discounts Q3 December 2007 annualized EPS of Rs 68.69 by a PE multiple of 18.99.

Gemcitabine is an anticancer, used singly or in combination with other anticancer agents. These generic gemcitabine injections are therapeutic equivalents of Eli Lilly and Co's Gemzar® injections available in two strengths: 200 milligram (mg) and 1 gram (g) single use vial. These strengths of gemcitabine injections have annual sales of approximately $680 million in US.

On 28 February 2008, Sun Pharmaceuticals received approval from the US Food and Drug Administration (USFDA) for torsemide tablets in multiple strengths.

On 15 February 2008, the company received tentative approval from the USFDA for its abbreviated new drug application (ANDA) for Divalproex Sodium delayed release tablets.

Sun Pharmaceuticals Industries’ net profit rose 109.5% to Rs 345.93 crore on 75.9% growth in net sales to Rs 733.91 crore in Q3 December 2007 over Q3 December 2006.

The company's principal activity is to formulate, manufacture and distribute pharmaceuticals.