Sun Pharmaceutical slips

Sun Pharmaceutical Industries slipped 1.51% to Rs 1275 at 11:42 IST on BSE despite receiving approval from US Food and Drug Administration for abbreviated new drug application for generic version of Medimmune's ethyol amifostine injection.

The company made this announcement before trading hours today, 17 March 2008.

The stock hit a high of Rs 1289.90 and a low of Rs 1250 so far during the day. The stock had a 52-week high of Rs 1352 on 7 March 2008 and a 52-week low of Rs 886 on 16 August 2007.

The company’s current equity is Rs 102.0 crore. Face value per share is Rs 5.

The current price of Rs 1275 discounts its Q3 December 2007 annualized EPS of Rs 68.69, by a PE multiple of 18.56.

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.

Amifostine is used as an adjuvant in cancer treatment.

On 7 March 2008, Sun Pharma got tentative approval from US Food and Drug Administration (USFDA) for its abbreviated new drug application (ANDA) for generic Gemzar, gemcitabine injection.

On 28 February 2008, Sun Pharmaceuticals received approval from the USFDA for torsemide tablets in multiple strengths.

On 15 February 2008, the company received tentative approval from the USFDA for its ANDA for Divalproex Sodium delayed release tablets.

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