Indian pharmaceutical company Sun Pharma has received an USFDA import alert for all products manufactured at its Karkhadi unit. The company manufactures API and formulations at its Karkhadi Unit.
Speaking to CNBC-TV18, pharma analyst at Prabhudas Lilladher Surajit Pal said the company has not responded so far but this could be a big setback for the company impacting EPS of FY15. Earlier in the week, the pharma major had recalled 2,528 bottles of its generic version of diabetes drug Glumetza from US-based Santarus Inc after it received a customer complaint.
The company's subsidiary Caraco on Wednesday had received approval from US Food and Drug Administration (FDA) for making Risperidone oral tablets. Risperidone is used to treat schizophrenia.
Earlier Ranbaxy and Wockhardt had come under USFDA scanner. Discussing the turn of events, Nilesh Shah of Envision Capital told CNBC-TV18 that the penalty on Karkhadi unit is reminiscent of the way Ranbaxy was examined by the USFDA. 'It started with import alert on one plant, but gradually the rest of it came under scrutiny."
Sun Pharma stock price
On March 13, 2014, at 11:13 hrs Sun Pharmaceutical Industries was quoting at Rs 580.10, down Rs 23.9, or 3.96 percent. The 52-week high of the share was Rs 653.10 and the 52-week low was Rs 405.50.
The company's trailing 12-month (TTM) EPS was at Rs 0.95 per share as per the quarter ended December 2013. The stock's price-to-earnings (P/E) ratio was 610.63. The latest book value of the company is Rs 41.64 per share. At current value, the price-to-book value of the company is 13.93.
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