Cadila Health hits a new high

Cadila Healthcare hit a new 52-week high today at Rs.454.40 with volumes rising to almost 1.5 lakh shares being traded as against two-week average of 88,000 shares.

The market is enthused with the performance of the company for Q2FY16 with consolidated net profit rising 40% (YoY) at Rs.391 crore on a total income of Rs.2483 crore, up 17%. This consolidated number includes a payment of Rs.20 crore coming from Zydus Pharma (USA) Inc. a wholly owned subsidiary company, on sale and transfer of ownership interest in certain Abbreviated New Drug Applications (ANDAs) for generic drug products.

During the quarter, the company’s business in US posted sales of Rs.1004 crore, registering a growth of 25%. The company received approval for one new product form the USFDA  and two products were launched in the US market. In the domestic market formulations, the company launched 13 new products  including line extensions, of which 4 products  were first launched in India. The total launches during the quarter stood at 15  and received regulatory approvals for 6 more dossiers, taking the total cumulative approvals to over 30.