Jubilant Life Sciences zooms 10 percent as firm gets USFDA nod for Paroxetine

Jubilant Life Sciences shares soared almost 10 per cent, to touch its 52-week high level today, as the company received the Abbreviated New Drug Application (ANDA) final approval from the US Food and Drug Administration (US FDA) for Paroxetine Tablets USP, 10 mg, 20 mg, 30 mg and 40 mg, the generic version of Paxil Tablets, which is used as an antidepressant.

Paxil is the trade name of the medication paroxetine, which is prescribed to treat major depression and other psychological pathologies. Paxil was first marketed in 1992 by British pharmaceuticals company GlaxoSmithKline (GSK) The U.S. Food and Drug Administration (FDA) approved Paxil for the U.S. market in 1992. It was the fifth-most prescribed antidepressant drug in the U.S. with more than 18 million yearly prescriptions.

The stock zoomed by 9.75 per cent to Rs 452.40, its 52-week high, on BSE in the early market close reacting to this positive news before closing at Rs 447.95 up by 5.5 percent. Over a 3 month period the company's stock has witnessed an uptrend on the basis of good sales in key markets and approvals for its drugs.

The Company posted strong Q2FY16 numbers on account of robust sales. The consolidated total income from operations of the company also rose to Rs 1,463.05 crore for the quarter under consideration as against Rs 1,371.10 crore for the same period a year ago. The Net profit of Rs 115.82 crore for the second quarter ending September 30, 2015 was mainly on account of strong sales. The Company had posted a net loss after taxes, minority interest and share of profit/loss of associates of Rs 94.11 crore for the corresponding period of the previous fiscal.

As on September 30, 2015, Jubilant Life Sciences had a total of 820 filings for formulations of which 391 have been approved in various regions globally. This includes 71 ANDAs filed in the US, of which 39 have been approved and 46 Dossier filings in Europe.

Jubilant Life Sciences Limited is an integrated global Pharmaceutical and Life Sciences Company engaged in manufacture and supply of APIs, Solid Dosage Formulations, Specialty Pharmaceuticals and Life Science Ingredients. It also provides Services in Contract Manufacturing and Drug Discovery Solutions.