Sun Pharmaceutical Receives USFDA Approval for Generic Version of Zetia Tablets

On June 13, 2017, Sun Pharmaceutical Industries Limited, headquartered in Mumbai, announced that one of its wholly owned subsidiary has received the approval for its Abbreviated New Drug Application (ANDA) for generic version of Zetia tablets from US FDA.  Zetia had a market size of $2.7 billion in the US for the 12 months ended April 2017 as per IMS. 

The generic ezetimibe tablets are therapeutic equivalents of Merck’s Zetia tablets. They help in reducing the cholesterol level in the blood by reducing the amount of cholesterol an individual’s body absorbs from the diet.

Sun Pharmaceutical’s YTD generated a negative return of 15.47 per cent while its three months performance was down by 22.02 per cent and its one year performance was down by 28.04 per cent.  Sun Pharma is underperforming when compared with BSE Healthcare where S& P BSE Healthcare YTD delivered a negative return of 3.15, while for the three months and one year performance was down by 6.00 and 4.31 percent respectively.  

Sun pharma P/E stood at 18.67, which is quite low as compared to its peers like Lupin, which stood at 20.75 and Cadila healthcare at 38.17.    

Trading at Rs 538.75, Sun Pharmaceutical Industries was up by 1.05 per cent on BSE, at 1051 hours. It opened at Rs 549.95, while on Monday it closed at Rs 533.15.