This small cap pharma stock slumped 4% in the first half on Friday after the company announced its involvement in an antitrust lawsuit in the US by Louisiana Health Service & Indemnity Company regarding pomalidomide, also known as pomalyst.
Share price of Natco opened at Rs. 914 levels and lost more than 4% in the market today to reach its intra- day low of Rs. 878.05 per piece. The stock has grown 4.38% in the last month and 60.65% in the last six months.
On 8 September 2023, the company announced through an exchange filing that Natco Pharmaceuticals along with its marketing partner, Breckenridge Pharmaceutical Inc. and Celgene Corporation (NASDAQ:), Bristol Myers Squibb are all named defendants along with others in an antitrust lawsuit. The lawsuit is filed in the US by Louisiana Health Service & Indemnity Company D/B/A Blue Cross and Blue Shield of Losisiana and its subsidiary HMO Louisiana Inc.
The company has a market capitalisation of Rs. 16,363 crore. Comparing its financials on a QoQ basis, the company has seen a growth in the numbers. It made a revenue of Rs.1140.5 crore in Q1FY24 which is an increase of 27% from Rs. 897.9 crore in Q4FY23. Its net profit which was Rs. 275.8 crore in Q4FY23 increased 52.3% to Rs. 420.3 crore in Q1FY24.
Natco Pharma (NS:) is an Indian multinational company specialising in the pharmaceutical sector. The company is based in Hyderabad, India. The company’s products include crop health science products, finished dosage formulations and active pharmaceutical ingredients. It also offers contract manufacturing services.
Written by Bhumika Khandelwal
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