InvestorQ : What was the reason for the sharp spike in FDC on 26 August?
sara Kunju made post

What was the reason for the sharp spike in FDC on 26 August?

Mary Joseph answered.
8 months ago

FDC Ltd, one of India’s respected pharma companies, was up 6% on Wednesday after it announced that it had launched 2 variants of the Covid-19 drug Favipiravir under the brand names PiFLU and Favenza. These are meant for mild COVID symptoms only.

The DCGI had earlier approved the use of Favipiravir, an off-patent oral antiviral drug, for moderate symptoms of COVID only. There are a number of other companies in India that have already launched versions of the Favipiravir, including Glenmark.

FDC will be working closely with the government and the healthcare family to make Favenza and PiFLU available across the country. It has been noticed in India that early diagnosis and medication can substantially reduce the impact of COVID.

The price per tablet has been fixed at Rs.55 for both the variants. FDC specializes in basic drugs, nutraceuticals, formulations and biotechnology products. In the first quarter, FDC had reported a sharp improvement in profits despite a 10% fall in sales revenues.