Pennsylvania has joined with other U. S. states in the $500 million settlement that pharmaceutical giant Ranbaxy recently hit to resolve civil & criminal allegations over supplying adulterated drugs, Attorney General Kathleen G. Kane announced on Thursday.
Ranbaxy was slapped with charges that it knowingly manufactured and sold generic drugs which had lower purity, strength and quality than required by the FDA.
India’s largest drug-maker, Ranbaxy Laboratories Ltd has recorded a disappointing 90 per cent fall in net profit during the first quarter of the year from January to March, 2013.
The company has said that its consolidated net profit fell 90 per cent to Rs. 126 crore during the first quarter compared to Rs. 1,247 crore recorded in the same quarter of the previous year when the company had exclusive rights to a generic version of cholesterol-lowering drug Lipitor in the US market.
Global brokerage Nomura has announced its decision to upgrade the shares of Indian pharmaceutical firm, Ranbaxy to a 'buy' from 'neutral'.
The brokerage has set a target price of Rs. 475 for the 12 month period. Analysts said that the upgrade comes after the company's management's interaction. India's leading drug-maker, which is controlled by Japan's Daiichi Sankyo, said in February its core business is expected to grow by 10 per cent during 2013.
Indian Pharmaceutical major, Ranbaxy Laboratories, which is a unit of Japan's Daiichi Sankyo, has said that it is recalling atorvastatin, which is a cholesterol lowering drug, from the American market.
The Atorvastatin drug controls a dominant market share in the market and earns high margins for the company. The company has not announced a reason for recalling the drug, which is a generic version of Lipitor. The drugmaker has a 45 per cent share in the US market.
Indian generic drug producers will have to wait longer to launch their generic drugs in the US as the Food & Drug Administration (FDA) has lengthened the timeline for granting tentative approval to generic drug applications by 10 months.
Under Paragraph IV of FDA rules, a generic drug producer can file an application to seek approval its generic versions when it believes its product doesn't infringe on patents held by the innovator or it believes that such patents are not enforceable.
Indian Stock Market was trading marginally lower at 11.55 am IST on Monday. Among major gainers in today's session were Bharti Airtel, Ranbaxy and Cipla. Asian markets were negative with Hang Seng down by 0.39%, Straits Times down by 0.2% and Nikkei 225 marginally positive by 14 points.
Pharmaceutical major Ranbaxy Labs touched 52-week high of Rs 562. The stock is currently trading at Rs 560. Rahul Mohindar of viratechindia. com has suggested target of Rs 582 for Ranbaxy Labs in his recommendation last week.
Indian Pharmaceutical major, Ranbaxy Laboratories has informed the Bombay Stock Exchange (BSE) that it is withdrawing some of its approved abbreviated new drug approvals (ANDAs) from the US market.
The company informed the stock exchange that some products with negligible commercial impact are being withdrawn from the US market in order to focus resources on other applications that much more valuable and important to the country's health system.
Indian Stock Market gained smartly on Tuesday with BSE Sensex closing at 17728 after registering 95 points gain. NSE Nifty ended at five month high of 5380.
Market analysts are looking at 5400 level as major resistance for NSE Nifty. If the stock markets worldwide continue to rise, we can expect NSE Nifty to touch 5500 level. Dow Jones is near its 52-week high of 13,338. The US market closed marginally lower on Monday.
Indian Stock Markets were trading lower on Friday with BSE Sensex down by 25 points at 17536. US markets closed flat on Thursday and Asian Markets were lower on Friday.
Amit Kasat of Standard Chartered Securities has downgraded Tata Motors after the company declared lower than expected first quarter results. The company's JLR unit would face lower sales and this will have an impact on Tata Motor's profits in upcoming quarters. Amit Kasat has suggested investors to exit Tata Motors on every rally.
Indian Stock Markets ended the recent rally as the depressing June IIP numbers deteriorated investors sentiment. Also, rating agency Moody's has reduced India's GDP growth forecast to 5.5 per cent for 2012-2012. BSE Sensex closed 40 points lower at 17560. NSE Nifty closed 15 points down at 5322.
Pharmaceutical major Ranbaxy Laboratories in planning to launch Absorica in US market by the end of year. Ranbaxy has shown stellar performance in the past quarterly result and the stock price has seen significant jump in valuations.
Cipher Pharma, the company having patented brand formulation of the acne medication isotretinoin, will receive $9 million from Ranbaxy Laboratories as per media reports.
The stock price on NSE was down by 0.6% at Rs 526. The company has touched 52-week high and low of Rs 570 and 365 respectively.
The Indian pharma secondary sales (sales made by the distributor to chemists) facts for the month of April hints sturdy buoyancy in the market.
The value growth for the nation’s pharmaceutical market stayed strong for the third successive month, registering an increase of 18.2% during April.
Growth for the May last year to April this year period augmented to 16% from 15.2% growth in April 2011 to March 2012 period.
Pharmaceutical market research firm, AIOCD AWACS, accumulated the facts.
Indian stock markets ended the day lower with Automobile, Banking and Energy stocks facing selling pressure. Among gainers were select stocks in Capital Goods, Consumer Durables and Healthcare sectors.
Among top gainers were Ranbaxy Labs, Asian Paints, BPCL and Larsen. Among major losers were Bank of Baroda, PNB and SAIL. PNB also touched 52-week low in today's trading session.
Indian pharmaceutical firm, Ranbaxy Laboratories has reported a higher than expected results for the fourth quarter of the financial year till March 2012.
The company's consolidated sales increased 55 per cent at Rs 3,700 crore during the fourth quarter of the compared to corresponding quarter of the previous year. Net profit of the company increased more than 310 per cent to Rs 1246.8 crore in the quarter compared to Rs 304.4 crore in the same quarter of 2011.
Indian pharmaceutical major, Ranbaxy Laboratories Ltd has reported a loss of Rs 2,983 crore for the quarter till December 2011 despite having over $2 billion worth of sale in the financial year 2011.
The company’s profitability was affected by a $500 million provision that was made to sort out its regulatory issues with the US department of justice investigations. The company also lost earnings due to losses in the foreign exchange market.
The US Department of Justice has filed a consent decree in the district court of Maryland for the Indian pharmaceutical major, Ranbaxy aiming to resolve the four-year long investigation by the US Food and Drug Administration (FDA).
The consent decree required the company to make fundamental changes to its plants in India and in the US for complying with the standards in the US. The US Justice Department filed the consent decree in court yesterday requiring the Indian firm to comply with US manufacturing standards and ensure integrity of data in its plants in India as well as the US.
The shares of Indian pharmaceutical major, Ranbaxy fell about 7 per cent following the filing of a consent decree in a US court, which required the company to make fundamental changes to its plants in India and in the US.
The US Justice Department filed the consent decree in court yesterday requiring the Indian firm to comply with US manufacturing standards and ensure integrity of data in its plants in India as well as the US.
Indian pharmaceutical major, Ranbaxy Laboratories has signed a consent decree with the US Food and Drugs Administration [FDA] in order to make it possible to sell drugs produced at its plans in India, which are facing a fan in the US.
Ranbaxy has said in a filing to the stock exchanges that it is setting aside $500 million in a provision to meet the possible expense in the case involving investigation by the US Department of Justice.
Indian pharmaceutical major, Ranbaxy Laboratories Ltd has said in a filing to the stock exchanges that it is setting aside $500 million in a provision to meet the possible expense in the case involving investigation by the US Department of Justice.
"The company intends to make a provision of $500 million in connection with the investigation by the US Department of Justice, which the company believes will be sufficient to resolve all potential civil and criminal liability," the filing read.
India pharmaceutical major, Ranbaxy might see a delay in its launch of generic Lipitor drug as it is yet to get an approval from the US Food and Drugs Administration [FDA] to launch the product in the US market.
The US patent of Pfizer for the `Lipitor' medicine has expired today. Ranbaxy and Watson Pharmaceuticals are the only two firms licensed to sell the product in the next six months. Watson is expected to launch the product this week but Ranbaxy might see a delay as it does not have necessary approval.