Aurobindo Pharma stock declines: On Friday, August 16, 2024, the intraday low of Rs 1,422 per share was reached by the pharmaceutical business Aurobindo Pharma, which saw a reduction of up to 6.39 percent. Even though they were off the day's low at 10:47 AM, Aurobindo Pharma shares were still down 2.62% at Rs 1,479.45 a share. By contrast, the BSE Sensex was up 0.52% at 79,518.81 points in trade. Following the company's announcement that Eugia Pharma Specialities’ Unit-III had received a warning letter from the US Food and Drug Administration (USFDA), the share price fell.
This is in response to our May 25, 2024, notification regarding Unit-III, a Formulation manufacturing facility of Eugia Pharma Specialities Ltd., a fully owned subsidiary of the Company, gaining Official Action Indicated (OAI) status from the USFDA, Aurobindo Pharma stated in an exchange filing. The unit was issued a Warning Letter following the OAI.
The business added that the current shipments to the US markets will not be impacted by this letter. Aurobindo Pharma released a statement saying, "The company remains committed to work closely with the USFDA and continues to enhance its compliance on an ongoing basis." Leading multinational pharmaceutical manufacturer Aurobindo Pharma produces and distributes generic medications, active pharmaceutical ingredients (APIs), and associated services.
Aurobindo Pharma is the second-biggest pharmaceutical business in India and, based on prescriptions written, the biggest generics company in the US. It is also ranked in the top 10 generic firms in seven out of eleven European nations. Formulations and APIs are the two primary business divisions through which the firm works.
Aurobindo Pharma produces both generic and branded generics, outlicenses its products, and provides contract manufacturing services within the Formulations sector. Starting with early development and ending with ultimate commercialization, the firm has integrated activities. With 14 state-of-the-art formulations production facilities spread across Puerto Rico, Portugal, Brazil, and India, it claims that 87% of its income comes from the US and Europe.
Aurobindo Pharma offers a variety of medicines in the API market, such as cephalosporins, penicillins, anti-infectives, anti-retrovirals, and other non-beta-lactams. Ten intermediate and API facilities are used by the firm to produce these goods.
90% of Aurobindo Pharma's income comes from overseas markets, where it exports to more than 150 nations. The Bombay Stock Exchange (BSE) states that Aurobindo Pharma has a market capitalization of Rs 86,748.21 crore. The business is classified as BSE 200.
