Dec 20: Morepen Laboratories Ltd (BSE: 500288, NSE: MOREPENLAB) has soared to near 52-week high on better financial results and US FDA clearance for bulk drug Montelukast Sodium.
The scrip rose to high near all-time high at 29.40 in morning trade on Wednesday as against previous close of 25.25. The company has obtained clearance for Montelukast Sodium, a bulk drug for sale in US market. This gives an entry into the Rs 2000 cr US market for Montelukast. The first commercial orders are expected in Q2 of FY 2018-19.
The global market for the drug is estimated at Rs 13,000 cr. The patent for the drug has expired in markets worldwide. Morepen is the market lead for Montelukast in India with over 50% market share, supplying to almost all major finished dosage manufacturers in India. It has crossed Rs 100 cr annual sales in Monetlukast Sodium alone. Morepen is expected to get a business of Rs 500 cr from this product in next 3-4 years. It is manufactured in Morepen’s Mansulkhana facility inspected by global agencies.
The company has reported a growth of 9% in net profit at Rs 12.34 cr in H12017-18 on a net sales of Rs 257 cr. Morepen has also recently entered into a tie-up with Vesale Pharma International of Belgium to strengthen its position in the Rs 1000 cr Probiotics market in India.