India's Strides Pharma up on positive earnings outlook, US FDA approval

Strides Pharma Science

04/10/2023 06:41

** Shares of Strides Pharma Science  SRID.NS  rise as much
as 4.17% to 516.80 rupees apiece
    ** Drugmaker reaffirms its EBITDA guidance in the range of 7
bln rupees and 7.50 bln rupees for FY24
    ** Adds, decision to spin off contract development and
manufacturing organisation (CDMO) and soft gelatin business will
unlock value for shareholders
    ** SRID's unit also receives U.S. FDA approval for icosapent
ethyl capsules, used to treat patients with hypertriglyceridemia
    ** Drug has a market size of $1.3 billion in the U.S.: SRID
    ** SRID's shares up 46% in 2023 so far including day's
gains, compared to 20% rise in pharma index  .NIPHARM  - LSEG
data

 (Reporting by Bharath Rajeswaran in Bengaluru)
 ((bharath.rajeswaran@thomsonreuters.com; +91 9769003463))