USFDA gives nod to Indoco's facilities in Goa

The US Food and Drug Administration (US FDA) has approved the sterile facility (plant-II) and solid dosage facility (plant -III) located at Verna in the adjoining coastal state, a company release said.

Pharma player Indoco Remedies today said it has received a nod from United States' drug regulator for two of its facilities in Goa.

"The nod will facilitate the generic approvals in the US market and subsequent product launches there," Indoco Chairman Suresh G Kare said.

It will also boost high-margin revenues from the highly remunerative US market, the world's largest player in pharma space, he added.

Also read: Price control debate: Is the pharma sector crying 'wolf'?

Officials from USFDA visited the facilities in August last year. With this, the number of Indoco facilities having USFDA approvals has gone up to six, it said.

These are three for finished dosages, two for APIs or active pharmaceutical ingredients and one for analytical, it added.

The company derived 35 percent of its revenues from exports in 2013-14.

Indoco Remedies stock price

On July 14, 2014, Indoco Remedies closed at Rs 153.50, down Rs 0.7, or 0.45 percent. The 52-week high of the share was Rs 177.50 and the 52-week low was Rs 55.05.

The company's trailing 12-month (TTM) EPS was at Rs 6.28 per share as per the quarter ended March 2014. The stock's price-to-earnings (P/E) ratio was 24.44. The latest book value of the company is Rs 49.59 per share. At current value, the price-to-book value of the company is 3.10.

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