Sun Pharma shares fall over 3% after USFDA puts company under import alert
Sun Pharma shares fall over 3% after USFDA puts company under import alert
Sunpharma share price, NSE: SUNPHARMA: Shares of Sun Pharmaceutical Industries Ltd fell more than 3 per cent after United States Food and Drug Administration (USFDA) put its Halol, Gujarat facility under import alert.
Sun Pharma stock price was quoted at Rs 979.10 which was 3.80 per cent down on NSE, making it the top Nifty 50 loser. The stock dragged the Nifty Healthcare index and BSE Sensex.
On the Year To Date (YTD) basis, the Sun Pharma has gained more than 15 per cent and in the past six months the stock climbed more than 14 per cent.
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The USFDA inspected the Company’s Halol Gujarat facility from April 26 to May 9, 2022 and has put the facility under the list of Import Alert and has excluded 14 products from this Import Alert subject to certain conditions.
“We now wish to inform you that the Company has received a communication from the USFDA stating that the facility has been listed under Import Alert. The Import Alert implies interalia, that all future shipments of products manufactured at this facility are subject to refusal of admission to the US market until the facility becomes compliant with cGMP standards. The USFDA has excluded 14 products from this Import Alert subject to certain conditions,” the exchange filing read.
The company further said, "The USFDA has excluded 14 products from this import alert subject to certain conditions."
For the year ended 31-March-2022, supplies to the US market from the Halol facility accounted for approximately 3 per cent of the company's consolidated revenues, including the 14 excluded products, it added.
As per information available on BSE, Sun Pharma had clocked revenue of Rs 15,585.98 crore in 2021-22.
Sun Pharma said it "continues to cooperate with the USFDA and will undertake all necessary steps to resolve these issues and to ensure that the regulator is completely satisfied with the company's remedial action.”
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