Pharmaceutical company stock surges by 12% following announcement of renewal of European GMP certification
Pharmaceutical company stock: The pharmaceutical company’s shares surged by up to 12 percent following the successful renewal of its European Good Manufacturing Practices (GMP) certification. Venus Remedies Limited, with a market capitalization of Rs 419.66 crore, saw its shares trading at Rs 313.95 per share, marking a 6.32 percent increase from the previous closing price of Rs 295.30.
The positive movement in the company’s shares can be attributed to the successful renewal of its European GMP certification by Infarmed, Portugal, for its Cephalosporin, Carbapenem, and Oncology injectable manufacturing facility. This achievement underscores Venus Remedies’ dedication to providing top-notch pharmaceutical products to the European market, solidifying its position in the industry.
As a leading exporter of Meropenem and oncology products, Venus Remedies has maintained a strong presence in Europe since obtaining its first EU GMP certification in 2007. The certification renewal underscores the company’s commitment to delivering high-quality antibiotics and healthcare solutions to healthcare providers and patients across Europe.
In terms of financial performance, the company experienced a slight decrease in revenue from Rs 167.72 crore in Q2FY24 to Rs 167.45 crore in Q2FY25. Net profit also declined by 68 percent, dropping from Rs 9.94 crore to Rs 3.51 crore during the same period.
A recent development for Venus Remedies includes receiving approval for Pemetrexed 500mg, a chemotherapeutic drug commonly used in treating lung cancer and mesothelioma, in the Philippines. This approval marks a significant milestone in the company’s efforts to expand its presence in the rapidly growing Southeast Asian pharmaceutical sector.
Looking ahead, Venus Remedies aims to enhance its market presence in government institutions across India, capitalizing on the rising demand for antimicrobial products.
Furthermore, Venus Remedies is committed to enhancing its global presence, with a goal of establishing operations in 100 countries by 2025.
In line with this objective, the company is concentrating on the development of groundbreaking therapies to combat Antimicrobial Resistance (AMR), recognizing its significant impact on global health. Additionally, Venus Remedies is strategically venturing into the consumer healthcare sector, with plans to introduce innovative products in pain management, gastroenterology, and vitamins within the next five years.
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