Shares of Neuland Laboratories Ltd. rallied over 8% to reach a day’s high of Rs 13,630.00 on 27th September, following the USFDA approval of Bristol Myers Squibb’s (BMS) new schizophrenia drug, Cobenfy, also known as KarXT. 

According to market experts, the company is likely to be one of the API suppliers for the drug. It is uncertain whether the company will be the exclusive supplier for Cobenfy.

The drug was acquired through BMS’s USD 14 billion takeover of Karuna Therapeutics. Analysts predict Cobenfy could generate USD 2.5 billion in sales in the US by 2030, with BMS planning to make it available to patients as early as October. Cobenfy is expected to be priced at USD 1,850 per month, totaling USD 22,500 annually.

The firm’s quarterly net profit increased by 58% to Rs 98.3 crore in the June 2024 quarter, up from Rs 62.2 crore a year ago. They reported a total income of Rs 444.4 crore for the quarter ended June 2024, reflecting a 22% growth compared to Rs 365 crore in the same period last year.

EBITDA, or operating profit, for the quarter was Rs 128.6 crore, reflecting a 29.5% increase from the Rs 99.3 crore reported in June 2023. So far in 2024, the shares of Neuland Laboratories have surged by almost 140%. The firm’s market capitalisation stands around Rs 16,622 crore.

At 2:36 PM, the shares of Neuland Laboratories were trading 4.60% higher at Rs 12,957.45 on NSE.

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