Jubilant Pharmova subsidiary gets VAI classification for Washington unit from USFDA, stock hits 52-week high

In a filing to the stock exchanges on September 10, the company said that its step-down subsidiary Jubilant HollisterStier LLC (JHS) received a communication from the United States Food and Drug Administration (USFDA) classifying the manufacturing facility located in Spokane, Washington, as Voluntary Action Indicated.

The company informed the bourses that the US drug regulator, the USFDA, conducted an audit at JHS’s contract manufacturing facility from May 28 to June 6.

Jubilant HollisterStier LLC is a subsidiary of Jubilant Pharma Holding Inc., which is an arm of Jubilant Pharma Limited, Singapore, which is a wholly-owned subsidiary of Jubilant Pharmova.

Earlier on July 19, the company informed the exchanges that Jubilant Draximage Inc (JDI) received a communication from the USFDA which determined the inspection classification of the company’s radiopharmaceutical manufacturing facility in Montreal, Canada as ‘Voluntary Action Initiated’.

The regulatory agency conducted an audit at JDI’s manufacturing facility in April 2024. JDI is a subsidiary of Jubilant Pharma Limited, which in turn is a wholly-owned subsidiary of Jubilant Pharmova Limited.

Jubilant Pharmova’s consolidated total revenue from operations for the June quarter of FY25 grew over 9% to ₹1,731.7 crore compared to ₹1,586.9 crore in the corresponding quarter of the preceding fiscal. Jubilant Pharmova’s consolidated net profit for Q1FY25 grew multifold to ₹481.8 crore against ₹6 crore in Q1FY24.

Shares of Jubilant Pharmova have gained nearly 127% in the last one year, while rising over 82% in the past six months. In 2024 so far the stock has gained more than 79%.

Jubilant Pharmova shares closed at ₹1,031 apiece, up 1.25%, on the NSE.