Piramal Pharma’s Ahmedabad facility gets zero observation from USFDA, shares rise over 4%

In a filing to the stock exchanges, the company said that the United States Food and Drug Administration (USFDA) issued Form-483 with zero observations after concluding the inspection at the Ahmedabad facility.

Piramal Pharma informed the exchanges on July 12 via a filing that the USFDA successfully completed its pre-approval inspection (PAI) with zero observations. The inspection was conducted from July 10 to July 12, as per the filing. Post the completion of the inspection, the USFDA recommended a No Action Indicated (NAI) status.

The company mentioned in the filing that the successful completion of the inspection enables its customers to access its high-end analytical capabilities for their clinical and commercial batches.

Piramal Pharma Limited (PPL) has a portfolio of differentiated products and services across more than 15 global facilities and a distribution network in over 100 countries. The company also has a joint venture with Allergan, a leader in ophthalmology in the Indian formulations market, according to the company’s website.

Piramal Pharma’s consolidated revenue from operations for the March quarter of FY24 grew 18% to ₹2,552.36 crore compared to ₹2,163.58 crore in the same quarter of the preceding fiscal. The company’s revenue from operations for the full fiscal year FY24 stood at ₹8,171.16 crore, up by more than 15% against ₹7,081.55 crore in FY23.

The pharmaceutical company’s net profit for Q4FY24 grew 102% to ₹101.27 crore compared to ₹50.11 crore in the same quarter of the preceding fiscal.

Shares of Piramal Pharma were trading 1.59% higher at ₹153.5 apiece on the NSE at 12:55 pm. The shares closed 0.66% higher at ₹152.10.