Strides Pharma shares jump nearly 6%, hit 52-week high after dissolving US subsidiary

Shares of Strides Pharma jumped as much as 5.80% to hit their 52-week high of ₹1,298.50 apiece on the BSE on Friday, August 16, as the company, in its regulatory filing on August 14, said that Altima Innovations, Inc, US (Altima), a step-down wholly-owned subsidiary of the firm, has been dissolved effective August 13, 2024.

Consequently, Altima has ceased to exist as a company and a subsidiary of Strides Group, the company added.

Strides Pharma Q1FY25 Results

Last month, the pharma company declared its June quarter numbers. Strides Pharma Science said its profit after tax from continuing operations stood at ₹84 crore for the first quarter ended June 30.

The drug firm had reported a loss of ₹29.5 crore in the April-June period of the last fiscal.

Its revenue stood at ₹1,087 crore in the period under review, compared to ₹932 crore in the year-ago quarter.

"Our emphasis on profitability, efficiency, and growth has led to a strong performance across markets, allowing us to deliver superior returns ahead of the projected timelines for our FY25 outlook," Strides Pharma Science Founder and Executive Chairperson Arun Kumar said.

The company is confident of sustaining the momentum with continuous improvement in the quality of business, he added. "The company has increased its focus on digitisation, automation, and ESG for better compliance and business outcomes," Strides Pharma Science MD and Group CEO Badree Komandur said.

Strides Pharma stock performance

Shares of the company have given multibagger returns in the past one year as the stock has jumped 203% during the period. In comparison, the NIFTY PHARMA index has rallied 43% while the NIFTY 50 index has gained over 25%.

About Strides Pharma

As per the company's website, Strides has a global manufacturing footprint with eight manufacturing facilities spread across four continents, including five US FDA-approved facilities and two facilities for the rest of world markets.