On June 25th, FDA has seized around 33 drugs (out of 55 marketed drugs from Caraco) at Detroit facility of Caraco Pharmaceutical for manufacturing standards violations. The drugs included generic versions of heart, pain and psychiatric medicines. FDA inspections of Caraco have documented serious violations of cGMP regulations. Caraco has total 52 marketed drugs in its portfolio. Going ahead FDA would not allow Caraco to sell any drug in the US manufactured from this facility. Caraco own manufactured product which is around $ 112mn contributes around 12% to Sun Pharma's revenue and around 6% to its bottomline. Looking at this event, the management of Sun Pharma is expected to revise its guidance of 13-15% growth in revenue, which it had given during its Q4FY09 & FY09 concall. As on June 2009, the cash balance of Caraco is approx $ 64mn. The inventory which is seized has an estimated value in the range of $15 million to $20 million and we believe equal amount of stock lying at distributors place. The action does not cover product manufactured by Sun at various other facilities which are distributed in US by Caraco. Earlier Caraco has also recalled few products like Digoxin voluntary.
--~--~---------~--~----~------------~-------~--~----~
Safe Harbor:
The information contained and provided on this Website provides Investment advice for the education of investors. The posts are an information service only. Recommendations, opinions or suggestions are given with the understanding that readers acting on this information assume all risks involved. We do not assume any responsibility or liability resulting from the use of such information, judgment and opinions for Trading or Investment purposes.
You received this message because you are subscribed to the Google Groups "Investors Please Listen !" group.
To post to this group, send email to investorspleaselisten@googlegroups.com
To unsubscribe from this group, send email to
investorspleaselisten+unsubscribe@googlegroups.com For more options, visit this group at http://groups.google.com/group/investorspleaselisten?hl=en
-~----------~----~----~----~------~----~------~--~---
1 comment:
It was a great blog i had ever read.Thanks for sharing the blog, seems to be interesting and informative too.Could you help me finding more detail regarding Health Insurance Tax Benefits
Post a Comment