Jubilant Pharmova Ltd Share Price – NSE  /  BSE

Pharmaceuticals, Small Cap

Jubilant Pharmova announced that the company's subsidiary, Jubilant Cadista Pharmaceuticals Inc., USA has decided to close the manufacturing operations of its solid dosage formulation facility at Salisbury, Maryland, USA. The expected date of cessation of manufacturing operation and first separations at the said facility will be on 17 June 2024. Jubilant Cadista will continue the sales and marketing operations for US market. The said facility manufactures tablets and capsules for the US market and has the capacity to serve 1.5 billion doses.

Jubilant Cadista is a subsidiary of Jubilant Pharma Holdings Inc., USA, which is held by Jubilant Pharma, Singapore, a wholly owned subsidiary of the Company.

Over the last few years the US Generics market has been witnessing significant pricing pressure leading to significant losses at Jubilant Cadista since FY2022 onwards.

In order to move the US generics business to profitability, it has been decided to change the operating model from in-house manufacturing to outsourced manufacturing by selected USFDA approved CMOs for the US market.

Further, following the status change of Jubilant Generics Limited's ('JGL') Roorkee facility by USFDA to VAI, the company expects the exports from the Roorkee facility to the US market to increase in a meaningful and gradual manner. As of now the facility, was exporting only one product, Risperidone to the US market. JGL is a subsidiary of Jubilant Pharma Ltd, a wholly owned subsidiary of the company.

These actions are expected to improve the gross margins of the Generics business by reducing manufacturing, quality management and overhead costs, which will drive the generics business towards profitability. Lastly, the Generics business has plans to scale up revenues in the US market through launch of new products.

Jubilant Cadista shall continue to explore various options to utilize or sell the said facility's Land, Building and Plant & Machinery in the due course.

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Jubilant Pharmova's wholly owned subsidiary Jubilant Pharma, today announced that its subsidiary Jubilant Generics (JGL) received a communication from the USFDA through which the regulatory agency intimated that pursuant to its January 25 to February 2, 2024 audit of JGL's Solid dosage manufacturing facility at Roorkee, India, it has determined the inspection classification of the facility as “Voluntary Action Indicated (VAI)”.

Based on this inspection and the USFDA VAI classification, the facility is considered to be in acceptable state of compliance with regard to current good manufacturing practices (cGMP). With this, the FDA has concluded that this inspection is “closed”.

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Jubilant Pharmova announced the cessation of Srinivasan Sridhar (DIN: 00004272), Sudha Pillai (DIN: 02263950) and Dr. Ashok Misra (DIN: 00006051), Independent Directors of the Company with effect from 31 March 2024 on completion of their term.

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The Board of Jubilant Pharmova at its meeting held on 26 March 2024 has approved the appointment of Dr. Harsh Mahajan (DIN: 00824227) and Shivpriya Nanda (DIN: 01313356), as an Additional Director (Non-Executive, Independent) on the Board of the Company w.e.f 01 April 2024.

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