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MarketScreener Homepage  >  Equities  >  MUMBAI STOCK EXCHANGE  >  Dr. Reddy's Laboratories Limited    500124   INE089A01023

DR. REDDY'S LABORATORIES LIMITED

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Fujifilm's Avigan shown to be effective in Japanese Phase-3 trial for COVID-19

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09/23/2020 | 01:55am EDT
FILE PHOTO: Tablets of Avigan (generic name : Favipiravir), a drug  approved as an anti-influenza drug in Japan and developed by drug maker Toyama Chemical Co, a subsidiary of Fujifilm Holdings Co. are displayed during a photo opportunity in Tokyo

Fujifilm Holdings Corp said on Wednesday a late-stage study of its antiviral drug Avigan showed it reduced recovery times for COVID-19 patients with non-severe symptoms, boosting expectations for regulatory approval in Japan.

The Phase 3 clinical study of 156 patients in Japan showed that those treated with Avigan improved after 11.9 days, versus 14.7 days for a placebo group. Results of the study, conducted by subsidiary Fujifilm Toyama Chemical, were statistically significant, the company said in a release.

The announcement sent Fujifilm shares up more than 4% in Tokyo to their highest level in four months.

Former Japanese Prime Minister Shinzo Abe had touted Avigan's potential as Japan's contribution to a global race for coronavirus treatments, aiming for domestic approval in May.

The government called on Fujifilm to triple national stockpiles of Avigan, approved in 2014 as an emergency flu treatment, and pledged to donate it to countries on request.

But a lack of patients in Japan hampered clinical testing. In July, researchers at Fujita Health University said their Avigan study failed to reach statistically significant results.

In its statement, Fujifilm said it would perform further analysis of the trial data and seek to file for approval of Avigan for use in COVID-19 as early as October.

This week, the Nikkei newspaper cited ministry sources as saying approval could be granted within a month of receiving such a request.

In July, Fujifilm sold its global rights to Avigan to India's Dr Reddy's Laboratories. Already available generically in many countries under the name favipiravir, the drug has been approved to treat COVID-19 in India and Russia.

Avigan acts on the RNA of viruses, inhibiting their ability to replicate. It is the subject of dozens of trials worldwide, but concerns remain over birth defects it caused in animal studies.

Dr Reddy's shares were 0.7% higher at 0430 GMT.

(Reporting by Rocky Swift and Chris Gallagher in Tokyo; Editing by Stephen Coates)


Stocks mentioned in the article
ChangeLast1st jan.
DR. REDDY'S LABORATORIES LIMITED 2.41% 5100.3 End-of-day quote.77.27%
FUJIFILM HOLDINGS CORPORATION 0.11% 5440 End-of-day quote.4.02%
NIKKEI 225 -0.29% 23418.51 Real-time Quote.-0.72%
US DOLLAR / RUSSIAN ROUBLE (USD/RUB) 1.31% 78.28754 Delayed Quote.24.78%
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Financials
Sales 2021 191 B 2 587 M 2 587 M
Net income 2021 26 056 M 353 M 353 M
Net cash 2021 8 440 M 114 M 114 M
P/E ratio 2021 32,5x
Yield 2021 0,50%
Capitalization 846 B 11 488 M 11 448 M
EV / Sales 2021 4,38x
EV / Sales 2022 3,82x
Nbr of Employees 21 650
Free-Float 69,0%
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Mean consensus OUTPERFORM
Number of Analysts 34
Average target price 5 186,84 INR
Last Close Price 5 100,30 INR
Spread / Highest target 26,5%
Spread / Average Target 1,70%
Spread / Lowest Target -27,5%
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Managers
NameTitle
Erez Israeli Chief Executive & Operating Officer
Saumen Chakraborty President, CFO & Global Head-IT
Satish Kallam Reddy Co-Chairman
Gunupati Venkateswara Prasad Co-Chairman & Managing Director
Kalpana Jaisingh Morparia Independent Non-Executive Director
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