Concord Biotech shares increased more than 6 percent to a daily high of 1,350 rupees on the BSE on Wednesday after the company received USFDA approval for its abbreviated new drug application covering tofacitinib tablets in 5 mg and 10 mg doses. The tablets are approved for adult patients with moderately to severely active rheumatoid arthritis, active psoriatic arthritis, active ankylosing spondylitis, moderately to severely active ulcerative colitis, and active polyarticular course juvenile idiopathic arthritis. The company said the clearance supports its growth plans and will help expand its presence in the United States and other markets. Market estimates place the combined opportunity for the two strengths at about 500 million dollars. In the fourth quarter, net profit fell 36.8 percent to 88.8 crore rupees from 140.4 crore rupees a year earlier. Revenue declined 24.1 percent to 326.1 crore rupees, while EBITDA dropped 37.8 percent to 118.5 crore rupees and the margin narrowed to 36.4 percent from 44.3 percent. The stock has declined 36 percent over the past year.
