AMRX Stock Increased 8.8%: Why It Happened

By Amit Chowdhry ● July 20, 2021
  • The stock price of Amneal Pharmaceuticals Inc (NYSE: AMRX) increased 8.8% today. This is why it happened.

The stock price of Amneal Pharmaceuticals Inc (NYSE: AMRX) increased 8.8% today, going from a previous close of $4.32 to $4.70. Investors responded positively to the company announcing that it has received Abbreviated New Drug Application (ANDA) approval from the U.S. Food and Drug Administration (FDA) for the generic version of TobraDex — which adds another complex ophthalmic product to the generics portfolio.

Dexamethasone and Tobramycin Ophthalmic Suspension 0.3%/0.1% is the generic version of TobraDex — which is indicated for steroid-responsive inflammatory ocular conditions for which a corticosteroid is indicated and where superficial bacterial ocular infection or a risk of bacterial ocular infection exists.

And according to IQVIA, a leading healthcare data and analytics provider, U.S. annual sales for dexamethasone and tobramycin ophthalmic suspension, including the brand TobraDex for the 12 months ended May 2021 were approximately $118 million.

KEY QUOTE:

“Today’s announcement of an additional ophthalmic product approval in our generic portfolio is important. It is another proof point of the continued execution of our strategy to develop and commercialize complex generics.” 

— Chirag and Chintu Patel, Co-Chief Executive Officers

Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.