Shares of Piramal Pharma Ltd were trading in the green and 1% higher on 2 June after the company announced that the US Food and Drug Administration (USFDA) had issued a form 483 with zero observations and no action indicated (NAI) designation for its Aurora facility in Canada.

The facility was inspected by the US Drug Agency between 26 May and 30 May.

In its regulatory filing, it added, “The company remains committed to maintain the highest standards of compliance.”

Furthermore, the pharmaceutical business intends to fulfil its 2030 revenue and margin targets despite near-term uncertainty in the biotech funding climate.

While early-stage biotech investment is inconsistent, demand for late-stage clinical development services remains strong, according to Chairperson Nandini Piramal.

Piramal Pharma’s fourth-quarter net profit climbed by 51.5% to Rs 153.5 crore from the previous year’s Rs 101.3 crore. Revenue from operations climbed by 7.9% to Rs 2,754 crore, up from Rs 2,552 crore the previous year.

The company’s earnings before interest, depreciation, and amortization (EBITDA) climbed by 5.9% to Rs 561 crore from Rs 529.9 crore in the previous year. Its EBITDA margin was at 20.45%.

However, at 2:02 pm, the shares of Piramal Pharma were trading 0.29% lower at Rs 205.70 on NSE.

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