Sun Pharma gets clearance for acne control cream from Canadian regulator; shares decline

Sun Pharma share price BSE: Sun Pharmaceutical Industries Ltd, NSE: Sun Pharma shares received approval of Health Canada — the country’s health regulator — for its WINLEVI cream, used in treating certain skin diseases.

Sun Pharma shares began the day in the green but slipped into triple digits within the first few minutes of trade amid overall weakness in the market.Image: Reuters

Sun Pharma share price NSE: Sun Pharmaceutical Industries Ltd, NSE: Sun Pharma shares received approval of Health Canada — the country’s health regulator — for its WINLEVI cream, used in treating certain skin diseases. Sun Pharma shares began the day in the green but slipped into triple digits within the first few minutes of trade amid overall weakness in the market. Sun Pharma was among the top losers on Nifty 50. The stock finished down 0.9 per cent at Rs 992.8 apiece on NSE.

WINLEVI is the first and only androgen receptor inhibitor indicated for the topical treatment of acne vulgaris (acne) in patients 12 years of age and older, and the newest Health Canada-approved formulation to target the hormonal component of acne for Canadian patients in 40 years, according to a company statement."Sun Pharma is committed to providing innovative dermatology medicines for Canadians, which fill the gap for necessary treatment options,” said Abhay Gandhi, North America CEO of Sun Pharma.“We are thrilled to provide a new topical treatment option for the millions of Canadians affected by acne,” he added.WINLEVI will be available in Canada this fall, the company added.

Sun Pharma share: Should you buy, sell or hold?

Citi maintained a ‘buy’ call on Sun Pharmaceutical Industries with a target of Rs 1,175, implying a potential upside of 17.4 per cent from Monday’s closing price.

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Sun Pharma shares: Past performance

Sun Pharma shares have grown 23 per cent in value in the past one year, in line with a 22 per cent gain in the benchmark Nifty index. The Nifty Pharma, whose 20 constituents include Sun Pharma, Dr Reddy's, Lupin and Aurobindo Pharma, rose 12 per cent during this period. Sun Pharma shares touched a 52-week high of Rs 1,071.2 and a 52-week low of Rs 794.5 on January 30, 2023 and June 20, 2022 respectively.

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