Panacea Biotec Hits 5% Upper Circuit on UNICEF Order Win

 

Panacea Biotec share price jumped 5 per cent to hit its upper circuit limit of ₹456.25

Shares of Panacea Biotec, a small-cap pharmaceutical company, surged by 5% to hit the upper circuit limit on Thursday, December 26, following the announcement that the company had won a significant order from UNICEF. The order, valued at ₹127 crore, is for the supply of 115 million doses of the bivalent oral polio vaccine (bOPV) scheduled for delivery in 2025.

In an exchange filing on December 24, Panacea Biotec revealed, "We are pleased to inform that Panacea Biotec Limited has received a Letter of Award from UNICEF for the supply of 115 million doses of its bivalent oral polio vaccine (bOPV), worth approximately US$ 14.95 million (₹127 crore) in calendar year 2025."

Stock Price Impact

Following the announcement, Panacea Biotec's share price jumped 5% to ₹456.25, hitting the upper circuit limit. At 10:45 am, the stock was trading 4% higher at ₹452. The stock had previously touched a 52-week high of ₹489 on December 12, and its 52-week low stands at ₹112.70, recorded on June 4. The company currently has a market capitalization of ₹2,768.53 crore.

Strong Performance

Panacea Biotec has delivered impressive returns in 2024, with the stock surging 225% over the last six months and 167% year-to-date, offering multibagger returns to its investors.

Financial Performance

For the quarter ending September 2024, Panacea Biotec posted a modest 3% year-on-year growth in revenue, reaching ₹147.35 crore, compared to ₹143.02 crore in the same period last year. However, the company posted a profit after tax (PAT) of ₹4.80 crore, a significant turnaround from a loss of ₹8.37 crore in the September 2023 quarter and ₹15.80 crore in the June 2024 quarter.

Panacea Biotec is a leading biotechnology company specializing in the research, development, manufacturing, sales, and distribution of pharmaceuticals and vaccines.

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