Ranbaxy’s worries continue, as the cloud around it gets darker. The U.S. House Committee on Energy & Commerce says it will now investigate each and every drug that Ranbaxy has approval to market in the United States.
The leaders of U.S. house committee have also raised questions about the role of the US FDA and have sought a reply in two weeks.
Ranbaxy currently has big bets on US markets. It has 98 ANDA pending approvals, which has a brand size $ 54 bn. Currently, Ranbaxy generates one fourth of its revenues, that's nearly $ 400 mn from US markets. Moreover, it has a marketed portfolio of 54 molecules in U.S.
Meanwhile U.S. department of Justice in its filing has said that there is pattern of systematic fraudulent conduct by Ranbaxy as it has submitted false and fabricated information to FDA.
Ranbaxy has recently settled cases with Pfizer and AstraZenec for its blockbuster drugs Lipitor and Nexium.
The company’s stock has lost nearly 20% in value over the last one month. Meanwhile, leading brokerage houses, including UBS and ENAM, have put Ranbaxy's price target and rating' under review.