In October last year, the USFDA had conducted a pre-approval inspection (PAI) at the company's manufacturing facility located at Unit-5, Parawada, Visakhapatnam, Andhra Pradesh. The inspection was done between 24th October 2022 and 28th October 2022.

At the end of the inspection, the pharmaceutical company was issued a Form 483 with one observation by the US drug regulator. The observation is procedural in nature, the pharma company stated and added that it would address the observation within stipulated timelines.

Laurus Labs is a fully integrated pharmaceutical and biotechnology company, with a leadership position in generic Active Pharmaceutical Ingredients (APIs) and a major focus on anti-retroviral, Hepatitis C, and oncology drugs.

The pharmaceutical company posted a 15% rise in consolidated net profit to Rs 233 crore on a 31% increase in revenue from operations to Rs 1,230 crore in Q2 FY23 over Q2 FY21.

The scrip shed 0.26% to currently trade at Rs 350.60 on the BSE.