Shares of Concord Biotech gained more than 5 percent in trade on Wednesday after the company received approval from the US Food and Drug Administration (USFDA) for its Tofacitinib tablets.


The stock rose 5.53 percent to Rs 1,342.50 and touched an intraday high of Rs 1,349.90, its highest level in more than four months.

The gains extended the stock's winning streak to a second session, taking its rise to nearly 13 percent over the period.

In an exchange filing, Concord Biotech said it received USFDA approval for its abbreviated new drug application (ANDA) for Tofacitinib tablets in strengths of 5 mg and 10 mg.

The drug is indicated for the treatment of adults with active rheumatoid arthritis, psoriatic arthritis, ankylosing spondylitis and ulcerative colitis.

The company said the approval would help it expand its product portfolio and support growth in the US and other international markets. According to market estimates cited by the company, the US market for Tofacitinib tablets across both strengths is valued at around $500 million.

"The approval positions the company to capitalize on these attractive market opportunities, enhance its product offerings, and support its long-term growth strategy across the U.S. and international markets," Concord Biotech said.

The stock rally comes despite the company reporting a weak set of fourth-quarter numbers. For Q4 FY26, net profit declined 36.8 percent year-on-year to Rs 88.8 crore, while revenue from operations fell 24.1 percent to Rs 326.1 crore.