Sunshine Biopharma Stock Powers Ahead Following Launch Of Generic Cholesterol-Lowering Drug By Canadian Unit

Shares of Sunshine Biopharma (SBFM) rose 11% on Thursday morning after the company announced that its Canadian unit, Nora Pharma, launched a generic version of Bristol-Myers Squibb’s Pravachol.

The drug, called Pravastatin, is a statin medication that works by lowering bad cholesterol (LDL) and increasing good cholesterol (HDL) in the blood, thereby helping prevent heart attacks, strokes, and other serious cardiovascular conditions.

Nora Pharma’s Pravastatin is available in strengths of 10 mg, 20 mg, and 40 mg, and comes in
bottles of 100 tablets.

Sunshine Biopharma said that the Canadian market of cholesterol-lowering drugs is estimated to reach $582 million by the end of 2025 and $1.07 billion by 2033.

Sunshine Biopharma currently has 74 generic prescription drugs on the market in Canada, and more than 12 additional drugs are scheduled to be launched in 2026. The company is also seeking to develop drug candidates in the treatment of liver cancer and coronavirus infections.

On Stocktwits, retail sentiment around SBFM stayed within the ‘extremely bullish’ territory over the past 24 hours, while message volume stayed at ‘extremely high’ levels.

A Stocktwits user believes the company has a bright future.

Another said that they intend to hold the stock long term.

In July, Sunshine Bioopharma introduced its first biosimilar drug, Niopeg, to the Canadian market, to treat the risk of infection in cancer patients undergoing chemotherapy. In June, a generic version of Neurontin, Gabapentin, was launched for treating neuropathic pain and epilepsy.

SBFM stock is down by 29% this year. 

Read also: Tesla Stock Draws Investor Interest As European Regulator Reportedly Terms Door Safety A Priority

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