Pharma major Lupin Limited surged over 3 percent on Friday, September 30 after it received approvals from United States Food and Drug Administration (FDA) to launch its extended release tablets.
During Thursday's trade, the stock opened at Rs. 660 against the previous close of ₹654.00 and touched an intraday high and low of ₹682.80 and ₹660 respectively. At 12.20 p.m, the stock was trading at ₹667.70 up by 2.09 percent on the BSE.
The stock touched a 52-week-high of Rs. 979.90 on October 13, 2021 and a 52-week-low of Rs. 583 on May 25, 2022, indicating that at the current level, the stock is trading at just 14.5 percent percent above its 52-week low and 32% below its 52 week high. The stock has been in a downtrend since the beginning of the year and lost 30% of its value to date.
On Thursday, September 29, global pharma major Lupin Limited announced that it has received approval from the United States Food and Drug Administration (FDA) for its Abbreviated New Drug Application (ANDA), Mirabegron Extended-Release Tablets, 25 mg, and 50 mg, to market a generic equivalent of Myrbetriq Extended-Release Tablets, 25 mg, and 50 mg, of Astellas Pharma Global Development, Inc, Financial Express reported.
Mirabegron Extended-Release Tablets, 25 mg and 50 mg (RLD Myrbetriq) has an anticipated annual sales of USD 2403 million in the United States and is used to treat overactive bladder or neurogenic detrusor overactivity, although it does not cure these diseases.
Earlier in the day, the company announced the launch of Sildenafil for oral suspension, 10 mg/mL, having received approval from the United States Food and Drug Administration (FDA).
Sildenafil for Oral Suspension, 10 mg/mL, is a generic equivalent of Revatio for oral suspension, 10 mg/mL of Viatris Specialty LLC. Sildenafil for oral suspension (RLD Revatio) had estimated annual sales of USD 64 million in the U.S.
Lupin Ltd., established in 1983, is a large cap company with a market capitalisation of ₹29,768.74 crore operating in the pharmaceuticals industry. The stock of the company generated a negative return of 8.51 percent compared to Nifty Pharma, which returned 65.11 percent during a three-year period as of the latest trading session.
Consolidated total income for the quarter ended June 30, 2022, reported by the firm, was ₹3,749.40 crore, down 12.76 percent from the same quarter last year and down 3.83% from the previous quarter's total income of ₹4,298.02 crore. In the most recent quarter, the company generated net profit after tax of ₹-86.82 Crore.
Lupin Limited is one of the world's largest generic pharmaceutical firms by revenue. The company's primary emphasis areas are pediatrics, cardiology, anti-infectives, diabetology, asthma, and anti-tuberculosis. From one facility in Aurangabad in 1979, the company now has 11 state-of-the-art manufacturing facilities across the country, its website shows.