Lupin gains after launching Fosrenol tablets in US

Lupin rose 0.51% to Rs 992 at 13:21 IST on BSE after the company announced the launch of generic Fosrenol Chewable tablets in the US.

The announcement was made during market hours today, 31 August 2017.

Meanwhile, the S&P BSE Sensex was down 11.89 points, or 0.04% to 31,634.57

On the BSE, 63,000 shares were traded in the counter so far, compared with average daily volumes of 1.89 lakh shares in the past one quarter. The stock had hit a high of Rs 996.85 and a low of Rs 981 so far during the day. The stock had hit a 52-week high of Rs 1,590 on 9 September 2016. The stock had hit a 52-week low of Rs 920 on 21 August 2017.

The stock had underperformed the market over the past one month till 30 August 2017, falling 3.05% compared with 2.85% decline in the Sensex. The scrip had also underperformed the market in past one quarter, sliding 14.19% as against Sensex's 1.63% rise. The scrip had also underperformed the market in past one year, declining 33.47% as against Sensex's 11.23% rise.

The large-cap company has equity capital of Rs 90.36 crore. Face value per share is Rs 2.

Lupin announced the launch of Lanthanum Carbonate Chewable Tablets 500 mg (base), 750 mg (base), and 1000 mg (base). Lupin's alliance partner Natco had received an approval from the United States Food and Drug Administration (FDA) earlier. Lanthanum Carbonate Chewable Tablets are indicated to reduce serum phosphate in patients with end stage renal disease (ESRD).

Lanthanum Carbonate Chewable Tablets 500 mg (base), 750 mg (base), and 1000 mg (base) are generic equivalents of Shire Development LLC's Fosrenol Chewable Tablets. Fosrenol Chewable Tablets has US sales of $122.4 million (IMS MAT June 2017).

Lupin's consolidated net profit fell 59.4% to Rs 358.06 crore on 12.32% decline in net sales to Rs 3806.83 crore in Q1 June 2017 over Q1 June 2016.

Lupin is a transnational pharmaceutical company developing and delivering a wide range of branded & generic formulations, biotechnology products and active pharmaceutical ingredients (APIs) globally.

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