Lupin gains after receiving USFDA approval for generic

Lupin rose 1.95% to Rs 898 at 9:16 IST on BSE after the company said it received US drug regulator's approval for generic Dovonex scalp solution.

The announcement was made after market hours yesterday, 28 December 2017.

Meanwhile, the S&P BSE Sensex was up 106.31 points, or 0.31% to 33,954.34.

On the BSE, 20,000 shares were traded in the counter so far, compared with average daily volumes of 1.42 lakh shares in the past two weeks. The stock had hit a high of Rs 900 and a low of Rs 886.80 so far during the day. The stock hit a 52-week high of Rs 1,572.25 on 6 February 2017. The stock hit a 52-week low of Rs 807 on 6 December 2017.

Lupin announced that it received final approval from the United States Food and Drug Administration (USFDA) to market a generic version of Dovonex scalp solution, 0.005% of Leo Pharmaceutical Products.

Lupin's Calcipotriene Topical Solution, 0.005% (scalp solution) is the AT rated generic equivalent of Leo Pharmaceutical Products' Dovonex Scalp Solution, 0.005%. It is indicated for the topical treatment of chronic, moderately severe psoriasis of the scalp. Calcipotriene Topical Solution, 0.005% (scalp solution) had annual sales of approximately $5.9 million in the US as per IMS MAT October 2017.

Lupin's consolidated net profit fell 31.3% to Rs 455.01 crore on 8% decline in net sales to Rs 3874.16 crore in Q2 September 2017 over Q2 September 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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