Lupin gains after receiving USFDA approval for selling Zithromax generic

Lupin rose 1.07% to Rs 1,517.60 at 9:24 IST on BSE after the company announced that its US-based subsidiary has received tentative approval from the US drug regulator for an anti-bacterial drug in the US market.

The announcement was made at the fag end of trading session yesterday, 1 September 2016.

Meanwhile, the BSE Sensex was up 76.97 points, or 0.27%, to 28,500.45.

On BSE, so far 7,243 shares were traded in the counter, compared with average daily volume of 1.15 lakh shares in the past one quarter. The stock hit a high of Rs 1,522 and a low of Rs 1,508.65 so far during the day. The stock hit a record high of Rs 2,127 on 6 October 2015. The stock hit a 52-week low of Rs 1,294.05 on 29 March 2016. The stock had underperformed the market over the past 30 days till 1 September 2016, falling 10.61% compared with 2.62% rise in the Sensex. The scrip had also underperformed the market in past one quarter, rising 3.63% as against Sensex's 5.89% rise.

The large-cap company has equity capital of Rs 90.21 crore. Face value per share is Rs 2.

Lupin announced that its US subsidiary Gavis Pharmaceuticals LLC, USA has received tentative approval from the United States Food and Drug Administration (USFDA) to market a generic version of Pfizer Inc.'s Zithromax for oral suspension, 100mg/5ml and 200mg/5ml. The drug is a macrolide antibacterial drug indicated for mild to moderate infections caused by designated, susceptible bacteria. Zithromax oral suspension had annual US sales of $110.6 million as per IMS MAT June 2016 data.

Lupin's consolidated net profit rose 55.1% to Rs 882 crore on 40% growth in net sales to Rs 4313.60 crore in Q1 June 2016 over Q1 June 2015.

Lupin is a pharmaceutical company producing and developing a wide range of branded & generic formulations, biotechnology products and active pharmaceutical ingredients (APIs) globally. The company is a significant player in the cardiovascular, diabetology, asthma, pediatric, CNS, GI, anti-infective and NSAID space and holds global leadership positions in the anti-TB segment.

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