Lupin gains after US subsidiary launches generic Exforge tablets in US

Lupin rose 1.4% to Rs 2,035.20 at 15:10 IST on BSE after company's US subsidiary, Lupin Pharmaceuticals Inc. launched yesterday, 31 March 2015, the generic Exforge tablets in the United States.

The company made announcement during market hours today, 1 April 2015.

Meanwhile, the BSE Sensex was up 209.38 points, or 0.75% to 28,166.87.

On BSE, so far 35,487 shares were traded in the counter, compared with an average volume of 56,589 shares in the past one quarter.

The stock hit high of Rs 2,045, also a record high for the stock. The stock hit a low of Rs 2,004.95, so far during the day. The stock hit a 52-week low of Rs 903.95 on 27 May 2014.

The stock had outperformed the market over the past one month till 31 March 2015, rising 14.89% compared with 4.78% decline in the Sensex. The scrip had also outperformed the market in past one quarter, gaining 40.59% as against Sensex's 1.67% rise.

The large-cap pharma firm has an equity capital of Rs 89.90 crore. Face value per share is Rs 2.

Lupin announced that its US subsidiary, Lupin Pharmaceuticals Inc. yesterday, 31 March 2015, has launched its Amlodipine and Valsartan Tablets, 5 mg/160 mg, 10 mg/160 mg, 5 mg/320 mg and 10 mg/320 mg, which are the AB rated generic equivalent of Novartis Pharmaceuticals Corporation's Exforge tablets 5 mg/160 mg, 10 mg/160 mg, 5 mg/320 mg and 10 mg/320mg strengths in the US.

Lupin had received final approval from the United States Food and Drug Administration (FDA) for the product yesterday, 31 March 2015. Lupin's Amlodipine and Valsartan tablets are indicated for the treatment of hypertension and to lower blood pressure in patients not adequately controlled on monotherapy and as initial therapy in patients likely to need multiple drugs to achieve their blood pressure goals. Lowering blood pressure reduces the risk of fatal and nonfatal cardiovascular events, primarily strokes and myocardial infarctions.

Exforge tablets had sales of $414.90 million in the United States as per IMS MAT December 2014 data.

Lupin's consolidated net profit rose 26.3% to Rs 601.45 crore on 6.8% rise in total income to Rs 3261.04 crore in Q3 December 2014 over Q3 December 2013.

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