Lupin gains after USFDA approval for generic ointment

Lupin rose 1.62% to Rs 1,034.50 at 9:34 IST on BSE after the company said it received US drug regulator's approval to market a generic version of County Line Pharmaceuticals' Lidex ointment.

The announcement was made after market hours yesterday, 1 August 2017.

Meanwhile, the S&P BSE Sensex was up 19.48 points, or 0.06% to 32,594.65.

On the BSE, 32,000 shares were traded in the counter so far, compared with average daily volumes of 1.60 lakh shares in the past one quarter. The stock had hit a high of Rs 1,036 and a low of Rs 1,022 so far during the day. The stock hit a 52-week high of Rs 1,747.80 on 2 August 2016. The stock hit a 52-week low of Rs 1,015.60 on 1 August 2017.

The stock had underperformed the market over the past one month till 1 August 2017, falling 3.52% compared with 4.34% rise in the Sensex. The scrip had also underperformed the market in past one quarter, falling 19.47% as against Sensex's 8.97% rise. The scrip had also underperformed the market in past one year, falling 40.27% as against Sensex's 16.42% rise.

The large-cap company has equity capital of Rs 90.35 crore. Face value per share is Rs 2.

Lupin said it received final approval for its Fluocinonide Topical Ointment USP, 0.05% from the United States Food and Drug Administration (FDA) to market a generic version of County Line Pharmaceuticals, LLC's Lidex Ointment, 0.05%. Lupin's Fluocinonide Topical Ointment USP, 0.05% is AB rated generic equivalent of County Line Pharmaceuticals, LLC's Lidex Ointment, 0.05%. It is indicated for the relief of the inflammatory and pruritic manifestations of corticosteroid-responsive dermatoses. Lidex Ointment had US sales of $40.3 million as per IMS MAT March 2017.

On consolidated basis, Lupin's net profit fell 49.16% to Rs 380.21 crore on 1.29% growth in net sales to Rs 4161.88 crore in Q4 March 2017 over Q4 March 2016. The company will announce April-June 2017 results today, 2 August 2017.

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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