Lupin hits record high after favourable ruling for generic Yaz in US court

Lupin rose 1% to Rs 680 at 9:24 IST on BSE after the company said a US court has ruled in its favour paving the way for the company to introduce a generic version of Bayer AG's Yaz tablets, an oral contraceptive, in the American market.

The announcement was made at the fag end of the trading session on Wednesday, 17 April 2013.

Meanwhile, the BSE Sensex was up 45.83 points, or 0.24%, to 18,776.99.

On BSE, 8,275 shares were traded in the counter as against an average daily volume of 52,904 shares over the past two weeks.

The stock hit a high of Rs 685.70 so far during the day, which is a record high for the counter. The stock hit a low of Rs 676 so far during the day. The stock had hit a 52-week low of Rs 507 on 15 June 2012.

The large-cap company has an equity capital of Rs 89.51 crore. Face value per share is Rs 2.

Lupin said that the US Court of Appeals for the Federal Circuit has ruled in its favor regarding its appeal of a previous judgment by a lower court for Bayer AG's Yaz oral contraceptive product.

Lupin is currently seeking approval from the US Food and Drug Administration (USFDA) for its generic and is working out its commercialization plan. Lupin's Generic Drospirenone and Ethinyl Estradiol Tablets (3 milligram (mg) + 0.02 mg) of Bayer AG's Yaz tablets are indicated for prevention of pregnancy, to treat the symptoms of premenstrual dysphoric disorder (PMDD) for women and to treat moderate acne for women at least 14 years old only if the patient desires an oral contraceptive for birth control. The total sales for branded and generic sales for the product stood at $361 million (IMS MAT Dec 2012).

Lupin's consolidated net profit jumped 42.6% to Rs 335.23 crore on 37.6% growth in net sales to Rs 2465.87 crore in Q3 December 2012 over Q3 December 2011.

Headquartered in Mumbai, Lupin is a pharmaceutical company producing and developing a wide range of branded and generic formulations and APIs. 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 and Cephalosporin segment.

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