Lupin in pink of health after receiving USFDA's final approval for drug

Lupin rose 1.84% to Rs 1,433.45 at 13:20 IST on BSE after the company announced that it has received US drug regulator's final approval for Hydrocodone Bitartrate and Acetaminophen Tablets.

The announcement was made during market hours today, 17 November 2016.

Meanwhile, the S&P BSE Sensex was down 100.01 points or 0.38% at 26,198.68.

On BSE, so far 47,871 shares were traded in the counter as against average daily volume of 1.03 lakh shares in the past one quarter. The stock hit a high of Rs 1,437.70 and a low of Rs 1,405, so far during the day. The stock had hit a 52-week high of Rs 1,911.55 on 9 February 2016. The stock had hit a 52-week low of Rs 1,294.05 on 29 March 2016. The stock outperformed the market over the past one month till 16 November 2016, dropping 3.88% compared with the Sensex's 4.97% fall. The scrip however underperformed the market in past one quarter, declining 11.45% as against the Sensex's 6.29% decline.

The large-cap company has equity capital of Rs 90.25 crore. Face value per share is Rs 2.

Lupin said that its US subsidiary, Gavis Pharmaceuticals LLC., USA received final approval for its Hydrocodone Bitartrate and Acetaminophen Tablets USP, 5mg/300 mg, 7.5 mg/300 mg & 10 mg/300 mg from the United States Food and Drug Administration (USFDA) to market a generic equivalent of Mikart, Inc's Hydrocodone Bitartrate and Acetaminophen Tablets USP, 5 mg/300 mg, 7.5 mg/300 mg & 10 mg/300 mg.

Lupin's Hydrocodone Bitartrate and Acetaminophen Tablets USP, 5 mg/300 mg, 7.5 mg/300 mg & 10 mg/300 mg are the AA rated generic equivalent of Mikart, Inc's Hydrocodone Bitartrate and Acetaminophen Tablets USP, 5 mg/300 mg, 7.5 mg/300 mg & 10 mg/300 mg. It is indicated for the relief of moderate to moderately severe pain. Hydrocodone Bitartrate and Acetaminophen Tablets USP had US sales of $89.6 million as per IMS MAT September 2016 data.

Lupin's consolidated net profit jumped 57.8% to Rs 662.19 crore on 31.9% rise in net sales to Rs 4211.18 crore in Q2 September 2016 over Q2 September 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 position in the anti-TB segment.

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