Lupin inches up after FDA nod for generic drug

Lupin rose 0.36% to Rs 765 at 15:09 IST on BSE after securing US drug regulator's approval for a generic drug indicated for the treatment of plaque psoriasis in patients 18 years of age or older.

The announcement was made during trading hours today, 19 March 2018.

Meanwhile, the S&P BSE Sensex was down 290.66 points or 0.88% at 32,885.34.

On the BSE, 59,000 shares were traded on the counter so far as against the average daily volumes of 1.52 lakh shares in the past one quarter. The stock had hit a high of Rs 771.60 and a low of Rs 760.45 so far during the day. The stock had hit a 52-week high of Rs 1,498.40 on 23 March 2017 and a 52-week low of Rs 750 on 8 March 2018.

The large-cap company has equity capital of Rs 90.42 crore. Face value per share is Rs 2.

Lupin announced that it has received final approval for its Desoximetasone Topical Spray, 0.25%, 30 ml, 50 ml, and 100 ml from the United States Food and Drug Administration (USFDA). These are generic equivalent of Taro Pharmaceuticals USA Inc's Topicort Topical Spray, 0.25%. It is a corticosteroid indicated for the treatment of plaque psoriasis in patients 18 years of age or older. The product had annual sales of approximately $19.5 million in the US as per January 2018 data.

Lupin's consolidated net profit fell 65% to Rs 221.73 crore on 11.5% decline in net sales to Rs 3900.36 crore in Q3 December 2017 over Q3 December 2016.

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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