Lupin inches up after USFDA nod for a generic medicine

Lupin rose 0.43% to Rs 857.10 at 9:18 IST on BSE after the company said it has received final approval from USFDA to market a generic version of Warner Chilcott Company, LLC's Ovcon 35 Tablets in the United States.

The announcement was made after market hours on Friday, 27 September 2013.

Meanwhile, the S&P BSE Sensex was down 109.04 points or 0.55% at 19,618.23.

On BSE, 1,094 shares were traded in the counter as against average daily volume of 1.21 lakh shares in the past one quarter.

The stock hit a high of Rs 858.95 and a low of Rs 853 so far during the day. The stock had hit a record high of Rs 908 on 19 July 2013. The stock had hit a 52-week low of Rs 540.15 on 11 October 2012.

The stock had outperformed the market over the past one month till 27 September 2013, surging 12.71% compared with the Sensex's 9.79% rise. The scrip had also outperformed the market in the past one quarter, jumping 10.62% as against Sensex's 4.51% rise.

The large-cap company has equity capital of Rs 89.60 crore. Face value per share is Rs 2.

Lupin said it has received final approval for its Vyfemla Tablets (Norethindrone and Ethinyl Estradiol Tablets USP, 0.4mg/0.035 mg) from the United States Food and Drugs Administration (FDA) to market a generic version of Warner Chilcott Company, LLC's Ovcon 35 Tablets (Norethindrone and Ethinyl Estradiol Tablets USP, 0.4mg/0.035 mg). Lupin's US subsidiary Lupin Pharmaceuticals Inc. shall commence marketing the product shortly.

Lupin's Vyfemla Tablets (Norethindrone and Ethinyl Estradiol Tablets USP, 0.4 mg/0.035 mg) is the AB rated generic equivalent of Warner Chilcott's Ovcon 35 Tablets and is indicated for the prevention of pregnancy in women who elect to use this product as a method of contraception.

As per IMS MAT March 2013 data, Warner Chilcott Company, LLC.'s Ovcon 35 Tablets had annual sales of approximately $22.3 million in the US.

Lupin's consolidated net profit surged 43% to Rs 401.06 crore on 9.1% growth in net sales to Rs 2420.66 crore in Q1 June 2013 over Q1 June 2012.

Lupin is a pharmaceutical company producing and developing a wide range of branded and generic formulations and active pharmaceutical ingredients.

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