Lupin rises after Mandideep Unit II facility receives EIR from USFDA

Lupin rose 1.97% to Rs 842.20 after the company said it Mandideep unit II facility in Madhya Pradesh received establishment inspection report (EIR) from the US drug regulator.

Pharma major Lupin on 15 April 2020 announced the receipt of the Establishment Inspection Report (EIR) after closure of the US Food and Drug Administration (USFDA) inspection of its Mandideep Unit II facility, classifying the inspection as voluntary action indicated. The inspection at the facility was carried out by the USFDA between 26 November 2018 and 4 December 2018.

Commenting on the receipt of the EIR, Nilesh Gupta, managing director, Lupin said, "We are pleased to have received the EIR for our Mandideep Unit II facility, our important cardiovascular API manufacturing facility. We remain committed to enhancing compliance and quality standards across all our manufacturing sites." The announcement was made before market hours today, 15 April 2020.

On Monday, 13 April 2020, Lupin said that its Nagpur facility has received EIR from USFDA. The inspection for the facility was carried out by the USFDA between 6 and 10 January 2020.

On a consolidated basis, Lupin reported a net loss of Rs 835 crore in Q3 December 2019 as against a net loss of Rs 151.75 crore in Q3 December 2018. Net sales declined 2.75% to Rs 3,716.09 crore in Q3 December 2019 over Q3 December 2018.

Lupin is engaged in producing, developing and marketing a range of branded and generic formulations, biotechnology products and active pharmaceutical ingredients (APIs) across the world. The firm offers products in the cardiovascular, diabetology, asthma, pediatrics, central nervous system, gastro-intestinal, anti-infectives and non-steroidal anti-inflammatory drug therapy areas.

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