Lupin rises after tentative USFDA approval for diabetes drug

Lupin gained 1.49% to Rs 940.80 after the company said it received tentative approval from the US drug regulator for Empagliflozin tablets.

The drug major announced that it received tentative approval from the United States Food and Drug Administration (USFDA) to market for its Empagliflozin tablets, 10 mg and 25 mg. It is a generic version of Jardiance tablets of Boehringer Ingelheim Pharmaceuticals, Inc.

The drug is indicated as an adjunct to diet and exercise to improve glycemic control in adults with type 2 diabetes mellitus. Empagliflozin tablets had an annual sales of approximately $4,368 million in the US (IQVIA MAT Mar 2020).

Lupin's consolidated net profit jumped 32% to Rs 391.29 crore on 0.4% slip in net sales to Rs 3,791 crore in Q4 March 2020 over Q4 March 2019.

Lupin is an innovation-led transnational pharmaceutical company. The company develops and commercializes a wide range of branded and generic formulations, biotechnology products and APIs in over 100 markets.

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