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Lupin corrects on profit taking

Capital Market 

Shares of the drug major fell 1.70% to Rs 1001 amid profit selling after a recent steep surge.

Shares of Lupin surged 9.51% to Rs 1,018.85 in a single trading session on Friday (14 Aug). It surged 12.16% in a month while the S&P BSE Sensex rose 2.46% during the same period.

On a year-to-date (YTD) basis, the stock has jumped 31.47% while the S&P BSE Sensex has fallen 8.05% during the same period.

Lupin after trading hours on 14 August 2020, said that its US-based subsidiary, Lupin Pharmaceuticals Inc., had announced results from its pivotal phase-3 clinical trial to assess efficacy and safety of single-dose Solosec (secnidazole) 2g oral granules in female patients with trichomoniasis, the most common non-viral, curable sexually transmitted infection (STI) in the United States. The data were presented at the 2020 Infectious Diseases Society for Obstetrics & Gynecology (IDSOG) Virtual Annual Meeting.

Based on the data, Lupin will submit a supplemental new drug application (sNDA) to the U.S. Food and Drug Administration (FDA) for Solosec for the treatment of trichomoniasis later this year.

Gregory Kaufman, MD, senior vice president, global clinical and medical affairs, specialty at Lupin, said: "Trichomoniasis is the most common non-viral, STI that impacts an estimated 3-5 million people in the U.S. We look forward to working with the FDA as we file for this new indication."

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. It enjoys leadership position in the cardiovascular, anti-diabetic, and respiratory segments and has significant presence in the anti-infective, gastro-intestinal (GI), central nervous system (CNS) and women's health areas. Lupin is the third largest pharmaceutical company in the U.S. by prescriptions and in India by global revenues.

The company's consolidated net profit tumbled 96.5% to Rs 106.9 crore on a 9.1% decline in sales to Rs 3,468.6 crore in Q1 FY21 over Q1 FY20.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Mon, August 17 2020. 12:27 IST