Lupin rose 0.1% to Rs 1,493.50 at 14:10 IST on BSE after the company announced that it has received final approval for its Desoximetasone Ointment USP, 0.05% from the US drug regulator.
The announcement was made during market hours today, 14 December 2016.Meanwhile, the BSE Sensex was down 26.61 points, or 0.1%, to 26,671.21.
On the BSE, 20,653 shares were traded on the counter so far as against the average daily volumes of 96,866 shares in the past one quarter. The stock had hit a high of Rs 1,509 and a low of Rs 1,482.40 so far during the day. The stock had hit a 52-week high of Rs 1,911.55 on 9 February 2016. The stock had hit a 52-week low of Rs 1,294.05 on 29 March 2016.
The stock had outperformed the market over the past 30 days till 13 December 2016, gaining 2.19% compared with 0.45% decline in the Sensex. The scrip had also outperformed the market in past one quarter, falling 2.67% as against Sensex's 5.84% decline.
The large-cap company has equity capital of Rs 90.27 crore. Face value per share is Rs 2.
Lupin announced that it has received final approval for its Desoximetasone Ointment USP, 0.05% from the United States Food & Drug Administration (USFDA) to market a generic version of Taro Pharms North's Topicort Ointment, 0.05%. The product filing is from Lupin's Pithampur, Indore manufacturing facility.
Lupin's Desoximetasone Ointment USP, 0.05% is the AB rated generic equivalent of Taro Pharms North's Topicort Ointment, 0.05%. It is indicated for the relief of the inflammatory and pruritic manifestations of corticosteroid-responsive dermatoses.
Topicort Ointment had annual US sales of $12.1 million as per the IMS MAT September 2016 data.
Earlier this month, Lupin had received final approval for its Desoximetasone Ointment USP, 0.25% from US FDA to market a generic version of Taro Pharmaceuticals, Inc.'s Topicort Ointment, 0.25% having annual US sales of $14.4 million as per the IMS MAT September 2016 data.
Lupin's consolidated net profit jumped 57.8% to Rs 662.19 crore on 31.9% rise in net sales to Rs 4211.18 crore in Q2 September 2016 over Q2 September 2015.
Lupin is an innovation led 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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