Lupin launches new drug in US; stock shows intraday recovery
The shares of the pharma major, Lupin recovered the intraday losses to end the session marginally higher by 0.20 per cent.
The decent margin gains for the first quarter as well as the new drug launch approval by USFDA were the key developments, which supported the stock price.
The company announced that its launch of Zileuton extended-release tablets of 600 mg, has received approval from United States Food and Drug Administration (USFDA) earlier. Its Nagpur facility in India will be the manufacturing site. Zileuton extended-release tablets are of a generic type, which is prescribed for the prophylaxis and chronic treatment of asthma. The press release from the company stated that it expects annual sales of USD 40 million (approximately) in the US.
The company also informed that it has launched two products during the quarter in the US market. This has taken the total tally of products to 175 US generics market. Though, according to its recent numbers, it reported that its North America sales were Rs 1,216 crore for the first quarter, which is lower than Rs 1,579.1 crore during the previous quarter and Rs 1,541.2 crore when compared on YoY basis.
On Tuesday, the stock of Lupin Ltd closed at Rs 958 on BSE, which is also its 52-week high.