Lupin jumped 2.2 percent to Rs 1,520.55 on BSE after the company announced that it has received final approval for its Desoximetasone Cream from the United States Food and Drug Administration.
The announcement was made during market hours today, 11 January 2017.
Meanwhile, the S&P BSE Sensex was up 250.6 points or 1 percent at 27,150.18
On the BSE, 1.32 lakh shares were traded on the counter so far as against the average daily volumes of 81,815 shares in the past one quarter. The stock had hit a high of Rs 1,525.90 and a low of Rs 1,491 so far during the day.
The stock had hit a 52-week high of Rs 1,911.55 on 9 February 2016 and a 52-week low of Rs 1,294.05 on 29 March 2016. The stock had underperformed the market over the past 30 days till 10 January 2017, falling 1.01 percent compared with the Sensex's 1.45 percent rise. The scrip, however, outperformed the market in past one quarter, sliding 1.89 percent as against the Sensex's 4.21 percent fall.
The large-cap company has equity capital of Rs 90.29 crore. Face value per share is Rs 2.
Lupin announced that it has received final approval for its Desoximetasone Cream USP, 0.05 percent and Desoximetasone Cream USP, 0.25 percent from the United States Food and Drug Administration (FDA) to market a generic equivalent of Taro Pharmaceuticals North America, Inc's Topicort LP Emollient Cream, 0.05 percent and Taro Pharmaceuticals, Inc's (collectively Taro) Topicort Cream, 0.25 percent.
Desoximetasone Cream USP, 0.05 percent and Desoximetasone Cream USP, 0.25 percent are the AB rated generic equivalent of Taro's Topicort LP Emollient Cream, 0.05 percent and Topicort Cream, 0.25 percent. Both products are indicated for the relief of the inflammatory and pruritic manifestations of corticosteroid-responsive dermatoses.
Topicort LP emollient Cream had US sales of $33 million (IMS MAT September 2016) while Topicort Cream had US sales of $17 million (IMS MAT September 2016).
Lupin's consolidated net profit rose 57.8 percent to Rs 662.19 crore on 31.9 percent 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. The company is a significant player in the Cardiovascular, Diabetology, Asthma, Pediatric, CNS, GI, Anti-infective and NSAID space and holds global leadership position in the Anti-TB segment.
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