Shares of this large-cap company jumped around 3 percent after receiving approval from the US FDA for its abbreviated new drug application (ANDA) for, Sitagliptin tablets. The shares have delivered more than 70 percent returns to its shareholders on a YTD basis.
With a market capitalisation of Rs. 57,849 crores, shares of Lupin Ltd started Monday’s trading session on a higher note at Rs. 1,265 compared to its previous close of Rs. 1,246.10. The shares hit a high of Rs. 1,288, gaining around 3 percent and are currently trading at Rs. 1,276.70 apiece.
Such a positive movement in the share price was observed after the company in an exchange filing mentioned that they had received approval from the United States Food and Drug Administration (U.S. FDA) for its Abbreviated New Drug Application (ANDA), for Sitagliptin Tablets USP, 25 mg, 50 mg, and 100 mg to market a generic equivalent of Januvia Tablets, 25 mg, 50 mg, and 100 mg, of Merck Sharp and Dohme Corp. (Merck).
Furthermore, they mentioned that these products would be manufactured at the company’s Pithampur facility in India.
In addition, the company mentioned that these tablets are indicated as an adjunct to diet and exercise to improve glycemic control in patients with type 2 diabetes mellitus. These tablets had estimated annual sales of USD 5789.3 million in the U.S.
Looking at the company’s financial statement, the revenue increased by 5 percent from Rs. 4,814 crores in the June quarter to Rs. 5,039 crores during the September quarter. On the other hand, the net profits increased by 9 percent from Rs. 453 crores to Rs. 495 crores during the same timeframe.
The company wants to launch Complex Generics in Regulated Markets by 2028 through 20 product launches in the areas of inhalation, injectables, Biosimilar and Novel Complex Products. It also aims to complete 3 biosimilar filings in regulated markets and launch 10 novel complex pipeline products in India.
The company gets revenue from across the globe, primarily they get 37 percent of the revenue from India, 32 percent from the USA, and the remaining 31 percent from other markets and APIs.
Headquartered in Mumbai, Lupin Ltd was incorporated in 1983. The company develops and commercializes a wide range of branded and generic formulations, APIs, and biotechnology products in over 100 markets in India, U.S., South Africa, and across the Asia Pacific (APAC), Latin America (LATAM), Middle East regions, and Europe.
Written By Vaibhav Patil
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