With a market capitalization of Rs 39,968 crores, the shares of Lupin Limited started its trading session today at Rs 832 and currently trade at Rs 878, exhibiting a gain of around 6 percent compared to the previous closing levels of Rs 829.90. The scrip witnessed its fresh 52-week high at a price of Rs 885.30.
The stocks showed a movement after the company, through a regulatory filing with the BSE today, announced that it has received approval from the United States Food & Drug Administration (USFDA) pertaining to a new drug application for ‘Tiotropium Bromide Inhalation Powder’. Manufacturing of the same will be done at the company’s Pithampur facility based in India.
“We are delighted to receive the final approval for generic Spiriva® HandiHaler from the U.S. FDA. This builds on our commitment to serving unmet needs for our patients across the world. This is the first generic approval for Spiriva® HandiHaler in the U.S., and is also the first DPI approval from India for the U.S. This is an important milestone in our journey of building our respiratory franchise globally”, mentioned Ms. Vinita Gupta, Chief Executive Officer of Lupin.
The latest financial results, on a consolidated basis, represent an increase in the operating revenues from Rs 16,405 crores during FY21-22 to Rs 16,641 crores in FY22-23.
Moreover, the company has been successful in bouncing back its cost management strategies and boosting its earnings, taking a shift from net losses of Rs 1,509 crores during FY21-22 to net profits of Rs 447 crores in FY22-23.
The latest shareholding data available for the March 2023 quarter exhibits the Promoters holding a 47.08 percent stake, and Foreign Institutional Investors (FIIs) holding a 13.32 percent stake in the company.
Lupin Limited is engaged in the business of developing and delivering a wide range of generic as well as branded formulations on a global level. The majority of its revenues are generated from the US markets, followed by India.
Written by Amit Madnani
