Lupine’s share price today rose 3.8% to touch a 52-week high in Friday’s trading session after the company received approval from the US Food and Drug Administration (US FDA) for two of its drugs on Thursday. Lupine’s share price today opened at ₹1,223.95 apiece on BSE, and touched an intraday high of ₹1,241.20, and low from ₹1,213.20 on BSE. According to technical analysts, the broader trend for the Lupine stock is positive. Lupine’s share price has returned an impressive 67% this year.
“The price move up has been supported by good volumes and hence, the move up could continue. The support for the stock is now placed around. ₹1,150,” said Ruchit Jain, Principal Research Analyst at 5paisa.
According to Rajesh Bhosale – Equity Technical and Derivative Analyst, Angel One, today pharmaceutical stocks are in momentum and this stock is also showing positive traction supported by good volumes, this upward movement can be expected to continue to. ₹1,300 soon with strong support all around ₹1,190.
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In an exchange filing, the company stated that Lupine received tentative approval from the US FDA to market a generic version of Janssen Pharmaceuticals, Inc.’s Invokana tablets. The diabetes drug, Canagliflozin Tablets, comes in 100 mg and 300 mg portions.
“Canagliflozin is a sodium-glucose cotransporter 2 (SGLT2) inhibitor indicated: as an adjunct to diet and exercise to improve glycemic control in adults with type 2 diabetes mellitus. To reduce the risk of serious adverse cardiovascular events in adults with type 2 diabetes mellitus and established cardiovascular disease.
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To reduce the risk of end-stage renal disease, doubling of serum creatinine, cardiovascular death and capitalization for heart failure in adults with type 2 diabetes mellitus and diabetic nephropathy with albuminuria,” the company said.
According to IQVIA MAT September 2023, Canagliflozin Tablets (RLD Invokana) had estimated annual sales of USD 561 million in the United States.
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Additionally, the company received the nod from the US FDA to market a generic version of Bausch & Lomb Inc’s Prolensa Ophthalmic Solution, 0.07%, under the name Bromfenac Ophthalmic Solution, 0.07%.
Lupine is qualified for a 180-day exclusivity period as the exclusive first to register this product. In patients who have had cataract surgery, Bromfenac Ophthalmic Solution, 0.07% is recommended for the management of eye pain and postoperative inflammation.
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Both products will be manufactured at Lupine’s Indian factory in Pithampur.
Lupine on November 8 reported a net profit of ₹490 crore in the second quarter of the fiscal year 2023-24 (Q2FY24), which is 277% higher compared to ₹130 crore measured in the previous year period.
Consecutively, the net profit grew by 8% from ₹452 crore posted in the quarter ended June 2023. The company’s total revenue from operations came in at ₹5,039 crore in the second quarter, higher by 21% vs ₹4,146 crore recorded in the same period of the previous fiscal.
Also read: Lupine Q2 results: Net profit jumps 277% to ₹490 crores
Disclaimer: The opinions and recommendations made above are those of individual analysts or trading companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
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Updated: 24 Nov 2023, 13:23 IST