Shares of Lupin rose nearly 4 percent after the pharmaceutical major announced the launch of Mirabegron Extended-Release tablets (25 mg) in the United States, a drug which has over $1 billion in sales in the country. Lupin had received approval from the Food and Drug Administration (US FDA) for the launch of the drug.
At 09.50 am on April 22, Lupin shares were trading 3.2 percent higher at Rs 1,596.50 apiece. The stock has gained over 36 percent in the past six months.
Mirabegron Extended-Release tablet is a generic equivalent of Myrbetriq Extended-Release tablets of Astellas Pharma Global Development, Inc. The tablets are a medication used to treat overactive bladder (OAB) symptoms, such as frequent or urgent urination and urinary incontinence.
Mirabegron Extended-Release tablets had estimated annual sales of $1,019 million in the US (according to IQVIA MAT February 2024).
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Headquartered in Mumbai, Lupin develops and sells a wide range of branded and generic medications, as well as biotechnology products and Active Pharmaceutical Ingredients (APIs). Its products are available in over 100 markets, including the US, India, South Africa, and regions across Asia Pacific (APAC), Latin America, Europe, and the Middle East.
Lupin focuses on cardiovascular, anti-diabetic, and respiratory medications and also operates in areas like anti-infective, gastro-intestinal (GI), central nervous system (CNS), and women's health. In the US, Lupin ranks as the third-largest pharmaceutical company by prescriptions. In FY23, Lupin invested 7.9 percent of its revenue in research and development.
Lupin has 15 manufacturing sites and 7 research centers globally, with a workforce of over 20,000 professionals.
In February, Lupin announced a 300% year-on-year surge in consolidated net profit, reaching Rs 613 crore for the October-December quarter of FY24. This was accompanied by a significant rise in revenue, which reached Rs 5,197.4 crore, up from Rs 4,322.2 crore a year ago. The company attributed this achievement to robust growth across various regions, resulting in its highest quarterly sales ever.
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