Lupin share price gains as USFDA concludes inspection without observations

Lupin reported a 28.6-percent increase in revenue at Rs 4,814.06 crore as against Rs 3,743.8 crore in the year-ago period.

Lupin share price was trading higher in the early trade on August 14 after the USFDA concluded an inspection without any observations.

The company announced that its unit-2 manufacturing facility located in Mandideep, India, has successfully completed a GMP inspection by the United States Food and Drug Administration (USFDA).

The inspection was conducted from August 7 to August 11, 2023.

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Earlier this month, the company's New Jersey-based subsidiary Novel Laboratories Inc received approvals from the US FDA for two variations of the fluocinolone acetonide oil. The estimated annual sales of the approved combination is around $10 million in the US, as per data IQVIA MAT data as of June end.

The company had recorded a consolidated net profit of Rs 453.33 crore for the April-June quarter FY24, as against a consolidated net loss of Rs 86.8 crore reported in the same period a year ago.

It reported a 28.6-percent increase in revenue at Rs 4,814.06 crore as against Rs 3,743.8 crore in the year-ago period.

At 09:48 hrs, Lupin was quoting at Rs 1,096.05, up Rs 19.10, or 1.77 percent on the BSE.