Lupin rose 1.46% to Rs 2,271.90 after it launched Mirabegron extended-release tablets in the US after receiving an approval from the United States Food and Drug Administration (USFDA).
Mirabegron extended-release tablets are used to treat the symptoms of an overactive bladder (OAB), such as incontinence (loss of bladder control), a strong need to urinate right away, or a frequent need to urinate. It is also used to treat neurogenic detrusor overactivity (NDO).The said drug is a generic equivalent of Myrbetriq extended-release tablets of Astellas Pharma Global Development, Inc.
As per IQVIA MAT July 2024, Mirabegron extended-release tablets had estimated annual sales of $1,600 million in the U.S.
Mumbai-based Lupin is an innovation-led transnational pharmaceutical company. It develops and commercializes a wide range of branded and generic formulations, biotechnology products, and APIs in over 100 markets in the U.S., India, South Africa, and across the Asia Pacific (APAC), Latin America (LATAM), Europe, and Middle East regions.
The companys consolidated net profit jumped 76.01% to Rs 801.31 crore during the quarter as compared with Rs 452.26 crore posted in Q1 FY24. Revenue from operations increased 16.28% YoY to Rs 5,514.34 crore during the quarter.
The scrip hit an all time high of Rs 2,280.95 in intraday today.
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