Lupin rose 1.12% to Rs 692.35 at 10:43 IST on BSE after the company said it has received US health regulator's approval to market generic version of Janssen Pharmaceuticals Inc's Ortho-Novum tablets, an oral contraceptive drug, in the US market.
The announcement was made after market hours on Friday, 26 April 2013.
Meanwhile, the BSE Sensex was up 51.03 points, or 0.26%, to 19,337.75.
On BSE, 10,000 shares were traded in the counter as against an average daily volume of 59,015 shares in the past one quarter.
The stock hit a high of Rs 698 so far during the day, which is also a record high for the counter. The stock hit a low of Rs 687.55 so far during the day. The stock had hit a 52-week low of Rs 507 on 15 June 2012.
The stock had outperformed the market over the past one month till 26 April 2013, rising 10.07% compared with the Sensex's 3.11% rise. The scrip had also outperformed the market in past one quarter, gaining 14.21% as against Sensex's 4.06% fall.
The large-cap drug maker has an equity capital of Rs 89.53 crore. Face value per share is Rs 2.
Lupin said that its subsidiary Lupin Pharmaceuticals Inc. (collectively Lupin) has received final approval for its Pirmella 7/7/7 (Norethindrone and Ethinyl Estradiol Tablets USP, 0.5 mg/0.035 mg, 0.75 mg/0.035 mg and 1mg/0.035 mg) and Pirmella 1/35 Tablets (Norethindrone and Ethinyl Estradiol Tablets USP, 1 mg/0.035 mg) from the United States Food and Drugs Administration (US FDA) to market a generic version of Janssen Pharmaceuticals, Inc.'s Ortho-Novum 7/7/7 Tablets and Ortho-Novum 1/35 tablets.
Lupin would commence shipping the product shortly. Lupin's Pirmella 7/7/7 and Pirmella 1/35 Tablets is indicated for the prevention of pregnancy in women who elect to use the product as a method of contraception. The combined annual sales of Ortho Novum 7/7/7 and Ortho Novum 1/35 Oral Contraceptive Tablets stands at $96.5 million (as per IMS MAT December 2012 data).
Lupin's consolidated net profit jumped 42.6% to Rs 335.23 crore on 37.6% growth in net sales to Rs 2465.87 crore in Q3 December 2012 over Q3 December 2011. Lupin will announce its year ended March 2013 results on 8 May 2013.
Headquartered in Mumbai, Lupin is a pharmaceutical company producing and developing a wide range of branded and generic formulations and APIs. The company is a significant player in the cardiovascular, diabetology, asthma, pediatric, CNS, GI, anti-Infective and NSAID space and holds global leadership positions in the Anti-TB and Cephalosporin segment.
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