Lupin rose 1.17% to Rs 1,305.55 at 9:58 IST on BSE after the company said it launched erectile dysfunction treatment medicine Cialis in India through an exclusive licensing pact with Eli Lilly.
The announcement was made after market hours yesterday, 16 May 2017.Meanwhile, the S&P BSE Sensex was up 33.71 points, or 0.11% to 30,616.31.
On the BSE, 26,000 shares were traded in the counter so far, compared with average daily volumes of 76,210 shares in the past one quarter. The stock had hit a high of Rs 1,306.45 and a low of Rs 1,288 so far during the day. The stock hit a 52-week high of Rs 1,750 on 29 July 2016. The stock hit a 52-week low of Rs 1,242.50 on 9 May 2017.
The stock had underperformed the market over the past one month till 16 May 2017, falling 9.05% compared with 3.97% rise in the Sensex. The scrip had also underperformed the market in past one quarter, falling 9.88% as against Sensex's 8.62% rise.
The large-cap company has equity capital of Rs 90.33 crore. Face value per share is Rs 2.
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Lupin said it launched Cialise (tadalafil), an oral PDE5 inhibitor, for the treatment of erectile dysfunction (ED) in adult males. Cialis was shown to improve erectile function compared to placebo up to 36 hours following dosing. Cialis' tablet is available in 10 mg and 20 mg strengths. The product is currently marketed in over 100 countries.
Lupin has acquired the rights to market, promote and distribute Lilly's ED product, Cialis, through its specialty field force while Lilly will be responsible for manufacturing and importing the product.
The PDE-5 market in India is valued at around Rs 390 crore, out of which Tadalafil contributes around 23%. The market size has doubled since 2012 and is growing annually at 15%. As per a study, 52% men between the age 40 to 70 years suffer from erectile dysfunction (ED) of various type ranging from mild to severe. ED causes depression, low self-esteem and affects the quality of life, the company said in a statement.
Lupin's consolidated net profit rose 20.7% to Rs 633.11 crore on 31.5% increase in net sales to Rs 4404.94 crore in Q3 December 2016 over Q3 December 2015. The company will declare Q4 results on 24 May 2017.
Lupin is a pharmaceutical company developing and delivering a wide range of branded & generic formulations, biotechnology products and APIs globally.
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