The drug major rose 1.97% to Rs 987.45 after the company said it received approval from the US drug regulator for its Albuterol Sulfate inhalation aerosol.
Lupin announced today that it has received US Food and Drug Administration (USFDA) approval for its Albuterol Sulfate inhalation aerosol which is a generic version of ProAir. The pharma major said that the drug will be manufactured at its Indore (Unit III) facility in India.ProAir is the registered trademark of Teva Branded Pharmaceutical Products and is indicated for the treatment of acute episodes of bronchospasm or prevention of asthmatic symptoms.
The total Albuterol Sulfate inhalation aerosol market had US sales of approximately $2.9 billion,of which the ProAir HFA market accounted for $1.3 billion (IQVIA MAT June 2020).
Commenting on the development, Vinita Gupta, CEO, Lupin said, "Approval of our generic Albuterol MDI is a significant milestone in our complex generics evolution and a validation of our Inhalation team's development capabilities, backed by our global manufacturing strength in handling multiple dosage forms. The approval is timely as Albuterol MDI is a key rescue inhalation product for asthma patients who are at an increased risk of COVID-related complications. We look forward to launching the product this quarter and expect a steady rampup through the fiscal year."
Lupin is an innovation-led transnational pharmaceutical company. The company develops and commercializes a wide range of branded and generic formulations, biotechnology products and APIs in over 100 markets.
The company's consolidated net profit tumbled 96.5% to Rs 106.9 crore on a 9.1% decline in sales to Rs 3,468.6 crore in Q1 FY21 over Q1 FY20.
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