Lupin rose 2.12% to Rs 1,021.80 after the company said that it received a tentative approval for its Empagliflozin and Metformin Hydrochloride ER tablets from the US drug regulator.
The drug is a generic equivalent of Synjardy XR tablets of Boehringer Ingelheim Pharmaceuticals Inc. The product will be manufactured at Lupin's Nagpur (Maharashtra) facility in India.
The drug is indicated as an adjunct to diet and exercise to improve glycemic control in adults with type II diabetes mellitus when treatment with both empaglifiozin and metformin hydrochloride is appropriate.
As per IQVIA MAT November 2020 data, Empagliflozin and Metformin Hydrochloride ER tablets (RLD: Synjardyt XR) had estimated annual sales of $357 million in the US. The announcement was made during market hours today, 7 January 2021.
On a consolidated basis, the drug major reported a net profit of Rs 213.51 crore in Q2 FY21 compared with net loss of Rs 123.44 crore in Q2 FY20. Net sales during the quarter declined 1% year-on-year (Y-o-Y) to Rs 3,781.79 crore.
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.
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