Lupin shares closed higher on Thursday after the pharma company informed bourses that its US subsidiary, Gavis Pharmaceuticals LLC., USA has received tentative approval from the United States Food and Drug Administration (USFDA) for its Azithromycin for oral suspension USP, 300 mg (100 mg/5 mL) and 1200 mg (200 mg/5 mL) to market a generic version of Pfizer Inc.’s Zithromax for oral suspension, 100 mg/5ml and 200 mg/5ml. Lupin had earlier received final approval for its Azithromycin Tablets, 250 mg, 500 mg, 600 mg and Azithromycin for Oral Suspension USP, 100 mg/5 mL and 200 mg/5 mL from the USFDA which was filed from its Goa plant. Zithromax Oral Suspension had US sales of $110.6 million as per IMS MAT June 2016.
Shares of the company closed 1.21 per cent up at Rs 1501.60. The scrip opened the day at Rs 1486 and touched a high and low of Rs 1510 and Rs 1481.85, respectively, in trade so far. Benchmark BSE Sensex closed 28.69 points down at 28,423.48.
For the quarter ended June 30, 2016, Lupin reported a consolidated net profit of Rs 881.95 crore, up 55.12 per cent, against Rs 568.55 crore in the corresponding quarter a year ago. Net sales of the company jumped by 40.01 per cent year-on-year to Rs 4313.56 crore for the quarter under review against Rs 3080.87 crore in the same quarter last year. During April-June period, consolidated operating profit of the company jumped by 54.43 per cent year-on-year to Rs 1390.65 crore against Rs 900.51 crore in the same quarter last year.