Lupin at a new high

Lupin is having quite a start; from its close of Rs.1440.30, the stock opened today at Rs.1449.75 and surged to hit a new 52-week high at Rs.1461.50. Profit booking came in at this level and the stock is now just about holding on to the green at Rs.1445.

The good news on the counter which pushed the stock to a high was about it receiving tentative approval from the United States Food and Drug Administration (U.S. FDA) for its Abbreviated New Drug Application for Rivaroxaban Tablets USP, 2.5 mg, 10 mg, 15 mg, and 20 mg, to market a generic equivalent of Xarelto Tablets, 2.5 mg, 10 mg, 15 mg, and 20 mg, of Janssen Pharmaceuticals, Inc.

This product will be manufactured at Lupin’s Pithampur facility in India.

Rivaroxaban Tablets USP (RLD Xarelto) had estimated annual sales of US$ 8,249 million in the U.S. (IQVIA MAT November 2023).