Lupin is pretty volatile today; opening 2.5% higher at Rs.1429.95, which was a new 52-week high, the stock soon profit booking and slipped in the red; it is currently trading at 1396.

The reason for the initial euphoria in the stock on account of getting the US FDA tentative approval to market a generic diabetes drug.

The drug - Dapagliflozin and Saxagliptin Tablets, 5 mg/5 mg and 10 mg/5 mg are a generic equivalent of Qtern Tablets, 5 mg/5 mg and 10 mg/5 mg of AstraZeneca AB.

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

Dapagliflozin and Saxagliptin Tablets are indicated as an adjunct to diet and exercise to improve glycemic control in adults with type 2 diabetes mellitus.

Dapagliflozin and Saxagliptin Tablets had estimated annual sales of $5 million in the U.S. (IQVIA MAT November 2023).