Lupin Arm Gains 3.12% After Health Canada Approves Spiriva Generic 2023
In afternoon trading on May 29, Lupin shares increased 3.12% to Rs 804. The company announced that its Lupin Pharma Canada subsidiary has received approval from Health Canada to market generic Spiriva (Tiotropium Bromide) in the country. powder for inhalation of ammonium).
Spiriva is a medication used to ameliorate symptoms associated with chronic obstructive pulmonary disease (COPD), including chronic bronchitis and/or emphysema, including wheezing, shortness of breath, cough, and chest congestion.
Lupin’s generic tiotropium bromide inhalation powder is anticipated to offer COPD patients in Canada an affordable alternative.
The approval of tiotropium bromide inhalation powder by Health Canada represents a significant milestone for Lupine, as it enables the company to capitalize on the $42 million in annual sales projected for the Canadian market.
Based on MAT data from IQVIA for the fourth quarter of 2022, the graph depicts the potential demand for generic medications.
Lupin shares are up 9.8% year-to-date and more than 31% over the past 12 months.
In comparison to last year’s net loss of Rs 518 crore, Lupin reported a net profit of Rs 236 crore for the January-March quarter earlier this month. The company’s profit exceeded the estimate of Rs 1,568 crore made by CNBC-TV18.
The fourth quarter’s revenue increased 12.1% annually to Rs 4,330.3 crore. Europe, the Middle East and Africa, the United States, India, and other growth markets drove the majority of the increase in sales.
In addition, the enhanced product mix enabled Lupin to increase its EBITDA margin in the quarter by 690 basis points year-over-year, from 7.3% in Q4FY22 to 14.2% in Q1FY23.