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Pharma stock jumps after receiving inspection report from USFDA for its manufacturing facility

Published 24-06-2024, 11:06 am
Pharma stock jumps after receiving inspection report from USFDA for its manufacturing facility
LUPN
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The shares of this pharmaceutical company gained up to 2 percent after the company received the establishment inspection Report (EIR) for its manufacturing facility in New Jersey.

Lupin Ltd (NS:LUPN) has a market capitalization of Rs 71,861.46 crore, the shares were trading in green at Rs 1,576.35 per share, increasing around 1.04 percent as compared to the previous closing price of Rs 1,559.75 apiece.

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The shares of the company have seen positive movement after Lupin Ltd announced that it had received an establishment inspection Report (EIR) from the United States Food and Drug Administration (USFDA) for its manufacturing facility in Somerset, New Jersey, a voluntary action indicated.

“We are very pleased to have received the EIR with a satisfactory VAI status for our Somerset facility. This is a significant milestone in building our reputation of being best-in-class in Quality and Compliance,” said Nilesh Gupta, Managing Director, Lupin.

Examining the company’s financial performance, revenue increased by 12 percent from Rs 4,430 crore in Q3FY24 to Rs 4,961 crore in Q4FY24 but net profit increased drastically by 52 percent from Rs 242 crore to Rs 368 crore.

The firm develops and commercializes a diverse variety of branded and generic formulations, biotechnology products, and APIs in over 100 markets including the United States, India, South Africa, Asia Pacific (APAC), Latin America (LATAM), Europe, and the Middle East.

The company is a leader in cardiovascular, anti-diabetic, and respiratory segments, with a strong presence in anti-infective, gastrointestinal (GI), central nervous system (CNS), and women’s health. Lupin is the third-largest pharmaceutical firm in the United States based on prescriptions. In FY24, the firm allocated 7.8% of sales to R&D.

The company n has 15 manufacturing sites, 7 research centers, more than 20,000 professionals working globally, and has been consistently recognized as a ‘Great Place to Work’ in the Biotechnology & Pharmaceuticals sector.

Lupin Limited is an Indian pharmaceutical firm. The company manufactures, develops, and markets a variety of branded and generic formulations, biotechnology products, and active pharmaceutical ingredients (APIs) worldwide.

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Written by:- Abhishek Singh

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