Lupin shares trade higher after US FDA approval to sell HIV drug

Shares of Lupin Limited traded in the green on Wednesday following approval from the US Food and Drug Administrator (FDA) to sell an oral HIV medicine.

The stock was trading up 1.25 percent at Rs 902.5 at 9.19am on the National Stock Exchange. It has gained 21.78 percent since January 1.

After the tentative FDA approval, Lupin will be able to sell its generic HIV medicine Dolutegravir. It is a 5mg oral suspension tablet, similar to another generic HIV medicine called Tivicay PD which is made by ViiV Healthcare Company.

Lupin Limited on Monday had received the FDA approval to market a nasal spray for Vitamin B12 deficiency. It will allow Lupin to market a generic version of a medication called Nascobal Nasal Spray, which is produced by Par Pharmaceutical.

Lupin’s total revenue increased 1 percent on-year to Rs 16,715 crore in FY23 with a profit of Rs 430 crore as against a loss of Rs 1,528 crore a year back. EBITDA margins increased 861 basis points year-on-year in FY23.

Lupin Limited declared a dividend of Rs 4 per equity share for the year ending 2023 and the record date is set at July 14. Record date is the date till which a person can buy an equity share and get entitled to dividend.

Lupin makes drugs for cardiovascular, anti-diabetic, and respiratory ailments. It also has a significant presence in the anti-infective, gastro-intestinal, central nervous system, and women’s health areas.

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