Lupin share price gains as USFDA concludes inspection without observations

Lupin share price was trading higher in the early trade on August 14 after the USFDA concluded an inspection without any observations.

The company announced that its unit-2 manufacturing facility located in Mandideep, India, has successfully completed a GMP inspection by the United States Food and Drug Administration (USFDA).

The inspection was conducted from August 7 to August 11, 2023.

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Earlier this month, the company’s New Jersey-based subsidiary Novel Laboratories Inc received approvals from the US FDA for two variations of the fluocinolone acetonide oil. The estimated annual sales of the approved combination is around $10 million in the US, as per data IQVIA MAT data as of June end.

The financials

The company had recorded a consolidated net profit of Rs 453.33 crore for the April-June quarter FY24, as against a consolidated net loss of Rs 86.8 crore reported in the same period a year ago.

It reported a 28.6-percent increase in revenue at Rs 4,814.06 crore as against Rs 3,743.8 crore in the year-ago period.

At 09:48 hrs, Lupin was quoting at Rs 1,096.05, up Rs 19.10, or 1.77 percent on the BSE.