Lupin arm secures Health Canada nod for Spiriva generic version, shares rise 3.12%

Lupin’s Canadian arm has received approval from Health Canada to market a generic version of Spiriva (tiotropium bromide inhalation powder) in the country.

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Shares of Lupin climbed 3.12 percent to Rs 804 in afternoon trade on May 29 after the pharma company announced that its subsidiary, Lupin Pharma Canada, has received approval from Health Canada to market a generic version of Spiriva (tiotropium bromide inhalation powder) in the country.

Spiriva, a medication used for the treatment of chronic obstructive pulmonary disease (COPD), including chronic bronchitis and/or emphysema, provides relief from symptoms such as wheezing, shortness of breath, coughing and chest tightness.

Lupin’s generic version of Tiotropium Bromide Inhalation Powder is expected to offer an affordable alternative for patients suffering from COPD in Canada.

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The approval from Health Canada marks an important milestone for Lupin, as it allows the company to tap into the estimated annual sales of $42 million for Tiotropium Bromide Inhalation Powder in the Canadian market. The figure is based on data from IQVIA MAT Q4 of 2022, indicating the potential demand for the generic medication.

Shares of Lupin are up 9.80 percent on year-to-date basis, and have climbed more than 31 percent over the past year.

Earlier this month, Lupin posted a consolidated net profit of Rs 236 crore for the January-March quarter as against a net loss of Rs 518 crore incurred last year. The company’s bottomline also topped CNBC-TV18’s estimate of Rs 156.8 crore.

The topline also grew 12.1 percent on-year to Rs 4,330.3 crore in the fourth quarter. The increase in sales was led by the Europe, Middle-East and Africa, US, India and other growth markets.

Also Read: Lupin’s Q4 net profit at Rs 236 crore, sales rise 12.1% YoY

Moreover, an improved product mix also helped Lupin expand its EBIDTA (earnings before interest, taxes, depreciation, and amortisation) margin for the quarter by 690 basis points on-year to 14.2 percent from 7.3 percent in Q4 FY22.

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