15 Jul , 2024 By : Debdeep Gupta
Lupin's share price rose in the early trade on July 15 after the company received the Establishment Inspection Report (EIR) from the United States Food and Drug Administration (USFDA) for its manufacturing facility located in Dabhasa, Gujarat.
At 09:29 am, Lupin was quoting at Rs 1,813.75, up Rs 16.65, or 0.93 percent, on the BSE.
The EIR was issued after the last inspection of the facility conducted from April 8 to April 12, 2024.
The inspection concluded with no observations and the facility received an inspection classification of “No Action Indicated” (NAI).
The facility is a part of Lupin Manufacturing Solutions (LMS), which is engaged in the development, manufacture, and sale of Active Pharmaceutical Ingredients and Contract Development and Manufacturing Operations.
Broking house ICICI Securities in its July 10 report maintained a 'reduce' rating but raised the target price to Rs 1,615.
Lupin’s recent success in the US (sales grew ~34% YoY in FY24) is driven by its better regulatory track record and traction in the inhalation portfolio. Share of inhalation products has risen from 25% of US sales in FY22 (USD 185mn) to 40% in FY24 (USD 326mn) post the launch of gSpiriva, said ICICI Securities.
In India, growth had been subdued due to the discontinuation of in-licensed brands (contribution down from 15% in FY23 to 11% in Q4FY24), broking house added.
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