Lupin share falls over 2% as USFDA issues 3 observations for Pithampur unit
Source: Business Standard
Lupin share price fell after the United States Food and Drug Administration (USFDA) issued 3 observations for its Pithampur Unit-1, based in Madhya Pradesh.
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In an exchange filing, Lupin said, “We would like to inform you that the USFDA inspected Lupin’s Pithampur Unit-1 API and finished product manufacturing facility from September 16 to September 27, 2024. The inspection closed with three observations each on the API and Finished Product side.”
The USFDA inspected the site between September 16 and September 27, 2024.
Lupin further said that the company is addressing the observations comprehensively and will respond to the USFDA within the stipulated timeframe.
Lupin financial performance
Lupin reported a 77.2 per cent year-on-year (Y-o-Y) increase in profit after tax (PAT) in the June quarter of financial year 2025 (Q1FY25) to Rs 801 crore. Lupin’s revenue from operations increased by 16.2 per cent Y-o-Y to Rs 5,514.3 crore.
On a sequential basis, the company’s PAT grew 122.9 per cent while revenue soared 12.6 per cent.
Lupin share price history
Lupin stock has zoomed over 65 per cent this year-to-date while it has gained over 85 per cent in past year. However, the scrip has fallen about 2 per cent in the past month and about 0.7 per cent in past 5 days.
Lupin background
Lupin Limited is a major pharmaceutical company, founded in 1968 by Desh Bandhu Gupta in India.
Initially starting with a single manufacturing facility in Aurangabad, the company has since expanded to 11 plants across India and now operates in over 100 markets globally, including the US, South Africa, and Europe.
Lupin has established itself as one of the largest generic pharmaceutical companies by revenue, specialising in a diverse range of products such as generic and branded formulations, biotechnology products, and active pharmaceutical ingredients (APIs).
Lupin is also recognised as a global leader in the Anti-TB and Cephalosporins segments, with considerable contributions in Cardiovascular health, Diabetology, Asthma, Pediatrics, and Central Nervous System disorders.
At 10:38 AM, shares of Lupin were trading 1.63 per cent lower at Rs 2,185.35 per share. In comparison, BSE Sensex was trading 0.79 per cent lower at 84,895.65 levels.
First Published: Sep 30 2024 | 10:41 AM IST
