Lupin share price hits 52-week high on launch of overactive bladder drug in US

Lupin share price increased by more than 1% during Thursday's trading session, reaching a 52-week high. The global pharmaceutical company's announcement about its generic version of Mirabegron extended-release tablets for treating overactive bladder led to this surge, after receiving approval from the US health regulator.

The company stated in a regulatory filing that the US Food and Drug Administration (USFDA) has approved the 50 mg strength Mirabegron extended-release tablets.

The generic equivalent of Astellas Pharma Global Development's Myrbetriq is the 50 mg Mirabegron extended-release tablets.

According to IQVIA MAT July 2024 data, Lupin mentioned that the estimated annual sales in the US are USD 1.6 billion.

“Along with Lupin only Zydus has approval for both 25 mg and 50 mg strengths. The product remains in litigation hence the launch is ''at risk''. That said, both Lupin and Zydus will enjoy 6 months exclusivity as the other players are unlikely to enter the fray before court resolution,” said brokerage ICICI direct Research in its report.

The business said last week that single-dose vials of doxorubicin hydrochloride liposome injection were now available in the US. Following USFDA clearance, the Mumbai-based pharmaceutical company launched the medicine in conjunction with alliance partner ForDoz Pharma Corporation, USA (ForDoz), according to a statement from Lupin.

Lupin share price

On Thursday's session, Lupin share price opened at ₹2,289.90 apiece on BSE, the stock touched an intraday high of ₹2,306.85 apiece, and an intraday low of ₹2268.10.

“Lupin share price has seen rising volumes during recent upmove. The volumes are low on corrections and stock has good support around ₹2,140 which is the 20 DEMA support. Thus, downside seems to be limited for the short term,” said Ruchit Jain, Lead Research Analyst at 5paisa.

Trendlyne data shows that the stock price increased by 109.96% over the previous year, outperforming its sector by 40.9%.

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