Global pharmaceutical major Lupin Ltd. on Tuesday said that it has launched Lurasidone Hydrochloride Tablets, a generic equivalent of the Latuda Tablets, in the United States.
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Latuda Tablets are used in the treatment of mental disorders like bipolar disorder and schizophrenia in children and adults.
Lurasidone Hydrochloride Tablets, 20 mg, 40 mg, 60 mg, 80 mg, and 120 mg, are a generic equivalent of Latuda Tablets of Massachusetts-based Sunovion Pharmaceuticals, Inc.
The drug had an estimated annual sale of $4.2 billion in the US as of December 2022, according to IQVIA data.
The drug maker also recently received Establishment Inspection Report (EIR) from the US Food and Drug Administration (USFDA) following an inspection at its new injectable facility located in Nagpur, Maharashtra. The inspection was conducted between October 17 to October 29, 2022.
The company’s share prices have dropped over 11 percent in the past month. Shares declined sharply after Lupin reported a 72 percent decline year-on-year in its consolidated net profit for the December quarter.
Analysts and brokerages expected further weakness in the stock, especially for the company’s March quarter results with experts counting on the launch of the Spiriva generic drug to boost the company’s revenue growth and margin recovery.
Headquartered in Mumbai, Lupin operates 15 manufacturing sites along with 7 research centres. The company employs more than 20,000 individuals across the globe.
Shares of Lupin Ltd. ended 0.63 percent higher at Rs 671.30 on Tuesday.
(Edited by : Rukmani Krishna)