Drug major Lupin on Wednesday posted a 43% year-on-year increase in its net profit to Rs 401.1 crore for the first quarter ended June 30, from Rs 280.4 crore in the year-ago period, after robust sales growth in the US and improved operational efficiencies.
Net sales rose 9.07% to Rs 2,420.7 crore from Rs 2,219.2 crore a year ago.
The company’s US and Europe formulation sales grew 29% to Rs 1,099.4 crore in the first quarter from Rs 849.7 crore a year earlier, contributing 46% to total sales.
Apart from receiving eight approvals from the US Food and Drug Administration (USFDA) during the quarter, Lupin also announced its signing of a licensing pact with US-based pharmaceutical firm Romark Laboratories to exclusively market the latter’s diarrhoea treatment drug ‘Alinia’ in the American market. The firm said under agreement, it will get the exclusive rights to promote, distribute and market Alinia for oral suspension in the US.
Shares of Lupin closed at Rs 827.7 a piece on BSE, down 6.5% on Wednesday.