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Uncertainty over changes in medicine prices and one-time disturbances involving the suspension and revocation of diabetes drug pioglitazone affected the performance of drug-maker Lupin for the three months ended June 30, 2013.
But this uncertainty has been sorted out and is unlikely to continue, Nilesh Gupta, Lupin Group President, told Business Line .
The company posted a net profit of Rs 401 crore for the quarter, up 43 per cent from Rs 280 crore in the corresponding period last year. Net sales grew nine per cent at Rs 2,420 crore (Rs 2,219 crore). Sales in Japan were impacted because contract manufacturing by one of its units was affected due to deferred orders, said Gupta.
US licensing deal
Meanwhile, Lupin has signed a revenue-sharing agreement with US-based Romark Laboratories to market the oral suspension form of Romark’s Alinia (nitazoxanide) in the US. Alinia is used in the treatment of diarrhoea caused by cryptosporidium and giardia — two common protozoal infections in children over one year.
Lupin’s 160-plus strong brands sales force will promote Alinia suspension in the US market. The product will be marketed along with Lupin’s Suprax and Antara, the company said.
The agreement demonstrates Lupin’s commitment to grow its brand franchise in the US and bring meaningful products to the paediatric community, said Vinita Gupta, Chief Executive, Lupin Pharmaceuticals Inc. and Group President, Lupin Ltd. Lupin shares closed down close to seven per cent on the BSE, at Rs 827, on Wednesday.
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