Drug firm Lupin saw its shares slump in value early Wednesday after it launched a generic anti-psychotic medication in the United States.

What Happened? Lupin on Tuesday announced the launch of lurasidone hydrochloride tablets in the US which is a common medication used to treat certain symptoms of schizophrenia in adults.

The company’s product, in strengths of 20 mg, 40 mg, 60 mg, 80 mg and 120 mg, is the generic equivalent of Massachusetts-based Sunovion Pharmaceuticals Inc’s Latuda tablets. Lupin, meanwhile, now has 167 generic products in the US.

Per market intelligence and analytics firm IQVIA MAT, lurasidone hydrochloride tablets had estimated annual sales of $4.2 billion (₹34,781 crore) in the United States.

As far as financials go, Lupin reported a 72% decline in consolidated net profit at ₹153 crore for the third quarter that ended Dec. 31, 2022. The company recorded a net profit of ₹545 crore for the October-December period last fiscal.

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Total revenue from operations increased to ₹4,322 crore as compared to ₹4,161 crore in the year-ago period.

“North America sales for Q3 FY2023 were ₹1,527.1 crore, down 3.2% compared to ₹1,577.5 crore in Q3FY22, which accounted for 36% of global sales,” noted Lupin in an exchange filing.

“In Q3FY23 sales were $177 million (₹1,465.95 crore) compared to $202 million (₹1,673 crore) in Q3FY22, down 12.4% YoY, but grew by 11.3% sequentially,” the pharma player stated.

Price Action: Lupin Ltd shares were trading 0.19% lower at ₹673.35 on Wednesday, shortly after markets opened for trading.

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