Lupin Upbeat On Biosimilar Etanercept After Q3 Profit Plunge
After a bruising financial third quarter in which net quarterly profit plunged 65%, Lupin reported “a successful outcome” for clinical trials of its rheumatoid arthritis drug etanercept, its first biosimilar product for the global market.
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After a weak second quarter, Lupin had a nasty surprise with the FDA issuing a combined warning letter for two of its Indian manufacturing sites. The FDA action is expected to setback US product approvals, though Lupin maintained that its “structural story of growth” remained intact.
Pricing pressure in the US continued to hurt Lupin, denting its Q2 earnings, with the company’s management suggesting that manufacturers, both US and Indian, could be nearing their “pain point”. CEO Vinita Gupta also maintained that a potential entry of Amazon into the pharmacy business could be “real positive” for the generic industry.
Lupin has snapped up Symbiomix Therapeutics in the US as it evolves its business from a predominantly straight-generics play to a model with an increasing mix of complex generics, specialty medicines and biosimilars. The latest deal gives Lupin access to a therapy in the women’s health segment recently approved by the US FDA.