Lupin gains FDA approval for generic HIV drug Descovy, shares rise

Lupin Pharmaceuticals has received approval from the US Food and Drug Administration for its generic version of Gilead Sciences' HIV drug, Descovy. This approval allows Lupin to market the drug with 180 days of shared exclusivity in the US. The generic tablets, containing emtricitabine and tenofovir alafenamide, will be produced at Lupin's facility in Nagpur, India. This marks Lupin as one of the first companies to gain approval for this formulation. Following the announcement, Lupin's shares rose by 2.6%, closing at Rs 2,098.7. The stock has increased by 60% in 2024 and 188% over the past two years, with a market capitalization of Rs 95,742 crore.