Angel Broking has maintained 'Accumulate' on Lupin Pharmaceuticals with target price of Rs 1,122 in its report.

Commenting on the investment rationale, the stock broker said, ''Lupin US subsidiary, Lupin Pharmaceuticals Inc. (LPI) has launched its Ciprofloxacin for Oral Suspension, 5 g/100 mL (250mg/5 mL) & 10 g/100 mL (500 mg/5 mL) in the US having received final approval from the USFDA earlier.

Lupin is the first applicant to file an ANDA for Cipro Oral Suspension 250 mg/ml & 500 mg/ml and as such is entitled to 180 days of marketing exclusivity. Cipro Oral Suspension had annual US sales of US USD 8.6 million (IMS MAT March, 2014). We maintain our accumulate on the stock, with price target of Rs 1,122.''

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