Lupin Q3 FY2024 Results

Mumbai, February 07, 2024: Pharma major Lupin Limited [BSE: 500257 | NSE: LUPIN] reported its financial performance for the quarter ending December 31, 2023. These unaudited results were taken on record by the Board of Directors at a meeting held today.

Financial Highlights – Consolidated IND-AS

Amt in INR Mn

Particulars	Quarter
Particulars	Q3 FY2024	Q2 FY2024	QoQ Growth %	Q3 FY2023	YoY Growth %
Sales	50,799	49,392	↑2.8%	42,446	↑19.7%
EBITDA	10,673	9,582	↑ 11.4%	5,506	↑ 93.8%
EBITDA Margin (%)	21.0%	19.4%	↑ 160 bps	13.0%	↑ 800 bps
PBT	7,361	6,297	↑16.9%	2,461	↑199.1%

Income Statement highlights – Q3 FY2024

Gross Profit was INR 33,538 Mn compared to INR 32,365 Mn in Q2 FY2024, with gross margin of 66.0%
Personnel cost was 17.5% of sales at INR 8,892 Mn compared to INR 8,607 Mn in Q2 FY2024
Manufacturing and other expenses were 30.7% of sales at INR 15,602 Mn compared to INR 15,519 Mn in Q2 FY2024
Investment in R&D for the quarter was INR 3,567 Mn (7.0% of sales)

Balance Sheet highlights

Operating working capital was INR 54,186 Mn as on December 31, 2023
Capital Expenditure for the quarter was INR 1,848 Mn
Net Debt as on December 31, 2023 stands at INR 10,425 Mn
Net Debt-Equity as on December 31, 2023 stands at 0.07

Commenting on the results, Mr. Nilesh Gupta, Managing Director, Lupin Limited said, “We delivered our highest quarterly sales to date and crossed the 5,000 crore mark for the first time, driven by strong growth across geographies. The U.S. continues to do well driven by demand for both in inline products and new launches, and the India business continues to grow ahead of market with strong growth across our key therapies. This positive growth momentum coupled with cost optimization measures and operating leverage has helped us deliver solid performance”.

Consolidated Financial Results Q3 FY2024

Amt in INR Mn

Particulars	Q3 FY2024	% of sales	Q2 FY2024	% of sales	QoQ Gr%	Q3 FY2023	% of sales	YoY Gr%
Sales	50,799	100.0%	49,392	100.0%	2.8%	42,446	100.0%	19.7%
Other operating income	1,175	2.3%	994	2.0%	18.2%	776	1.8%	51.4%
Total Revenue from operations	51,974	*102.3%*	50,386	*102.0%*	*3.2%*	43,222	*101.8%*	*20.2%*
Material cost	17,261	34.0%	17,027	34.5%	1.4%	17,071	40.2%	1.1%
Gross Profit (Excl. Other op. income)	33,538	*66.0%*	32,365	*65.5%*	*3.6%*	25,375	*59.8%*	*32.2%*
Employee cost	8,892	17.5%	8,607	17.4%	3.3%	7,640	18.0%	16.4%
Manufacturing & Other expenses	15,602	30.7%	15,520	31.4%	0.5%	13,351	31.5%	16.9%
Other Income	294	0.6%	404	0.8%	-27.2%	180	0.4%	63.3%
Forex Loss / (Gain)	(160)	-0.3%	54	0.1%	396.3%	(166)	-0.4%	-3.6%
EBITDA	10,673	*21.0%*	9,582	*19.4%*	*11.4%*	5,506	*13.0%*	*93.8%*
Depreciation, Amortization & Impairment Expense	2,572	5.1%	2,479	5.0%	3.8%	2,204	5.2%	16.7%
EBIT	8,101	*15.9%*	7,103	*14.4%*	*14.1%*	3,302	*7.8%*	*145.3%*
Finance cost	740	1.5%	806	1.6%	-8.2%	841	2.0%	-12.0%
Profit Before Tax (PBT)	7,361	*14.5%*	6,297	*12.7%*	*16.9%*	2,461	*5.8%*	*199.1%*
Tax	1,174	2.3%	1,344	2.7%	-12.6%	885	2.1%	32.7%
Profit After Tax (PAT)	6,187	*12.2%*	4,953	*10.0%*	*24.9%*	1,576	*3.7%*	*292.6%*
(+) Share of Profit from JV	–	–	–	–		–	–	–
(-) Non-Controlling Interest	56	0.1%	56	0.1%	0.0%	41	0.1%	36.6%
Profit/(Loss) for the period	6,131	*12.1%*	4,897	*9.9%*	*25.2%*	1,535	*3.6%*	*299.4%*

Consolidated Financial Results 9M FY2024

Amt in INR Mn

Particulars	9M FY2024	% of sales	9M FY2023	% of sales	YOY Gr%
Sales	147,612	100.0%	119,397	100.0%	23.6%
Other operating income	2,888	2.0%	2,719	2.3%	6.2%
Total Revenue from operations	150,500	*102.0%*	122,116	102.3%	*23.2%*
Material cost	50,696	34.3%	50,296	42.1%	0.8%
Gross Profit (Excl. Other op. income)	96,916	*65.7%*	69,101	57.9%	*40.3%*
Employee cost	25,944	17.6%	23,142	19.4%	12.1%
Manufacturing & Other expenses	45,827	31.0%	37,512	31.4%	22.2%
Other Income	909	0.6%	361	0.3%	151.8%
Forex Loss / (Gain)	(104)	-0.1%	(1,038)	-0.9%	-90.0%
EBITDA	29,046	*19.7%*	12,565	10.5%	*131.2%*
Depreciation, Amortization & Impairment Expense	7,397	5.0%	6,167	5.2%	19.9%
EBIT	21,649	*14.7%*	6,398	5.4%	*238.4%*
Finance cost	2,403	1.6%	1,818	1.5%	32.2%
Profit Before Tax (PBT)	19,246	*13.0%*	4,580	3.8%	*320.2%*
Tax	3,572	2.4%	2,527	2.1%	41.4%
Profit After Tax (PAT)	15,674	*10.6%*	2,053	1.7%	*663.5%*
(+) Share of Profit from JV	–	–	0	0.0%	–
(-) Non-Controlling Interest	123	0.1%	112	0.1%	9.8%%
Profit/(Loss) for the period	15,551	*10.5%*	1,941	1.6%	*701.2%*

Sales Mix

Amt in INR Mn

Particulars	Q3 FY2024	Q2 FY2024	Growth QoQ	Q3 FY2023	Growth YoY
North America	18,885	18,666	1.2%	15,271	23.7%
India	17,251	16,915	2.0%	15,213	13.4%
Growth Markets	4,729	4,378	8.0%	4,187	12.9%
EMEA	5,170	4,759	8.6%	3,802	36.0%
ROW	1,985	1,990	-0.3%	1158	71.4%
Total Formulations	48,020	46,708	2.8%	39,631	21.2%
API	2,779	2,684	3.5%	2,815	-1.3%
Total Product Sales	50,799	49,392	2.8%	42,446	19.7%
NCE Income	–	–	NA	–	NA
Consolidated Sales	50,799	49,392	2.8%	42,446	19.7%

Operational Highlights

North America

North America sales for Q3 FY2024 were INR 18,885 Mn, up 1.2% compared to INR 18,666 Mn in Q2 FY2024; up 23.7% as compared to INR 15,271 Mn in Q3 FY2023; and accounted for 37% of Lupin’s global sales.

Q3 FY2024 sales were USD 212 Mn compared to USD 213 Mn in Q2 FY2024 and USD 177 Mn in Q3 FY2023.

The Company received 14 ANDA approvals from the U.S. FDA, and launched 3 products in the quarter in the U.S. The Company now has 159 generic products in the U.S.

Lupin continues to be the 3^rd largest pharmaceutical player in both U.S. generic market and U.S. total market by prescriptions (IQVIA December 2023). Lupin is the leader in 50 of its marketed generics in the U.S. and amongst the Top 3 in 102 of its marketed products (IQVIA December 2023).

India

India sales for Q3 FY2024 were INR 17,251 Mn, up 2.0% as compared to INR 16,915 Mn in Q2 FY2024; up 13.4% as compared to INR 15,213 Mn in Q3 FY2023; and accounted for 34% of Lupin’s global sales.

India Region Formulations sales grew by 2.0% in the quarter as compared to Q2 FY2024, up 12.9% as compared to Q3 FY2023. The company launched 7 brands across therapies during the quarter.

Lupin is the 7^th largest company in the Indian Pharmaceutical Market (IQVIA MAT December 2023).

Growth Markets (LATAM and APAC)

Growth Markets registered sales of INR 4,729 Mn for Q3 FY2024, growing 8.0% compared to INR 4,378 Mn in Q2 FY2024; up 12.9% as compared to INR 4,187 Mn in Q3 FY2023; and accounted for 9% of Lupin’s global sales.

Brazil sales were BRL 54 Mn for Q3 FY2024, compared to BRL 74 Mn for Q2 FY2024 and BRL 70 Mn for Q3 FY2023.

Mexico sales were MXN 212 Mn for Q3 FY2024, compared to MXN 83 Mn for Q2 FY2024 and MXN 217 Mn for Q3 FY2023.

Philippines sales were PHP 548 Mn for Q3 FY2024, compared to PHP 621 Mn for Q2 FY2024 and PHP 452 Mn for Q3 FY2023.

Australia sales were AUD 28 Mn for Q3 FY2024, compared to AUD 26 Mn for Q2 FY2024 and AUD 21 Mn for Q3 FY2023.

Europe, Middle-East and Africa (EMEA)

EMEA sales for Q3 FY2024 were INR 5,170 Mn, up 8.6% compared to INR 4,759 Mn in Q2 FY2024; up 36% compared to INR 3,802 Mn in Q3 FY2023; and accounted for 10% of Lupin’s global sales.

South Africa sales were ZAR 371 Mn for Q3 FY2024, compared to ZAR 341 Mn for Q2 FY2024 and ZAR 308 Mn for Q3 FY2023. Lupin is the 7^th largest player in South Africa in the total generics market (IQVIA December 2023).

Germany sales were EUR 11 Mn for Q3 FY2024, compared to EUR 13 Mn for Q2 FY2024 and EUR 11 Mn for Q3 FY2023.

Global API

Global API Sales for Q3 FY2024 were INR 2,779 Mn, up 3.5% as compared to INR 2,684 Mn in Q2 FY2024; down 1.3% as compared to INR 2,815 Mn in Q3 FY2023; and accounted for 6% of Lupin’s global sales.

Research and Development

Investment in R&D was INR 3,567 Mn (7.0% of sales) for Q3 FY2024 as compared to INR 2,896 Mn (6.8% of sales) for Q3 FY2023.

Lupin received approval for 14 ANDAs from the U.S. FDA in the quarter. Cumulative ANDA filings with the U.S. FDA stand at 447 as of December 31, 2023, with the company having received 319 approvals to date.

The Company now has 51 First-to-File (FTF) filings including 18 exclusive FTF opportunities. Cumulative U.S. DMF filings stand at 155 as of December 31, 2023.

About Lupin

Lupin is an innovation-led transnational pharmaceutical company headquartered in Mumbai, India. The Company develops and commercializes a wide range of branded and generic formulations, biotechnology products, and APIs in over 100 markets in the U.S., India, South Africa, and across the Asia Pacific (APAC), Latin America (LATAM), Europe, and Middle East regions.

The Company enjoys a leadership position in the cardiovascular, anti-diabetic, and respiratory segments and has a significant presence in the anti-infective, gastro-intestinal (GI), central nervous system (CNS), and women’s health areas. Lupin is the third-largest pharmaceutical company in the U.S. by prescriptions. The company invested 7.9% of its revenue in research and development in FY23.

Lupin has 15 manufacturing sites, 7 research centers, more than 20,000 professionals working globally, and has been consistently recognized as a ‘Great Place to Work’ in the Biotechnology & Pharmaceuticals sector.

Please visit www.lupin.com for more information.

LinkedIn: https://www.linkedin.com/company/lupin

Facebook: https://www.facebook.com/LupinWorld/

Twitter: https://twitter.com/LupinGlobal

For further information or queries please contact –

Heena Dhedhi
Deputy General Manager – Corporate Communications
Email: heenadhedhi@lupin.com

Lupin Q3 FY2024 Results

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