lupin investor presentation 2022

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Lupin AT ADR's (LUPNY) CEO Vinita Gupta on Q4 2022 Results - Earnings Call Transcript

Lupin AT ADR (LUPNY) Q4 2022 Earnings Conference Call May 19, 2022 6:00 AM ET

Company Participants

Vinita Gupta – Chief Executive Officer Ramesh Swaminathan – Chief Financial Officer and Head, Corporate affairs Nilesh Gupta – Managing Director

Conference Call Participants

Pritesh Vora – Mission Street India Kunal Randeria – Edelweiss Prakash Agarwal – Axis Saion Mukherjee – Nomura Krishnendu Saha – Quantum Asset Management Sameer Baisiwala – Morgan Stanley Kunal Dhamesha – Emkay Global Tushar Manudhane – Motilal Oswal Hitesh Mahida – Antique Stock Broking Nithya Balasubramanian – Bernstein

Unidentified Company Representative

[Call Starts Abruptly] Investors from Lupin. So I was really looking forward to meeting with you today. I hope you and your relatives, your family have been keeping safe during this horrendous time. The last couple of years have been pretty bad for a lot of families. I hope you have been doing good. Of course, I have been in touch with people – about our performance. You’ve been raising questions to me from time to time and of course you’ve had our regular investor calls and the like every quarter. And you’ve always supported us, guided us, assisted us and we should be looking at things and so on. Thank you for that.

Again, coming back to the current year performance, happy to take you through our quarterly performance as well as our results for the year itself. It’s a smaller crowd out here, but I’m sure there are a lot of people, who are on the call itself, who would potentially be asking us questions because as per the SEBI regulation, I think we need to be live for the rest of the community to interact with us. So I really would be looking forward to questions from those people who are online so to speak and happy to take this again. Shall we begin with the presentation?

So this is our strategic vision screen. Next slide, please. Go onto the slide after that. This is our strategic vision for us as a company, a global pharma company focused on core growth platforms. As you recognize we have done extremely well in India over time. And as I listen to a lot of you, you have also been telling me that you should really be focusing on India. And just about a few minutes ago, it was very surprising because a lot of people are telling me, as I was listening to them, that India is – your valuation has been captured in India per se and the rest of the business has not actually been valued. And to that extent it is surprising in some ways. I’m sure there are going to be a lot of questions about some of the parts and how we could take this forward. So they’re talking to me about that.

This meeting is being recorded.

And so, we are looking at India very, very seriously, both organic and inorganic growth. And as you would recognize, you’ve done a stupendous job out here. And we just acquired recently Anglo-French, but that’s a way forward for a host of in the years to come as well. As it’s a lot of other pharma companies, we are also providing ourselves and focusing on a lot of number of platforms, a lot of complex, really complex ones at that. I spoke about it a few minutes ago also about the fact that we are concentrating so much on complex injectables on our inhalations portfolio and looking at biosimilars. And the fact that OSD business is not going to be the focus area. And that’s resonated with you as well.

From a global perspective, we believe that we need to be absolutely focused on efficiency. There are a number of initiatives that we are taking to make ourselves a lot more efficient because there have been tremendous inefficiencies that have kept into the system over the last few years. We are conscious of that and we’re taking all steps to kind of work on that across. We are also building operating leverage in our CapEx spends as well as on R&D. Of course, the overall focus would be to really focus on product development cycles for development and to kind of compress that, so that we are delivering topnotch launches from time to time. So that actually helps in leveraging our top line. Our continuous improvement culture, is Indian culture, if you mean, and of course be global quality class. All of these, of course, are initiatives that we have taken and we are really going to focus on. You would like to add to that Vinita something?

Vinita Gupta

No, I think, it’s fair to say compared to what you saw us do in the past. We have simplified our strategic focus quite a bit when we used to have specialty in here. If you’ve seen in the last year, we have pretty much taken the specialty burn off the organization. Likewise we have efforts underway to take areas like chemical entity where again we have established a tremendous capability, but it does not really give us operating leverage in our current business, does not get valued in our current business. So finding the right path for those platforms, or all efforts that are underway, to really focus on these three core pillars of growth for the organization, which is doubling down in India, delivering on our complex generic platforms and globalizing our complex generic platforms. When you look at platforms like inhalation products like biosimilars, like complex injectables, unlike the oral solid dosage business, these are global platforms with the investment that we are making both in the pipeline as well as abilities, capacities. It may possible ourselves, so that we can, from an economic standpoint, get the end to end benefit.

Thank you, Vinita. So this is about the industry trends. You’ve also noticed that price erosion seems to have become endemic. And so far as the American business is concerned – sorry about that. Yes. So price erosion is pretty endemic when it comes to the American business and we spoke about it just about a few minutes ago. In January, in particular, for example, we’d saw a 7% decline while it’s accelerated to 16%, you can’t obviously take one brush and kind of paint everything – broad brush across the entire landscape. But the fact is there is – it is really going to be product specific, portfolio specific, but it is there to stay. The second thing that seems to be confronting everybody is secular inflation and inflationary trends across all sectors, across the pharmaceutical sector as well.

This obviously puts pressure on our overall margins. And that’s obviously headwinds for us again. There is tremendous need for looking at low intensity competitive launches and Vinita and I just spoke about the fact that we’re going to focus on in fact inhalations portfolio, the complex injectables, the biosimilars and possibly even on the OSD’s niche launches in order to actually capture what you think is going to be value for our customers as well as for our investors. India business will remain strong. It’s always been our focus for several years and you have seen us grow in strength from time to time. It will certainly be extremely important for us going forward as well. So it’ll encompass both organic as well as inorganic strokes. And the good thing about – to be getting out of COVID is the fact that the FDA would begin worldwide inspections. And with that, it could be a double edge sword, it could work in our favor because we have a pretty decent pipeline stock without approvals, but at the same time – and you know about Goa for sure but – and we just finished our report, but there’s motor come, but it could also turn to be a double edged sword in that. It could also intensify competition, so to speak.

This is where Lupin is today from a market cap perspective about – next slide, please. It’s about $4 billion market and the revenue base is about $2.2 billion, EBITDA about $311 million. People are very familiar with this. Globally, we are the 10th largest generic company. We are hired up the league tables a few years ago and we are sure we’ll get back there, the sixth largest Indian pharma company, the third largest in America from a prescriptions perspective. And we present in several geographies from USA, Mexico, Brazil, India and we present in Australia, Philippines, South Africa and a host of other places. Our overall manufacturing footprint is about – we got about 15 sites spread across India and of course we have plans to in start in America, in Brazil and Mexico. And we have seven R&D sites again across various parts of the globe. Next slide please.

This a snapshot of what we actually – how Q4 actually was for us. As you can see if you look at that performance for the last four quarters it generally has been ranging between Rs. 3,800 crores and Rs. 4,000 odd crores. Q4, there was actually a decline we serviced Q3. This is led by in fact a slight reduction in India and of course, reduction in America. The reasons for decline in India is because Q4 in a general sense is always the weakest quarter for India. You know that traditionally, Q1 and Q2 are very strong for India, Q3 and Q4 are a little tepid in comparison.

This time around America so we – number of people raised this question to me in the morning you why have we reach less than $200 million, because that’s what we had guided for at the beginning of this year in America. But the fact is there has been price decline. This quarter, we were also stuck with in fact, some un-times, so in terms of losartan we were not able to sell [indiscernible] the turnover also the fact that there were returns associated with in fact the recall itself. So together – and there was price decline across a number of products.

Of course, Brovana we ran out of exclusivity status also. Levothyroxine and others, there was price reduction. So to the extent you would also appreciate that the acute therapy range that we have in our portfolio, unfortunately the last two to three years, we have not been able to make been to make a win that because acute therapy has not been selling in America or in fact in most parts of the globe.

Then of course, we talk about other therapy areas, including other SBUs, including API who still have an issue in terms of acute therapy products, have less foreign products. So all of this has taken a toll and to the extent our Q4 has remained under suppress, so to speak.

And if you look at the EBITDA margins, it has also come down. There is of course, Rs. 127 crore impact only because of the fact that our sales were lower. But apart from that, there was, of course, the impact of several one times this is including the, losartan [indiscernible] and cost associated with that. As you might also know, we lost our litigation for Solosec in terms of royalties to be paid to the vendor. And they were associated litigation costs and the like.

So all of this actually took a toll. And so the one time that actually comes into overall expenditure base. Apart from that, there was a swing from the last quarter, because last quarter there were settlement incomes. And those did not figure in this quarter, so the swing is a little more marked in terms of it’s a big swing in speed service the previous quarter. The last was 13.7% on a normalized basis. This time it came down [indiscernible] the sale as well as the one-time. So it took, plus of course [indiscernible].

But there were other developments which are already noteworthy and important. We acquired Anglo-French. It was actually consummate in the first week of April, but important development obviously. We also handed – we had a bolt-on acquisition in Australia, a very important one at that for us. We announced strategic partnerships in China. Then of course supplier arrangements in China, again and for other important products for on big G-CSF and so on, you see the FDA approval for number of products, three products at that. And of course we had our inspection of our Tarapur facility last quarter.

Next slide.

Ramesh Swaminathan

Next slide please. Vinita this is really – would you like to speak about America.

Sure, sure. So I think most of this is known, but if you look at our position in the U.S. suddenly have a very strong market position with 44 products we are market leaders. Very heartening development with Albuterol. All of you know, that we entered a little bit later, then our competitors appears in Albuterol, but have now got 22.6%, almost 22% market share. So we have ramped up very nicely. And when I look at Albuterol Brovana now inhalation products are over 25% of the company’s the U.S. business revenues bigger part of the U.S. profitability. So the transition into complex generics suddenly in inhalation is happening. We need to accelerate it which we are looking forward to in fiscal 2023, as well as 2024. We have material launches into the U.S.

We have a good number of our portfolio 160 products in the market, 113 products. We are in top three in terms of market share. And a good number of products that are pending. So from a pipeline perspective, actually when we compared it with all of our peers, we have one of the richest pipelines, both in terms of number of vendors that are pending as well as the complex products that we have [indiscernible] within the pipeline that based on the conversation with some of you that market cap pretty much reflects only the India business. We have tremendous upside here with the pipeline that we have built on the complex generic front for the U.S.

On the revenue front, as Ramesh mentioned, we had softness in Q4 in particular due to couple of products Albuterol primarily phasing. We see Albuterol really again, the winter months as the volume is higher and then tapers down. So we saw some of that plus we had additional competition in Brovana. So you saw the impact of that. And we had the recall of Losartan. Those were the three material reasons why revenues were down in Q4.

And we launched a couple of products. We launched two products small though in the scheme of things. Our material products we expect [indiscernible] in the next months we launch Suprep into the U.S. And then later on in the fiscal year we plan to launch [indiscernible] as well as FD permitting filgrastim. So, we’ve had challenges this past year, I’d say it’s been a year of really making the U.S. business stronger from a processes standpoint, from a balance sheet standpoint, we had a number of one time impacts of gross to net items like FTS [indiscernible] that we cleaned up as well as returns, inventories for the flu season products like oseltamivir and cephalosporin.

So we believe that we are in a strong position, but still need new product launches to grow the business. I mean all of you have been close to the marketplace and the trends in the U.S. pricing pressure is still strong, especially on the oral solids. We continue to see double digit pricing pressure. And so the only way to be able to grow both on revenues as well as profitability is a combination of new product launches and material, new product launches as well as continued cost reduction and optimization, and both are a very strong focus for us.

Thank you, Vinita. Next slide please. Nilesh would like to take on this India business?

Nilesh Gupta

Yes, sure Ramesh. So we feel that, we feel very good about our India business. I think it’s just coming into its own. And I think there’s a lot of room for us to grow in India. And we are really exploring all kinds of things in India. And we’ll talk about some of that. So as we fix the U.S. business, I think the core India business, we definitely want to double down on – the Q4 growth was stepped, we’d grew at 5% and then I think that’s an industry trend at this point in time, especially the COVID drugs as they come off and the original market that happened on the COVID counters that come down, you will see sluggishness for the market.

You’ll see sluggishness for – you’ll see even market decline. I think in April, the market is actually declining for the industry. We were not positively impacted by the COVID products. We really didn’t have any and therefore, we’ll not be negatively impacted materially as well. So should be good growth, should be a good growth year as long as COVID doesn’t play spoil sport anymore. Hopefully, it’s behind us. But the India quarterly says, as you can see, goes strong Q4 is always weak. You see high Q1 coming up thereafter, year-on-year, last Q1 was big. So from that perspective, you won’t see that growth, but you’ll see that growth in coming quarters as well. Our focus is chronic amongst our peer set where the largest – our proportion of sales from chronic therapy areas is the largest.

And that continues in our big three areas are cardiac, diabetes and respiratory. As you can see from the slide, we are growing faster than the market in all three. We are not satisfied with this growth rate. We think we can do better. And certainly FY2023, but the period that we owned as well, you should look at stronger growth coming from Lupin in these therapy areas, but overall for our India business as well. Three brands in the top 100, eight in the top 300, that statistic has been improving again, not satisfied with it. I think there’s again, more room to grow there.

Double-digit growth in areas like respiratory and gynecology and we are launching new divisions as well. So we launched three divisions one for diabetes, one for CNS, and one for anti-infectives. Like I said, I think it’s an extremely fragmented market. There’s a lot of room to grow, it’s our home market and the U.S. and India are our two home markets. So we have to do well in both those markets. And certainly, there’s a lot of room to grow in India. Ramesh, back to you.

Yes. Thank you. These are the other markets that we are present in. So essentially made some good progress across various markets, in EU5, for example, we also – Fostair was introduced. And we had been ramping up on Namuscla as well, Australia, we made these acquisitions, Southern Cross, which you believe would serve us good in the years to come. South Africa, we are now the fourth largest generics player. And of course been a market leader in cardiovascular space for quite some time. Brazil, so that’s been a last speaking unit until very recently, but it’s turning around pretty nicely for us. Mexico, we’re a market leader in ophthalmology, number two – actually SOPHIA is number one.

But in terms of values, and then in developing a national footprint, we really are going the full hog out there. And of course, API business, so it’s been the fortunes have dipped this year, essentially because of acute therapy products, not selling in most parts but in general sense, the ARV business continues to do pretty well. Some headwinds in India on the TB front, but overall, it’s still a good growth. And as you might know, we are looking at getting kind of broad basing our overall portfolio of products that we serve for a global institutional business. Next slide, please.

The P&L, essentially this is the snapshot of this was actually provided previously. We spoke about the fact that there has been a slight decline in overall sales. And we also spoke about the reason why there was decline in overall EBITDA margins and there, of course, exceptional items from a write-off perspective, also this time around. We had actuated amortization of certain intangibles in Gavis, which we took this year and overall, given the fact that we actually had huge exceptional items in Q3. We had – so we ended up with the entire year at an overall loss situation, but I rush to add that the next two quarters could potentially be might have the lack – same lackluster feeling, but the second half of next year onwards, you would actually see a step up in terms of sales as well as in terms of the margins that go with it.

As Vinita was saying, there are a number of products that we are looking at for America over the next several years. And for sure, I think this would begin in Q3, that Suprep and that’s something which we already have an approval for. This is again, a snapshot of what we spoke about, essentially the analyzation of our annual results for the year, for the company. And I guess, it’s something which we just spoke about in terms of the exceptional items, making this a very exceptional year in some ways. Next slide, please.

R&D, as you can see, it’s been running steady at around 350, 375 grow mark, so to speak, it’s around the 8% mark but more importantly, the character of R&D is shifting. As Vinita was also saying, it is going to be more – a lot more focus on complex generics. And so there’s going to be inhalations and the injectables and biologics all the way – biosimilars all the way. And of course, the salience of NC would certainly come down over time. There’s been a tight rain on overall capital expenditure as you can see, it used to be in the 1,800 crore range. It’s hovering around the 600 crore mark, but there’s a lot of inputs in the CapEx cost expenditure outlays.

And of course, from being a cash surplus company, there is a slight increase in overall debt. There’s tremendous scope for potentially working on working capital optimization. It’s around 145 days currently. And my team are working on optimizing on that. It turned out to be a dead situation only because the fact that we had to [Audio Dip] the settlements been came to Glumetza. But that is one time, it’s a question of time if we kind of get back into the surplus situation until we actually start using it for productive purposes, including a mandate. And that’s something that we are saying you’ll be looking at in India and worthwhile acquisitions in other parts also, next slide, please. Really your slide, you like talk about complex generics, you’re passionate about it.

Sure. So as I mentioned that the focus on the pipeline front to grow the business is certainly on the complex generics. And we have pivoted from a R&D standpoint from oral solids into complex generics. That’s not to say that we don’t leverage our oral solid platform. We have tremendous capabilities and capacities from a plant perspective, established there as well.

So definitely chasing material opportunities there, but really going – making sure that all of the material pipeline opportunities on the complex front, whether it’s injectables, inhalation, ophthalmic, derm, we cover them. And right now, I mean, pipeline is rich with all of the material products across these platforms.

Next slide, please. So, this is really what our pipeline looks like. It covers $70 billion with our products going off patent. And as you can see, the oral solids are now 15% of our pipeline, biosimilars 13%, just given the sheer scale of the biosimilar products by market size; inhalation, 25% of our pipeline and injectables, 22%. Also, a small percentage of women’s health and depot injectables. We have captured separately from injectables. So roughly injectables is 30%. So when you start looking at inhalation, injectables and biosimilars, roughly 30, 30, 30, material opportunities across these three platforms.

Yes. Next slide, please.

So again, this is continuing on the same theme. We have already started monetizing our inhalation platform with products like albuterol that we have monetized in the U.S. Now a solid product for us. And some of these platforms, as you can see from the flags that we put in there are geographic. We have the potential of leveraging across multiple geographies. So on the inhalation front, we also launched Fostair as Ramesh said. As said in UK and have plans to launch other inhalation products in UK and Europe as well, as well as China.

So the inhalation platform has started and in the next couple of years will really become a material part of our business, as well as geographical spread. I mean right now, we have albuterol, but looking at the next 12 months, Spiriva and then Dulera and Fostair. We have Qvar, the next wave of DPIs, MDIs, the Ellipta products, the Respimat products, all in the development on the inhalation front.

On the biosimilars front, again, multiple geographies that we are addressing. And the focus has shifted from, of course, our first program, pegfilgrastim, for the U.S., which we’re looking forward to bringing to market soon, the products where we can be in the first phase, where we are in first or second to launch and have the potential of really getting major upside as well as a strong long-term position.

On the injectables front, after inhalation and biosimilars in fiscal year 2024, we will see material launches coming through. We’ve had a number of [indiscernible] filings. This past year, we have had our first peptide filing on the products like ganirelix, products like glucagon, our Risperdal Consta on the depot front, that’s pretty far along. We hope to be the first company to file a 505(j) for Risperdal Consta and so on and so forth.

So material pipeline, complex product pipeline on the injectables front. On the women’s health front, we’ve made significant progress on the drug device combinations. Products like Nexplanon and Mirena, we’ve already got proof-of-concept and have put these products into the clinic. Again, from a timing perspective, it’s inhalation now, biosimilars next, injectables soon thereafter and women’s health in the four-year to five-year time frame. Next slide, please.

It’s basically what you’ve already spoken about.

Well, I think I’ve probably spoken to most of this. I mean, on the inhalation front, we are pretty much chasing all of the material opportunities. Products where we are late, we don’t intend to get in because there’s enough opportunity to chase. And really, in terms of sizable market opportunities apart from the U.S., Europe turns out to be a material opportunity for us on the inhalation front followed by North America, Canada, Australia, Japan through partnerships and even China. Next slide, please.

I think one – just a flavor here, a color. Essentially, we have two DPIs and four MDIs under development. And we, of course, have two products in the market and we have Ditropan coming end of this year first phase.

Yes. This is on the injectable front. We talked about this as well. I mean we have – yes, we can move on to the next slide.

Injectables. Next slide, please. Biosimilars, yes.

Yes. So on the biosimilars front, of course, we started with Enbrel that we launched in Japan and then Europe through a partnership with Mylan. That continues to evolve. Mylan continues to launch in multiple countries, and we expect our share to build over the next 12 months to 24 months with Etanercept. The U.S. is still long away, still 2029.

But needless to say, we have reserved rights of the product for the U.S. market. Pegfilgrastim, while we are a late entrant on Pegfilgrastim, really, for us, we will start learning the market through it. And hope that in the next 12 months, we get inspected by the FDA and we’ll plan to launch the product. We’re very pleased with our position actually on the on-body Onpro product, where we seem to be one of three and potentially in the first wave.

Our customers are very, very keen to see us in the market with that product. So, we think we will really grow Pegfilgrastim materially with the launch of Onpro, which is 10 months behind the pre-filled syringe but it’s going to be a material anchor for us on the biologics front. Lucentis is well under – when we had some delays in the clinical trial with COVID, but now it’s well underway. And again, very strong partnership position in the U.S. that we’ve already established for Lucentis. We’ll share more as we come closer to the opportunity.

And right after that is Eylea. So on the ophthalmic front, both Lucentis and Eylea are going to be material opportunities for us that we would leverage through the channels that we have established relationships with. And then we have programs earlier stage in the pipeline that we are pursuing.

Next slide, please.

Yes. I will go ahead with this. So as I was telling people, there is a lot of things that we would pursue [indiscernible] there are lot of inefficiencies that have crept up in the system over the last few years. So, we are working on all of this. There is, of course, considerable idle time because we programmed for a lot more capacity utilization and went ahead with a lot of capacity expansion at various factories both the API and formulation. So there is considerable idle time out there, which we want to clear. It obviously would be cutting down on expenses, perhaps footprint, addressing the manning background in various parts and the like. So we are doing a lot of stuff on that front.

We also know that there is a lot of write-offs in the system, because we’ve been dropping products. Demand has been coming down and the like. So there’s a lot of scope for reduction of retarders, value eroders, if you may. And we are working on this as well.

Given our supply chain issues and OAI status and so on, you also had issues on air freighting. So ideally, if you go back about five years ago, 100% of our products would’ve been ocean freight, so to speak, but for the last few years there has been a considerable element of air freighting that’s been happening, we would like to pull down on that – claw back on that and go down to ocean freighting and that would mean considerable savings from on that score.

There are, of course, returns associated with the – there are various kinds of cost. The returns were essentially because of product recalls and the like and normal returns. I think there is scope for optimization on that in India, as well as in America and working on that. This might seem and like anomaly. Whilst we have idle time, we have also a failure to supply, which is actually again eroded our bottom line tremendously over the last couple of years.

We believe that if you were to pull up – go back on all of this, save on all of this, optimize on all of this, including pulling back on low margin SKUs. There is considerable scope for improvement in our overall performance. I think the figure rest anywhere between INR500 crores to INR1,000 crores. So it really depends on how much we can pull back on and has how fast can we do that? So that’s one of the things that we are taking on as a company. And you would like to expedite this in order to actually to deliver good results for ourselves, live up to our potential and deliver for our shareholders. This would obviously mean optimizing on the network, optimizing on the R&D front and looking at the entire business integrated fashion, they got the right technology tools to kind of work on this as well. R&D optimization, would you like to speak on this, Vinita, Nilesh?

No, no. Yes. Okay, R&D.

And I think we talked about most of this already, so we’ve optimized the R&D spend, but I think we are chasing the right opportunities. Clearly, the size of the price on the overall solids has come down. And the optimization is largely in line with that. But our key initiatives on the inhalation side, injectable side, we are pursuing. Biosimilars, I think we’re still cherry picking. The idea is to have products that come in the first wave. So Etanercept was different. But I think we learn a lot through. But if you still look at the rest of the pipeline that is intended to be first to market or one of two or three players in all. So the optimization on the R&D, we feel good with this number. I think we’re going to be able to stick with this kind of number for the foreseeable future or we’ll possibly bring it down a tad even.

But I think we are chasing all the right opportunities that there are, obviously, I think we have a wealth of portfolios and platforms to work with, but the filings that we have are huge as well. So 457 filings to-date still another 160 pending approval and a bunch of first two files as well. A lot of that in – and close to end of this fiscal and in FY2024 onwards, you’ll start seeing those coming to market. I can’t see the bottom. I think I’ve touched on most of that already. So Ramesh, I think that’s it, right?

We’ve got one most slide. So Lupin has always been applauded for the quality of its manpower. We always come across as a very professionally left firm. The quality of the professionals kind of speaks for itself. The first family included, they are professionals that had professionals in the way they come across also. And they rank pretty high in the world table, the league tables when it comes to being the most powerful CEO, amongst women and the like. A lot of awards to a host of other professionals at Lupin right from – and of course, several functions, manufacturing, quality, professionals like a CIO and the like. So we’ve got a lot of those. And I would think that these would keep coming up, because we are only going to do better from now. That’s a result that we have been – we’ve taken and we would live up to that expectation also. Thank you. We’ll move to discussions.

Question-and-Answer Session

A - Unidentified Company Representative

Thank you. We will now begin question-and-answer session. Whoever wants to ask question, maybe raise your hand requesting you to please introduce yourself with your company name and ask the question.

Pritesh Vora

This is Pritesh Vora from Mission Street India.

Not able to hear you.

This is Pritesh Vora from Mission Street India. I just want to understand what is our total investment made in the biosimilar pipeline till now and what do you see the total, when the revenue comes, start coming in that particular stream, what will be the U.S. led revenue and what will be the rest of the world led revenue?

I’ll take on the first part of the question? So when you speak about investments for biosimilars, the first biosimilars that we developed – we actually developed in partnership with a company called Yoshindo. To extent, a huge chunk of the cost was born by a partner. So we’ve actually been a little calibrated in the way we went about what we thought was untested in some ways. Even today, a lot of our biosimilars essentially under partnered programs in not from a financial perspective, whereby the risk of development is actually born by the financial partner whilst we share in the success when it actually launched. So we share in the spoil when it comes to commercial success fairly. So to the extent, we have kept our overall risk – the risk associated with that to the very minimum.

Any particular figure, how much investment has gone up till now in that particular pipeline?

So the investments are two kinds. One is, of course, on the development of the pipeline. The other is in terms of investments for the infrastructure itself. And that’s – it’s minimal right now. About INR250 crores, INR300 crores overall together.

Yes. About $15 million to $20 million a year, but we add total biosimilar spend. And then on top of that, there is funding for the key programs as well.

You’re saying $15 million to $20 million total up till now or every year.

No, per annum.

Per annum. And how many years this investment has gone.

It’s only increased. So it wasn’t at that run rate. But we’ve been investing for 10 years, but I think it started really small numbers. And I think this is kind of the steady state that we see right now.

Right. And what is the economics there. How much – when you made this decision to investment, did you see how the investment will be recouped from U.S. Geography or rest of the world? If we can throw some light on that?

So we like Ramesh mentioned, we’ve had a very calibrated approach on biosimilars, just given the uncertainty and the fact that we are still learning that market and the market is still evolving. I mean, like Etanercept, we had that R&D cost sharing with Yoshindo likewise on other programs, we’ve bought financial investment and upside sharing with. So in a way, some of those programs, you’re going to look at the, all of it as an upside if the program is being funded by a partner.

So in terms of the revenue split right now, I mean, obviously it’s all Etanercept and it’s small and it’s going to be all ex-U.S. right now. In the next year, as we launch pegfilgrastim, we’ll see a material shift to the U.S. And as we launched ranibizumab as well, I mean if I look at ranibizumab, it’s 50-50 between the U.S. and Europe, in terms of market opportunity, but we have a bigger opportunity in the U.S. just given that, the customer, the channels are very similar to the folks that we have established relationships with.

The ophthalmic specialty channel for example, through our wholesaler relationships is what we will be able to leverage for a product like ranibizumab or a product like Eylea. So you’ll see more of, revenues in the U.S. and partnered revenues ex-U.S. So hopefully that answers your question. Yes.

Questions in the back.

Kunal Randeria

Hi, good afternoon. Kunal Randeria from Edelweiss. So first question on the domestic business this quarter, I think was a 5% year-on-year growth, last quarter it was around 7%. Right? So, and given that we have such a strong chronic portfolio and no real COVID impact in the base any particular reason, anything to share, where you’re missing, what investments need to be made?

Sure. So first of all, that’s India business. So that includes the tender business that we do in India as well. So the India prescription business was 13.9% growth year-on-year. So that’s I don’t see a concern with that business growth rate as such. So if you take out the tender business was lumpy, we’re getting back into some of those tenders going forward as well. You’ll see it normalizing, but we do report the India prescription business along with the other business, formulation business that we do in India, but otherwise it was 13.9%.

Okay. Sure. And secondly, the price erosion numbers in the U.S. that you share, they seem a bit scary. And obviously this is not, I mean, good for the industry and for the health of the industry. So I’m just wondering when do you see a company’s starting to withdraw from molecules? How far do you think we are? Because I think you saw something similar in 2019 when a lot of these U.S. based companies started to do it, you think, it should start now?

You’re going to see it. And all of the generic companies, all of the generic, major CEOs that I’ve spoken with, in the U.S. complaining of the pressure on the industry. And we have also committed to our customers, the three big buyers that we are going to have to exit. And they’re concerned because for some of them, we are the largest suppliers. But we have told them that we don’t want to be your largest volume supplier. We’d also want to be a large value supplier. So I mean you’re going to start seeing exits.

We actually, for the first time in the company put together an SOP for a very planned exit so that we can, when we look at taking a product off that does not, that has negative margin. We are also addressing the plant cost, the idle cost that is associated with it. And what’s happened is on the Oral Solid front. I mean, there is too much capacity and people are willing to really to be able to – be able to make some money on that overhead. They’re willing to sell product at 5%, 10% margin, which doesn’t make sense.

So you are going to see exits, I think you’re going to see exits from us. And we already have had a few, and that’s why you see that impairment on GAVIS. There’s certain products that we just decided to discontinue manufacturing. Likewise, you’re going to see more.

Sure. Thanks.

Prakash Agarwal

Thank you. This is Prakash from Axis. My first question is on other expenses. So last quarter, 3Q, you called out a couple of items and this quarter in the commentary, there is a mention of freight and input cost obviously, would be in materials, but what has really changed? I mean, we would’ve expected the other expenses to come down Q-on-Q?

Yes. So there are a couple of parts to this. And so if you look at, so there’s of course Losartan and associated recall costs and also stocks, less associated with that et cetera paying at enough, you talk about manufacturing and other expenses, right?

No other expenses, which used to be 700, 800 now it’s 970 crores?

Yes. So that is essentially – one part of this essentially. There’s a slight decline in a salary cost. Some of this actually got accommodated because the incentives, if you give to the sales force and the like, the shift to expenses of a different kind, and that is what is actually being brought out there.

So what I’m trying to understand, like the, all the other expenses, which is either the marketing related, traveling, freight, et cetera, is there any one off apart from Losartan recall or it is the new normal?

I said, there’s a shift between heads there and that’s what actually is…

That would be marginal, right?

No, significant

Significant?

No, it’s significant. It is significant for the manpower first line

Okay. And Losartan would be significant?

Yes. So we also had Solosec in a litigation costs and the associated penalties that we had to pay. So all of this put together.

So normalized levels would be what so?

Do you would say that the overall, so the Losartan other cost, et cetera, would have cost us about $11 million over there? $10 million to $11 million. And there’s about would say about $6 million in terms of $5 million in terms of shift from one expense head to another head.

Okay. That’s fair. Thank you. And second for Nilesh on the U.S.?

There is also a swing, as you might, if you just want to compare Q3 and Q4. We also have settlement income, so essentially - which is in – Q3 is not there. Yes. Q3.

The NaMuscla one or which one?

This is other expense...

Other litigation – settlements. Yes.

Okay. On the U.S. FDA side, I mean, we were very hopeful, like with who are happening Somerset and all will start, getting remediated what is really, I mean, not playing out is FDA. What is the commentary by FDA now? As we hear, like you also put in the, your commentary industry trend, it is all over the place. Four, five teams are in the country. So what’s really playing out? Are they most strict now? Or, and we had all the time in the world two years to pull our socks. So what’s really not playing out for us and for the industry?

Yes. So I can speak, let’s start with the industry first. So I think the big industry part is there was definitely a hiatus of inspections in the last two years. And obviously the FDA is now ramping up inspections within the country, and then you’re going to get mixed outcomes basis, basis that the readiness of the individual company, I would say for Lupin just because of the geographical location, I would say that the India plants are operating under one leadership structure and one set of principles. The overall SOPs and all are all the same, but I think local implementation, there might be some nuances which would be there. We had some leadership gaps in Somerset both in manufacturing and quality. And I think both of those led – both of those positions have been replaced and filled back.

We are not happy with what came out of Somerset, but I think Tarapur is representative. So I think Goa, obviously we had certain observations we were able to address them to satisfaction with the FDA. I would certainly hope that Tarapur goes the same way, we have send in our response end of this month. Next week, we’ll send in an update as well basis, which we should see the outcome of that inspection. And then that’s what I would expect for the other inspections as well.

We’re very clear that we have to get across this compliance threat that we’ve had, it’s been going on for five years. And I think what we’ve set up is pretty solid at the FX level, from a governance perspective bringing in people like Dyna in the U.S., I think that is a great opportunity for our people to learn to become best-in-class as well. So I’m very committed. I think the, it’s there in the command, it’s an aspiration. We’re certainly in our best-in-class at this point of time, but we know that we need to be best-in-class to be a strong genetic company.

And for the India plants, I think we’re there. We have inspections. Obviously we should come up for Pithampur II, for Mandideep, these should go the same way as well. And Somerset, I think that’s a very clear plan on remediation as well. Again, we had a set of observations, we had a set of observations again, our track record does not speak well for Somerset. But that team is extremely motivated to fix it. And this is kind of their opportunity. Now they need to fix this now. And we’ve given them the tools we have, the people, certainly whatever resources that they need as well. We should come out of these now.

So how many approvals are pending for the key facilities like, you know, which are really stuck now. So for example, you speak about 160 pending. So Somerset, your Pithampur II, the couple of more, which are under U.S. FDA scanner, how much are actually locked with respect to U.S.?

Sure. So Mandideep there’s nothing, obviously we launch everything. So we have a one letter there. Obviously we need to fix it, there’s nothing. In Tarapur there’s one or two products that are stack base, that’s Tarapur status at least one of which we site transferring as well. So again, there’s very minimal exposure coming out of that. Less than 5% of our revenues come from FDA impacted sites first of all of our U.S. generic revenue.

Pitampur II and Goa are the two big sites where there were a bunch of products stuck in Goa. You’ve seen some of these approvals coming. We’ll do at least seven launches out of Goa this year. And there’s another 15, 20 that will come over time as well. Pithampur is even more, I think there’s about 30 odd products which are stuck with these FDA compliances. Some of them keep works, won’t launch anymore because the time value of those opportunities has gone, but there’s still some extended release products that I like. I think those really good opportunities to launch. So that’ll come out of Pithampur as well.

None of these are big swingers. I think the big swingers come out from inhalation, from injectables, from biosimilars as well, some first two files as well. Those first two files are from – some of them work from Pithampur, we transferred some of them they’re mostly from Nagpur and Goa. And those are protected.

Somerset, you said how many pending?

So Somerset, the biggest one right now is Suprep. That is next quarter. And then other products we have tech transferred...

So it will be not even 10 odd products pending out of Somerset?

Suprep would be from there, which would – which has approval.

It’s the final approval.

It should not have an impact.

Right. It’s the final approval. So we are doing validation batches now.

Understood. And lastly Gavis, how much is actually sitting in the balance sheet?

$100 million.

$110 million, yeah.

So of the $900 million, about $800 million has been amortized over time for sure.

Yeah. Okay. Thank you.

Saion Mukherjee

Thank you. Yeah, this is Saion here from Nomura. So first question is on India, I mean, you talked about acquisition and 10% to 12% growth that you’re talking, you are factoring in acquisition. There are some headwinds that I see, like some of your licensed product, like Cidmus is not there with you and then teneligliptin goes off patent. So how are you thinking about that? I mean, how important would be, and just, if you can comment on Cidmus because it’s a brand, which you had built and you couldn’t retain it, so why not like spend INR450 crores, INR500 crores whatever it takes to sort of run with it, right. I mean there seems to be a mismatch with your commitment to India and not being able to retain Cidmus.

So first I will clarify on that, but I think the 10%, 12%, first of all, is organic. It won’t happen this year because we have Cidmus going out. We have certain exclusivities which are running out as well. So our growth this year will be sub 10%, but if you normalize it for the unlicensed product, you’ll actually see much higher growth. And I think the ongoing commitment is to grow at that 10%, 12% sometimes stretching it to 15% odd percent as well.

We’re very keen on acquisitions in India. Cidmus was something that we revised offers for multiple times. We built that brand, obviously from our respective we were very clear that we want to own that brand at the end of it as well. I think the evaluation stretched it to a limit where we were not comfortable. And we finally decided to let it go.

I don’t think the intent is – I don’t think you should read that as a commitment on what is there and not even a commitment from the inorganic side we keen to acquire in India, there’s several assets that we’re chasing at any point of time. But you’ve seen the story in India, right? The valuations do some go out of control. Once it goes out of the seven, eight year payback period, we are not necessarily comfortable. So it goes beyond that. Usually that’s when – that’s, we would, we would walk away. I think we were at five, six, we went to six, seven, or at seven, eight. I don’t think we’d feel comfortable at nine, 10 years at this point in time. That’s where Cidmus would’ve gone where it finally ended.

And second on execution, I mean, you’ve been facing a lot of challenges globally. I mean, particularly in the U.S. just wanted to understand from you, what are the challenges, because you talked Somerset leadership gaps and that sort of was one of the reasons where there was a shortcoming. Are you facing any issues on the leadership front, in the manpower front, because with all the issues that the company is facing and how are you trying to internally sort of address these issues? Because, one would expect exits and one would expect a lot of churn. I mean, what’s happening, if you can just close some light on the software aspects as to how do you ensure that you execute on whatever you are thinking?

So there has been a lot of churn actually on the management and leadership level. When I think about both in U.S., as well as India, we face the talent market has been tough. And I want some – we wanted to change ourself, like in Somerset, Nilesh mentioned, the Head of Operations was a position that we changed and brought in someone very solid from Teva to lead the site at the manufacturing level and on the quality front as well. We felt – there we had a turnover and then we brought in a person from the outside and continuity becomes a problem when you have that kind of churn. So we’ve faced it at the same time, we’ve always tried to skill up when we’ve had turnover.

And now when I look at some of our G&A functions in the U.S., I mean, when you look at finance, for example, HR, IT, all of them have turned over. And – but we have, again, skilled up, we brought in capabilities that have helped us clean up a lot of our baggage from the past, for example, the FTS cleanup that you’ve seen in the year. Unfortunately, it hits the P&L now, but it’s a cleanup that should have happened over the last couple of years.

Likewise, the processes that the team are now very, very strong going forward for the organization. So in the last year, we’ve also focused a lot on really putting in contemporary processes. We found that some of our basic processes for supply chain, which is crucial for a generic business, more challenged, they were antiquated to be honest, they were set 10 years ago, 15 years ago, and we had a need to really revisit them so that we can really be better in terms of predicting what our next six months, next 12, next 24 months look like and take proactive decisions to get out of product or to manage the failure to supply penalties in a strategic manner and we have done that.

We implemented IBP in the company this past year for the U.S. right now. We are doing it ex-U.S. for all of the developed markets and then the rest of the company. So we are – we have taken the time in the last 12 months to really set in very, very strong processes. So of course at the end of the day leadership and people drive the success, but processes are equally important for a company to scale up.

Vinita, if I can add, so I think the one big area that we are fixing and focused on is the U.S. generic business. So first of all, people within Lupin obviously, and people within the industry as well, I think they get it. I think they see that that’s the one big area that needs to be fixed. I couldn’t help, but smiling, but smile when you asked that question, because I think we are obviously able to attract all the talent that we would want. And attrition has always been a part of this industry. It’s always going to be a part going forward as well. Obviously, people like to be part of our winning team. People see that there is this period where there is – where there are challenges that we need to work through.

So obviously we talked about optimization on R&D, on manufacturing and the like. But we also talked about a very clear pipeline that we will deliver on. I think the complex generic pipeline that Lupin delivers, obviously, that’s completely getting discounted at this point of time. And I think we have to reflect that into results, but people who work closer, they see it, right? So they see products coming into the pipeline. They see products going into the clinic, approvals, launches. We have an extremely motivated team. And we obviously, I think that’s – Vinita and my, one of our prime responsibilities is to make sure that, that team is engaged to deliver on the goals that we have.

Thanks, Nilesh. Just one last point, sir on the cost and so basically the issue is that the margins have been all over the place, right? I mean, whatever numbers we had, and I can understand, the issues there. So if you can like handle and give some more granular details like you talked about 500 crores to 1000 crores, in terms of pipeline and you had mentioned five or six points like idle time and failure to supply. If you can quantify those so that we can sort of have a more greater handle as to what to look forward to, because it’s very unclear as to from a single-digit margins, we’ll travel up to 20%, right? So there’s no anchor out there. So if you can really help us and guide us like to how should we build our model as we look forward?

So well, the 1,000 crores is obviously we achieve over time. And that’s what the endeavor is all about. So we have begun this process. And so far as the plans are concerned, we’re doing what it takes to kind of reduce the idle time out there. First of course, the footprint and the manpower redressal, all of this is going to be part of that. Maybe what it takes to bring down inventories, monitoring it more closely. The FTS is more under control right now. We are trying to move out of – it’s an iterative process moving out of in fact, low margin products in the light. And there are issues like airfreighting. So that’s focusing on, especially if there’s capacity expansion required for that particular product, we would go down that route or look at how else can we actually build up inventory. So we come out of that as well.

So a lot of fires, lot of irons in the fire. I can’t go down the path of actually the [Technical Difficulty] each of those initiatives, all of those put together would come to that. There’s, of course, some inefficiency when it comes to, for example, [indiscernible] divisions on API itself, we’re addressing that as well. So all of that will get this done when it comes to recruitment that we’re speaking about.

In terms of the results, we believe a huge chunk of it will potentially land up in the course of the next fiscal. So it could be a part of 4,500 crores so to speak and potentially the balance over the next one year. So even if you were to with the – coupled with in fact, the top line leveraging that we are speaking about because the products coming in and the like. The exit run rate should be pretty, exit run rate for next fiscal that is – this fiscal, sorry, FY 2023 should be kind reflective of what we can look forward to in the years to come, and this will be more representative of what we have achieved in the past as well.

Let me just add. I mean, from Q2, you should start seeing the impact of a number of the 500 crore level of initiatives around the areas that Ramesh spoke about starting to kick in along with product launches like Suprep, and then others in the second half. And then the full impact of the cost reduction also into next year. And on top of that like I was mentioning, we are working on externalizing areas like the NCE, which again is a $20 million burn on the company. If – last year we had mentioned that we are working on three areas, specialty, NCE, and biosimilars. So specialty is all done, we’ve completely gotten rid of the burn of specialty. NCE is we are working hard to get rid of that burn right now. And believe that second half of the year we should be able to get those savings and biosimilars also we are working on product level risk mitigation or portfolio level risk mitigation to reduce that burn to be able to improve our margins.

So all of – and all of those will kind of different points in time in the year, but the 500 crore plan we have put it into our operating plan for the year starting Q2, and then more leverage to come through externalizing some of these burn items that that don’t give us the upside from a business perspective.

Thank you. Now we will take online questions. The question is from Hitesh Sharma. Please unmute yourself, Mr. Hitesh.

Okay. Next question is from Krishnendu Saha [Quantum Asset Management].

Krishnendu Saha

Yes. Hi. Can you hear me?

Yes. Just a question on the U.S. Can I ask whether U.S. is profitable as of now?

Sorry we lost your question.

Can you please repeat your question?

If U.S. as a business profitable at the EBITDA level?

So adjusted for the one-time just because we had a lot of one-times; it is profitable at the EBITDA level.

So adjusted for the one-time, it is profitable. Vinita, just a question. On the products, we think we would want to take up the market in the next year?

We couldn’t follow the question.

I’m not audible very much, right? Wait. Just a minute. Can you hear me now? This is better.

Yes. Go ahead.

This is better. So how many products do you think that you will be taking off the market in FY 2023 in U.S.?

I mean, we are putting the list together. But right now, we have three to four have been identified.

Already dropped 10 so far.

From the portfolio – current portfolio.

Okay. All right.

Thank you. We take the next question. That is from Mr. Nitin Dharmavat [ph]. Please unmute yourself.

Okay. Next question is from Sameer Baisiwala [Morgan Stanley].

How many people are online, if I may ask?

Oh My Gosh.

Sameer Baisiwala

[indiscernible]

Sameer, we can’t hear you.

Sameer, can you just unmute yourself? Mr. Sameer.

Okay. We’ll go to the next one. Next question is from Kunal Dhamesha [Emkay Global].

Kunal Dhamesha

Yes. Hi, thanks for taking the question. So the first one is on the Spiriva. Where are we in terms of that approval? Have we got any information request or queries from the U.S. FDA?

Actually, we are in a really good position. We have got feedback from the FDA that chemistry [indiscernible], PD labeling is all fine. They are going to likely reinspect the facility before they approve, but everything else on the filing is fine.

Okay. And second one on the – I heard the FTS word very frequently this – in this presentation. So if you can quantify how much FTS has impacted us in this year overall? And what is leading to such operational blocks, I believe which would be leading to non-supply and then these kind of penalties. So if you can quantify and where do we see our self on that front for the next couple of years?

So this has really been a bit of embarrassment in some sense, because we paid close to about $27 million during the course of this year itself by way of FTS. It’s like this for the last couple of years, and if we were to – if that were not to be there, to the extent we would have much better off from a P&L perspective, from our bottom line perspective.

Ramesh, to clarify, there is obviously a significant amount of catch up in that FTS, but I think it’s now current to reflect whatever may happen only within the fiscal.

Yes. I said that’s over two, three years.

Okay. I mean it sounded like that this was kind of a kitchen sinking quarter, but then we are also expecting the first two-quarter to be similar. So again, the FTS issue and other issues are going to plague the quarter, or we have taken a lot in terms of provision in this quarter for those?

No we actually have – the FTS is pretty normalized and even the Losartan impact we took into the last quarter, because we expect some failure to supply penalties due to the Losartan recall. We expect the U.S. to be soft in Q1 because we noticed that at the end of the quarter we had a good, couple of weeks worth of additional inventory at our customers, which they were going to draw down and we saw that impact in April. So we expect that this quarter is going to be soft.

But then Q2 onwards it starts normalizing and then obviously late in Q2, Suprep and then other initiatives as well.

Sure. Thank you.

Thank you. Next question is from Tushar Manudhane [Motilal Oswal].

Yes. Tushar, go ahead.

Tushar Manudhane

Just again Spiriva, I guess the facility was already inspected, so any specific reason that is triggering the re-inspection?

So the agency who had to inspect also a device supplier in Germany, and so we are ready to be re-inspected ourself. We don’t know for certain whether they’re going to re-inspect us, but they will – they are inspecting our device supplier right now.

Good. So effectively, this is your response to U.S. FDA and the re-inspection. Does the target action date of August 22 changes or that remains very much on track?

I mean, hopefully they won’t need to re-inspect us if not then I think we should be in a good position.

The date stands as of now.

Yes. The date has not changed.

And just if you could clarify the FTS number for 4Q FY 2022 in specific?

Sorry in Q4, it would have been less than about $4 million.

And that is already factored out while giving EBITDA margin of 7.3% in the press release?

All of this is factored in the results, yes.

No, no. I mean, is that adjusted for a while giving the EBITDA margin of 7.3%?

No, it’s normalized. When you speak about – it’s there in the EBITDA, but not the adjusted EBITDA. It’s not normalized for that.

Okay. That helps. Thank you.

Thank you. Next question is from hit Hitesh Mahida [Antique Stock Broking].

Hitesh Mahida

Hi. So just wanted to understand, I mean with more than $2 billion sales, I mean, why are we struggling with this single-digit sort of margins? And X of Spiriva and Suprep what sort of margins are we looking at, I mean will there be an improvement there as well because at almost $700 million, $800 million U.S. sales I mean we are struggling to break even in that U.S. Geography.

Yes, so our struggle is really with the Oral Solids, with the Oral solids as we’ve talked about Ramesh mentioned, Nilesh mentioned. We’ve had one pricing per share but second also cost mounting – title cost standpoint – from inventories like for the flu season products that we had additional write-offs in the year. Those are the inefficiencies and what the addressing is really the Oral Solid when we look at our other platforms when we look at inhalation Albuterol, Brovana and the like and partnered products. We have really decent profitability on that front. It’s really the Oral Solids that drag it down, so they’re very significantly addressing the Oral Solids through the optimization efforts that Ramesh mentioned.

As you had earlier mentioned Ma’am, we are looking at certain leadership roles. So frankly because across geographies like U.S., India finance across those geography business verticals were sort of struggling now. So any sort of changes are we looking there?

There’s actually other than the U.S. I don’t think we’re struggling, I mean…

India growth is also sort of coming down.

I think we clarified on the India growth and you’ll see it over the quarters as well. We feel very, very good about our team in India and the growth that we have, you’re going to get lumpiness across the sector for adjusting for COVID drugs over this period of time. But you will see a great normalization. I think in our peer set, there’s possibly only one company bigger than us that grew at a rate similar or a tad bit more than us but in the top 10, I think when number three or number four in terms of growth over a 10-year horizon, over a five year horizon, even a three year horizon.

In terms of the leadership that both Saion you talked about and – expression I mean we are going to have a major leadership change. Alok is going to be departing from the company as you know he was a Head of U.S. Generics, Biosimilars and Global R&D. For personal reasons, he has decided to leave the organization for the opportunities and we have taken this as an opportunity to get closer to the business both Nilesh and myself.

We have a very strong Head of Commercial in the U.S. who started the U.S. business, who’s going to lead the P&L from a U.S. perspective. We felt the need and it already started a search for a Chief Scientific Officer for organization with the number of platforms that we have our biggest unleash for the organization is a pipeline delivery and platform performance for which we identify the need of a very strong Chief Scientific Officer. So we have a search ongoing for it. We have an Interim Head of R&D; Interim CSO our Head of Portfolio and Pipeline. Sofia Mumtaz is our Interim Chief Scientific Officer.

And we’ve also created a very high powered and not high power in terms of, level in terms of leadership, but a very strong project management office, that reports into Nilesh and myself to map and to track all products from product selection to development to filing and launch to ensure that we get the most out of our R&D investment. So multiple changes there on the related to the U.S. business that I felt was, it would be good to share with you.

Okay, thank you ma’am and all the best.

Questions one.

Yes, last we’ll just take last two questions. Next question is from Bhavana Agarwal.

Nithya Balasubramanian

Sorry, this is Nithya Balasubramanian from Bernstein. So, Suprep what is the brand size of the target addressable market?

Yes, I think $200 million.

Sorry, I didn’t catch that, if you don’t mind repeat it?

$200 million.

All right, thank you. The second one on pegfilgrastim, what does the incremental costs related to the commercial infrastructure should we expect in FY 2023 also on an annualized basis.

It’s marginal in FY 2023. We hope to be able to, if you get approved and can launch, we hope to really be able to get enough product into the market, so that it pays for itself.

So breakeven is what you would target in a FY 2024?

Yes in FY – well depending on when it gets approved between FY 2023 as well as FY 2024 with pegfilgrastim particular I mean it should pay for itself. Our strategy is a pretty lean model from market access standpoint through a couple of channels, that we’ve identified as ideal channels for us.

Got it. One last one did we hear you mention that Lucentis is a product for which you have a partner who will commercialize the product in the U.S.?

No, we’re going to commercialize it ourselves. We have channel partner that are ideal for Lucentis. I’ll make clinics channel partners.

Got it. Thank you so much.

Thank you. Last question is from Kunal Dhamesha [Emkay Global Financial Services Ltd].

Yes, thanks for taking the question again. I think for India business we mentioned that there is the lumpy nature of the tender business. So can you please quantify what’s the tender business as a percentage of total India business for us?

I don’t, Ramesh do you have the number otherwise we’ll have to take that one offline?

$400 – are we talking about the GIB business per say.

What about India?

India, I don’t recall.

Yes, it’s a couple of 100 crores in all in any case but I don’t have the specific number right now. We should reported – it’s easier.

Okay. And on India business just one follow up, on the India business we don’t have any but, higher channel inventories. Anything because in response to COVID, a lot of companies kind of pushed inventories and we know now that there is no COVID. We don’t have that situation, right?

No, so like I said we would really want a player in the COVID sector. There were some write-offs that we already took but obviously nothing like any of the bigger players in the COVID therapy areas.

Great thank you.

Thank you very much.

Thank you very much for your guidance, over the last several years, how to be we end up and your support all the time. Thank you.

Thank you so much for joining us. You can now exit.

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Price Forecast

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Income Statement

Lower than industry revenue growth.

Over the last 5 years, revenue has grown at a yearly rate of 5.94%, vs industry avg of 9.21%

Decreasing Market Share

Over the last 5 years, market share decreased from 6.67% to 5.34%

Higher than Industry Net Income

Over the last 5 years, net income has grown at a yearly rate of 25.85%, vs industry avg of 15.15%

EPS and DPS in ₹. Other numbers except Payout Ratio in ₹ cr

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In last 6 months, promoter holding in the company has almost stayed constant

Low Pledged Promoter Holding

Pledged promoter holdings is insignificant

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In last 3 months, retail holding in the company has almost stayed constant

Increased Foreign Institutional Holding

In last 3 months, foreign institutional holding of the company has increased by 1.03%

Shareholding Pattern

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In last 3 months, mutual fund holding of the company has almost stayed constant

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No trend in dividends.

LUPIN has shown inconsistent dividend trend over the last 5 years

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Current dividend yield is 0.35%. An investment of ₹1,000 in the stock is expected to generate dividend of ₹3.54 every year

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Past Dividends

Cash dividend.

Ex Date Ex Date Jul 16, 2024

Dividend/Share

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Jul 16, 2024

Ex Date Ex Date Jul 14, 2023

Jul 14, 2023

Ex Date Ex Date Jul 14, 2022

Jul 14, 2022

Ex Date Ex Date Jul 27, 2021

Jul 27, 2021

Ex Date Ex Date Aug 3, 2020

Aug 3, 2020

Lupin Ltd rose for a third straight session today. The stock is quoting at Rs 2308.6, up 1.38% on the day as on 12:49 IST on the NSE. The benchmark NIFTY is down around 0.06% on the day, quoting at 25182.65. The Sensex is at 82274.5, down 0.09%. Lupin Ltd has added around 20.82% in last one month. Meanwhile, Nifty Pharma index of which Lupin Ltd is a constituent, has added around 8.25% in last one month and is currently quoting at 23184.4, up 0.68% on the day. The volume in the stock stood at 10.3 lakh shares today, compared to the daily average of 18.32 lakh shares in last one month. The benchmark September futures contract for the stock is quoting at Rs 2309.25, up 0.88% on the day. Lupin Ltd is up 102.68% in last one year as compared to a 28.41% gain in NIFTY and a 52.01% gain in the Nifty Pharma index.The PE of the stock is 37.93 based on TTM earnings ending June 24.Powered by Capital Market - Live

Mirabegron extended-release tablets are used to treat the symptoms of an overactive bladder (OAB), such as incontinence (loss of bladder control), a strong need to urinate right away, or a frequent need to urinate. It is also used to treat neurogenic detrusor overactivity (NDO). The said drug is a generic equivalent of Myrbetriq extended-release tablets of Astellas Pharma Global Development, Inc. As per IQVIA MAT July 2024, Mirabegron extended-release tablets had estimated annual sales of $1,600 million in the U.S. Mumbai-based Lupin is an innovation-led transnational pharmaceutical company. It 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's consolidated net profit jumped 76.01% to Rs 801.31 crore during the quarter as compared with Rs 452.26 crore posted in Q1 FY24. Revenue from operations increased 16.28% YoY to Rs 5,514.34 crore during the quarter. The scrip hit an all time high of Rs 2,280.95 in intraday today. Powered by Capital Market - Live

 Lupin announced the launch of Mirabegron Extended-Release Tablets, 50 mg, in the United States, after having received an approval from the United States Food and Drug Administration (U.S. FDA). Mirabegron Extended-Release Tablets, 50 mg is a generic equivalent of Myrbetriq' Extended-Release Tablets, 50 mg of Astellas Pharma Global Development, Inc. Mirabegron Extended-Release Tablets, 50 mg had estimated annual sales of USD 1,600 million in the U.S. (IQVIA MAT July 2024). Powered by Capital Market - Live

Lupin has allotted 1,21,150 fully paid-up equity shares of Rs 2 each under ESOP on 28 August 2024. With this allotment, the paid up equity share capital has increased to Rs 91,22,74,838 consisting of 45,61,37,419 equity shares of Rs 2/- each.Powered by Capital Market - Live

Lupin Ltd is up for a third straight session today. The stock is quoting at Rs 2214.9, up 2% on the day as on 12:49 IST on the NSE. The benchmark NIFTY is up around 0.31% on the day, quoting at 25094.85. The Sensex is at 81939.19, up 0.28%. Lupin Ltd has gained around 19.01% in last one month. Meanwhile, Nifty Pharma index of which Lupin Ltd is a constituent, has gained around 5.53% in last one month and is currently quoting at 22729, up 0.64% on the day. The volume in the stock stood at 7.47 lakh shares today, compared to the daily average of 18.96 lakh shares in last one month. The benchmark August futures contract for the stock is quoting at Rs 2213.7, up 2.19% on the day. Lupin Ltd is up 101.78% in last one year as compared to a 29.74% jump in NIFTY and a 51.27% jump in the Nifty Pharma index.The PE of the stock is 36.17 based on TTM earnings ending June 24.Powered by Capital Market - Live

The benchmark indices continued to trade with strong gains in mid-morning trade. The Nifty traded above the 24,200 level. Metal shares advanced for the second consecutive trading session. At 11:30 IST, the barometer index, the S&P BSE Sensex, was up 635.69 points or 0.81% to 79,228.76. The Nifty 50 index gained 231.20 points or 0.96% to 24,223.75. The broader market outperformed the headline indices. The S&P BSE Mid-Cap index added 1.68% and the S&P BSE Small-Cap index gained 1.52%. The market breadth was strong. On the BSE, 2,786 shares rose and 944 shares fell. A total of 130 shares were unchanged. The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, tanked 9.05% to 17.05. IPO Update: The initial public offer (IPO) of Brainbees Solutions received 79,58,848 bids for shares as against 4,96,39,004 shares on offer, according to stock exchange data at 11:15 IST on Tuesday (06 August 2024). The issue was subscribed 0.16 times. The issue opened for bidding on Tuesday (06 August 2024) and it will close on Thursday (08 August 2024). The price band of the IPO is fixed between Rs 440 to Rs 465 per share. An investor can bid for a minimum of 32 equity shares and in multiples thereof. The initial public offer (IPO) of Unicommerce eSolutions received 6,15,71,184 bids for shares as against 1,40,84,681 shares on offer, according to stock exchange data at 11:15 IST on Tuesday (06 August 2024). The issue was subscribed 4.37 times. The issue opened for bidding on Tuesday (06 August 2024) and it will close on Thursday (08 August 2024). The price band of the IPO is fixed between Rs 102 to Rs 108 per share. An investor can bid for a minimum of 138 equity shares and in multiples thereof. Buzzing Index : The Nifty Metal index gained 2.12% to 9,077.15. The index advanced 1.82% in two consecutive trading sessions. Vedanta (up 4.31%), Jindal Stainless (up 3.93%), National Aluminium Company (up 3.23%), Steel Authority of India (up 2.98%) and JSW Steel (up 2.78%), Hindalco Industries (up 2.47%), Welspun Corp (up 2.47%), Adani Enterprises (up 2.37%), Hindustan Copper (up 2.34%) and NMDC (up 2.09%) advanced. Stocks in Spotlight : Lupin jumped 4.93% after the company's consolidated net profit jumped 76.01% to Rs 801.31 crore during the quarter as compared with Rs 452.26 crore posted in Q1 FY24. Revenue from operations increased 16.28% YoY to Rs 5,514.34 crore during the quarter. Tata Power Company fell 2.02% after the company's consolidated net profit decreased marginally to Rs 970.91 crore in Q1 FY25 as compared with Rs 972.49 crore in Q1 FY24. Revenue from operations grew 13.67% to Rs 17,293.62 crore during the first quarter as compared with Rs 15,213.29 crore in the corresponding quarter last year. Global Markets : Asian stocks advanced on Wednesday, recovering from sharp losses earlier in the week. Japan's markets surged following encouraging comments on interest rates from the Bank of Japan. However, lingering concerns about a global economic slowdown tempered overall sentiment. Bank of Japan (BoJ) Deputy Governor Shinichi Uchida said on Wednesday the central bank won't raise interest rates when financial markets are unstable. Regional markets drew support from a strong Wall Street close, though the U.S. recovery remained fragile after Monday's steep decline. Recent comments from Federal Reserve officials alleviated immediate recession fears, boosting investor confidence. The S&P 500 and Nasdaq rallied 1% on Tuesday, erasing some of the previous day's losses. The Fed has indicated that interest rate cuts might be necessary to prevent a recession, indicating a cautious outlook. The Dow Jones Industrial Average gained 294.39 points to close at 38,997.66, while the S&P 500 rose 53.7 points to 5,240.03. The Nasdaq Composite added 166.77 points, ending at 16,366.86. Powered by Capital Market - Live

Revenue from operations increased 16.28% YoY to Rs 5,514.34 crore during the quarter. Profit before tax (PBT) jumped 77.71% YoY to Rs 993.03 crore during the quarter. During the quarter, EBITDA jumped to Rs 1,308.8 crore as compared with Rs 879.1 crore posted in corresponding quarter last year, registering the growth of 48.9%. EBITDA margin was at 23.7% in Q1 FY25 as against 18.5% in Q1 FY24. Revenue from North America for Q1 FY2025 increased 28.3% to Rs 1,590.5 crore compared with Rs 1,900.6 crore in Q1 FY24, accounting for 37% of Lupin's global sales. In U.S. Q1 FY2025 sales were $227 Million as compared with Rs $181 million in Q1 FY24. The Company received 6 ANDA approvals from the U.S. FDA and launched 3 products in the quarter in the U.S. India formulation sales for Q1 FY2025 sales were Rs 1,925.9 crore ,up 17.5% compared to Rs 1,638.4 crore in Q1 FY2024; accounting for 35% of Lupin's global sales. India Region Formulation sales grew by 17.4 % in the quarter, as compared to Q4 FY2024; up 10.5% as compared to Q1 FY2024. Growth Markets (LATAM and APAC) registered sales of Rs 515.1 crore during the quarter, up 26.7% as comapred with Rs 406.6 crore in Q1 FY24. EMEA sales for Q1 FY2025 were Rs 5,03.1 crore, registering the growth of 26.2% as comapred with Rs 398.7 crore posted in corresponding quarter last year. Global API sales for Q1 FY2025 were Rs 362.2 crore, up 40.3% compared to Rs 258.1 crore in Q1 FY24, accounting for 7% of Lupin's global sales. Investment in Reasearch & Development (R&D) stood at Rs 350 crore (6.3% of sales) for the quarter compared to Rs 367.9 crore (7.8% of sales) for Q1 FY2024. Nilesh Gupta, managing director, Lupin, said, 'We have had a strong quarter on the back of the momentum we built through FY24, with performance driven by new products, key geographies, and improvement in our operating margin and profitability. We are on track for strong, sustainable growth and margin improvement backed by growth in sales, commercial and operating efficiencies, and a strong compliance story.' Mumbai-based Lupin is an innovation-led transnational pharmaceutical company. It 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 scrip hit 52-week high at Rs 2,025 in intraday today.Powered by Capital Market - Live

Securities in F&O ban: Aditya Birla Capital, Birlasoft, Chambal Fertilizers, Gujrata Narmada Fertilizers and Chemicals (GNFC), Granules, Hindustan Copper, India Cements, LIC Housing Finance, Manappuram Finance, RBL Bank. Forthcoming earnings : Radico Khaitan, Sula Vineyards, Aadhar Housing Finance, Abbott India, Aditya Birla Fashion and Retail (ABFRL), Authum Investment & Infrastructure, Apollo Tyres, Balaji Amines, BASF India, Caplin Point Laboratories, Coromandel International, ESAB India, GMM Pfaudler, Godrej Consumer Products, Gokaldas Exports, Godawari Power & Ispat, Gujarat Pipavav Port, Happy Forgings, Harsha Engineers International, ITD Cementation India, Lemon Tree Hotels, Pidilite Industries, Welspun Corp. Lupin's consolidated net profit jumped 78% to Rs 805.54 crore in Q1 FY25 as compared with Rs 453.33 crore posed in corresponding quarter last year. Revenue increased 16.3% YoY to Rs 5,600 crore during the quarter. Tata Power's consolidated net profit rose 4% to Rs 1,189 crore during the quarter as compared with Rs 1,141 crore posted in Q1 FY23. Revenue from operations jumped 13.7% YoY to Rs 17,294 crore in Q1 FY25. The company will acquire a 40% stake in Khorluchhu Hydro Power for Rs 830 crore and company to terminate the Global Depository Shares program. Bata India reported 63% jump in consolidated net profit to Rs 174 crore in Q1 FY25 as compared with Rs 107 crore in Q1 FY24. Revenue fell 1% to Rs 945 crore from Rs 958 crore posed in same quarter previous year. 3M India reported 22% increase in consolidated net profit to Rs 157 crore in Q1 FY25 as compared with Rs 129 crore posed in Q1 FY24. Revenue fell marginally YoY to Rs 1,047 crore in Q1 FY25. Indigo Paints' consolidated net profit declined 16% to Rs 27 crore during the quarter as compared with Rs 32 crore in Q1 FY24. Revenue stood at Rs 311 crore in Q1 FY25, up 8% as compared with Rs 288 crore posted in Q1 FY24. Gland Pharma reported consolidated net profit of Rs 144 crore during the quarter, down 26% as compared with Rs 194 crore in Q1 FY24. Revenue jumped 16% YoY to Rs 1,402 crore during the quarter. Bosch's consolidated net profit increased 13.9% YoY to Rs 466 crore in Q1 FY25. Revenue rose 3.8% to Rs 4,317 crore during the quarter as compared with Rs 4,158 crore posted in Q1 FY24. PB Fintech's consolidated net profit remained flat YoY at Rs 60 crore during the quarter. Revenue fell 7% to Rs 1,010 crore in Q1 FY25 from Rs 1,090 crore posted in corresponding quarter last year. Gulf Oil Lubricants' consolidated net profit jumped 24% to Rs 84 crore in Q1 FY25 as compared with Rs 68 crore in Q1 FY24. Revenue increased 10% YoY to Rs 894 crore during the quarter.Powered by Capital Market - Live

Net profit of Lupin rose 77.18% to Rs 801.31 crore in the quarter ended June 2024 as against Rs 452.26 crore during the previous quarter ended June 2023. Sales rose 16.28% to Rs 5514.34 crore in the quarter ended June 2024 as against Rs 4742.12 crore during the previous quarter ended June 2023. ParticularsQuarter EndedJun. 2024Jun. 2023% Var. Sales5514.344742.12 16 OPM %22.5018.06 - PBDT1240.74793.45 56 PBT993.03558.79 78 NP801.31452.26 77 Powered by Capital Market - Live

Stocks in news: RIL, Airtel, Vedanta, ONGC, Adani Energy, Lupin and Biocon

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Lupin Limited

INE326A01037

Pharmaceuticals.

• Lupin : Vinita Gupta at the JP Morgan Healthcare Conference Jan 12 2022

J.P Morgan Healthcare

January 12 th , 2022

Vinita Gupta, CEO

Safe Harbor Statement

Materials and information provided during this presentation may contain 'forward-looking statements'. These statements are based on current expectations, forecasts and assumptions that are subject to risks and uncertainties which could cause actual outcomes and results to differ materially from these statements.

Risks and uncertainties include general industry and market conditions, and general domestic and international economic conditions such as interest rate and currency exchange fluctuations. Risks and uncertainties particularly apply with respect to product-relatedforward-looking statements. Product risks and uncertainties include, but are not limited to, technological advances and patents obtained by competitors. Challenges inherent in new product development, including completion of clinical trials; claims and concerns about product safety and efficacy; obtaining regulatory approvals; domestic and foreign healthcare reforms; trends toward managed care and healthcare cost containment; and governmental laws and regulations affecting domestic and foreign operations.

Also, for products that are approved, there are manufacturing and marketing risks and uncertainties, which include, but are not limited to, inability to build production capacity to meet demand, unavailability of raw materials, and failure to gain market acceptance.

You are cautioned not to place undue reliance on these forward-looking statements, which reflect our opinions only as of the date of this presentation.

Lupin Today

Manufacturing

5. As of January 7, 2022

6. Exchange rate used US$ 1 = INR 74.24 (Average for FY21)

CY21 Highlights and Recent Performance

Increasing Sales Momentum: Achieved sustained quarterly revenue growth despite headwinds

Complex Gx Platform Successes: Inhalation and Biosimilars platforms continued scaling

• Albuterol reached 20%+ US generic market share. Authorized generic launch of Brovana in the US reached 50% share. Luforbec, gFostair launched in the UK.

H1 FY2022 1

(% of Global Net Sales)

• bEtanercept sales continued to grow in Europe and Japan. US BLA filed on Pegfilgrastim.

Novel Pipeline Progress: Received USD 50 million development milestones from BI on MEK Inhibitor. Lupin Oncology Inc created to advance pipeline of differentiated Oncology programs.

Gx Pipeline Progress: 19 filings with the US FDA in CY21 incl. 4 eFTF, bringing our total FTFs to 51

Rebuilding Quality Reputation: 17 positive outcomes on Major agency audits during CY20 & CY21 (USFDA, MHRA, PMDA, ANVISA, Cofepris)

income, 5% API, 6% Growth Markets, 8%

EBITDA Trend 2

Strategic Vision: Evolving and Growing Global Pharma Company

Highly scaled and Evolving Core Generics Businesses

Innovative Platforms

Amongst the Top 10 generic companies in the World

US Generics

Growth driven by a diversified portfolio

Execution on high- value opportunities

India Region Formulations

Achieving Top 3 by share and building in select adjacencies

Other Growth Markets

Grow Scale and Operating Leverage

Novel products: Specialty & NCE's

Canadian Specialty Platform

Focused Commercialization in GI (Zaxine) and Women's Health

EU Neurology

Evolving through Complex Generics

Investing heavily in the development of high barrier therapeutics

Integrated Global Quality Culture

Geographic expansion and partnership

US Women's Health

Targeted operations with accretive portfolio expansion

Novel Oncology Research Platform

Pipeline acceleration

This is an excerpt of the original content. To continue reading it, access the original document here .

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Lupin Limited published this content on 12 January 2022 and is solely responsible for the information contained therein. Distributed by Public , unedited and unaltered, on 12 January 2022 13:55:06 UTC .

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Company Profile

Income Statement and Estimates

Analysts' consensus, quarterly earnings, rate of surprise.

• Stock Market
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Performance

Hasn't fared well - amongst the low performers

Seems to be overvalued vs the market average

Lagging behind the market in financials growth

Profitability

Showing good signs of profitability & efficiency

Entry point

The stock is overpriced but is not in the overbought zone

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Financial Statements

Balance Sheet

What is an income statement?

The income statement indicates a company's financial performance measured over a reporting period. Performance is assessed by summarising how the business incurs its revenues, expenses and net profit or loss incurred over the period. It's also called the P&L statement

Income Statement

Lower than industry revenue growth a higher-than-industry revenue growth represents increased potential for the company to increase their market share.

Over the last 5 years, revenue has grown at a yearly rate of 5.94%, vs industry avg of 9.21%

Decreasing Market Share Market share is the percentage of an industry's total sales going to a particular company. It gives a general idea of the size of a company v/s its competitors

Over the last 5 years, market share decreased from 6.67% to 5.34%

Higher than Industry Net Income Net income is equal to net earnings (profit) less expenses. This number is an important measure of how profitable the company is

Over the last 5 years, net income has grown at a yearly rate of 25.85%, vs industry avg of 15.15%

EPS and DPS in ₹. Other numbers except Payout Ratio in ₹ cr

Company Updates

Annual report

Investor Presentation

Reports & Filings

Quarterly results.

(April – June)

(Jan – Mar)

(Oct – Dec)

(July – Sep)

(April – June)

(Jan – Mar)

(Oct – Dec)

(July – Sep)

Published on 31 Mar 2020

Published on 31 Dec 2019

Published on 30 Sep 2019

Published on 30 June 2019

Integrated Report/Annual Report

FINANCIAL YEAR 2024

FINANCIAL YEAR 2023

FINANCIAL YEAR 2022

FINANCIAL YEAR 2021

FINANCIAL YEAR 2020

Annual Returns

Exchange filings (board meeting).

• Proceedings of the 42nd Annual General Meeting
• Board meeting intimation – Q1 FY2025
• Board Meeting Intimation – Q4 FY24
• Board Meeting Intimation – Q3 FY24
• Board Meeting Intimation – Q2 FY24
• Proceedings at the 41 st Annual General Meeting(‘AGM’) pursuant to Regulation 30 of SEBI
• Board Meeting Intimation – Q1 FY24
• Board meeting – Q4 FY23
• Board meeting – Q3 FY23
• Board meeting – Q2 FY23
• Board meeting – Q1 FY23
• Board meeting intimation on july 20
• Board Meetings held on May 18, 2022
• Board Meetings held on February 3, 2022
• Board meeting intimation – Oct 27
• Board meeting intimation – May 12
• Board meeting intimation – January 28

Exchange Filings (Others)

• Bse / Nse Action taken by Authority.
• Bse / Nse Letter Acquisitions Of Lupin Nz Ltd.
• Bse / Nse Letter Appointment of CS.
• Bse / Nse Letter Reg30 (5).
• Bse / Nse Letter Acquisition Lupin Sri lanka.
• Bse / Nse Letter Action Taken By Authority.
• Bse / Nse Action Taken By Authority.
• BSE-NSE-Generic Update.
• Disclosure pursuant to Regulation 42 and 44 of SEBI.
• Disclosure pursuant to Regulation 30 of SEBI.
• Appointment of CEO – Lupin Manufacturing Solutions.
• Business Transfer Agreement with Lupin Life Sciences Limited.
• BSE / NSE Acquisition Brands Sanofi.
• BSE / NSE Reg30 Settlement Agreement Glumetza.
• BSE / NSE Letter Somerset Regulation.
• BSE / NSE Re-launch of Mirabegron Extended-Release (ER) Tablets 25 mg in the United States.
• Bse / Nse Change In Directors.
• Order from Office of the Deputy Commissioner of State Tax, CT and GST Circle, Cuttack – I West Circle, Orissa.
• BSE/NSE Disclosure Letter-4.
• BSE/NSE Disclosure Letter-3.
• BSE/NSE Disclosure Letter-2.
• State tax intimation.
• Appointment of Chief Quality Officer.
• Income Tax intimation.
• Generic business carve out – Lupin Life Sciences Limited (LLSL).
• Letter rec’d regarding input tax credit Patna depot.
• Appointment of Chief Technical Officer.
• USFDA inspection at Aurangabad.
• Business Transfer Agreement with Lupin Manufacturing Solutions Limited (LMSL) – transaction complete.
• Acquisition of a portfolio of accretive established products in Europe and Canada.
• Business Transfer Agreement with LMSL
• Disclosure pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements).
• Disclosure pursuant to Regulation 30 of SEBI (Lupin Manufacturing Solutions Ltd)
• BSE-NSE-Letter-Disclosure pursuant to regulation 30 of SEBI.
• BSE-NSE-Letter-Incorporation of Atharv
• U.S. FDA Inspection of the Company’s Nagpur Oral Solid Dosage Facility.
• Acquisition of French Pharmaceutical Company Medisol
• U.S. FDA Inspection of the Company’s Manufacturing Facility at Pithampur Unit-2
• Credit rating on enhanced bank facilities – Feb 27
• Disclosure pursuant to regulation 30 read with schedule iii part a para a (7b) of sebi – Dec 22
• USFDA audit – Mandideep – Nov 24
• USFDA audit – Nagpur – Oct 30
• USFDA audit – Biotech facility – Oct 19
• Resignation of Dr. Kamal Sharma, Vice Chairman – Oct 7
• USFDA EIR – Ankleshwar – Oct 1
• USFDA warning – Tarapur –  Sept 29
• Brand acquisition from Boehringer Ingelheim International GmbH – Aug 24
• USFDA EIR – Somerset – Jul 7
• USFDA audit – Tarapur – Apr 5
• Acquisition of portfolio of brands from Anglo-French Drugs & Industries Limited – Apr  1
• Acquisition of portfolio of brands of Anglo-French – Jan 18
• BSE-NSE Letter-Credit Rating – Nov 10
• Product recall – October 14
• US FDA inspection at Goa — September 19
• Settlement of Glumetza litigation – Sept 15
• U.S. FDA issues Warning Letter for the Company’s Somerset, New Jersey (USA) facility – June 13
• Lupin’s entry into digital healthcare space – June 03
• Retirement of Robert Funsten from the Lupin Board of Directors – May 10
• Reduction in partnership with ABCD Technologies LLP – April 30
• Incorporation of Lupin Oncology Inc, USA – April 20
• ABCD Technologies LLP acquires 66.02% of ownership interest in AIOCD Pharmasofttech Awacs Private Limited – March 31
• Revision in partnership interest in ABCD Technologies LLP – March 31
• Partnership interest in ABCD Technologies – March 25
• Partnership interest with ABCD Technologies LLP – March 25
• Postal Ballot Notice – February 12
• Amicable resolvement of Gavis/Novel transaction – December 16
• Appointment of Mr. Rober Funsten on Lupin Board of Directors – November 10
• Novel Laboratories Inc. Somerset, NJ concluded the U.S. FDA inspection – November 9
• Information Security Incident – November 05
• Retirement of three Independent Directors – August 12
• Metformin Recall – Aug 08
• Lupin shareholders notice ad – June 24
• Appointment of Mr Ramesh Swaminathan as the ED, CFO & Head Corporate Affairs – March 26
• Appointment of Interim CFO – June 10
• US FDA classifies Lupin’s Goa facility as OAI – May 27

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Email Alert Sign Up Confirmation Contact information. +1.512.501.7078 [email protected] Oracle on Facebook Oracle on Twitter Oracle on LinkedIn Oracle on YouTube Integrated Cloud Applications & Platform Services Privacy / Do Not Sell My Info Near 52W High of ₹2312.00 1.1M NSE+BSE Volume NSE 16 Sep, 2024 3:31 PM (IST) Share on Facebook Share on LinkedIn Share via Whatsapp Broker average target upside potential% Broker 1Year buys 4 active buys Broker 1Year sells 1 active sells Broker 1Year neutral 4 active holds Broker 1M Reco upgrade 0 Broker 1M Reco upgrade Lupin Ltd. share price target Lupin ltd. has an average target of 1945.44. the consensus estimate represents a downside of -13.61% from the last price of 2251.85. view 25 reports from 9 analysts offering long-term price targets for lupin ltd... Recent Upgrades Recent Downgrades Sector Updates Most Recent Summary Date Stock Author LTP Target Price at reco (Change since reco%) Upside(%) Type Report Discuss 16 Sep 2024 2251.85 1982.26 - -11.97 pdf Detailed Estimates 08 Aug 2024 Target 2251.85 2200.00 2050.80 (9.80%) Target met Buy pdf post cache Broker Report pdf --> Alert 08 Aug 2024 Reco   Target 2251.85 2443.00 2050.80 (9.80%) 8.49 Buy pdf post cache Broker Report pdf --> Alert 07 Aug 2024 Target 2251.85 2400.00 1994.45 (12.91%) 6.58 Buy pdf post cache Broker Report pdf --> Alert 07 Aug 2024 Target 2251.85 2050.00 1994.45 (12.91%) Target met Neutral pdf post cache Broker Report pdf --> Alert 10 Jul 2024 Target 2251.85 1615.00 1826.90 (23.26%) 28.28 Sell pdf post cache Broker Report pdf --> Alert 15 May 2024 Target 2251.85 1763.00 1639.10 (37.38%) Target met Hold pdf post cache Broker Report pdf --> Alert 08 May 2024 Target 2251.85 1800.00 1616.15 (39.33%) Target met Buy pdf post cache Broker Report pdf --> Alert 08 May 2024 2251.85 1777.00 1616.15 (39.33%) Target met Accumulate pdf post cache Broker Report pdf --> Alert 08 May 2024 Target 2251.85 1600.00 1616.15 (39.33%) Target met Hold pdf post cache Broker Report pdf --> Alert 08 May 2024 Target 2251.85 1550.00 1616.15 (39.33%) Target met Neutral pdf post cache Broker Report pdf --> Alert 07 May 2024 2251.85 1868.00 1610.60 (39.81%) Target met Buy pdf post cache Broker Report pdf --> Alert 24 Apr 2024 2251.85 1770.00 1580.00 (42.52%) Target met Buy pdf post cache Broker Report pdf --> Alert 15 Apr 2024 Reco   Target 2251.85 1868.00 1609.10 (39.94%) Target met Buy pdf post cache Broker Report pdf --> Alert 15 Apr 2024 Reco   Target 2251.85 1868.00 1611.45 (39.74%) Target met Buy pdf post cache Broker Report pdf --> Alert 13 Feb 2024 2251.85 1838.00 1608.75 (39.98%) Target met Buy pdf post cache Broker Report pdf --> Alert 12 Feb 2024 Target 2251.85 1777.00 1594.45 (41.23%) Target met Accumulate pdf post cache Broker Report pdf --> Alert 09 Feb 2024 Reco   Target 2251.85 1560.00 1622.10 (38.82%) Target met Hold pdf post cache Broker Report pdf --> Alert 09 Feb 2024 Target 2251.85 1600.00 1622.10 (38.82%) Target met Hold pdf post cache Broker Report pdf --> Alert 09 Feb 2024 Target 2251.85 1770.00 1622.10 (38.82%) Target met Buy pdf post cache Broker Report pdf --> Alert 08 Feb 2024 Reco   Target 2251.85 1480.00 1606.40 (40.18%) -34.28 Neutral pdf post cache Broker Report pdf --> Alert more 140 IMAGES Lupin Ltd ADR 2022 Q1 PPT Lupin Named Among the ‘Factories of the Future’ at the Economic Times PPT PPT PPT VIDEO LUPIN LTD Investor Presentation for Q1FY25 LUPIN Powerpoint 🥸 Présentation Lupin III GameBoy Lupin Ltd.: Building a promising future: Company’s latest presentation DX Jackpot Striker / Lupin Rex Markets Open in Green COMMENTS PDF Investor Presentation FY 2021-22 Investor Presentation FY 2021-22 19 th May 2022. 2 Safe Harbor Statement Materials and information provided during this presentation may contain forward-looking statements. These ... LTM sales as of 31st Mar 2022 2. IQVIA MAT Mar-22 3. As of May 18, 2022 4. Exchange rate used US$ 1 = INR 74.24 (Average for FY22) PDF Investor Presentation Investor Presentation Q3 FY22 ending 31 st Dec 2021. 2 ... Lupin - Awards and Accolades • Lupin wins two awards ... P&L Highlights - Q3 FY 2022. 1. Other expenses include the impact of one-time expenses of INR 1,932 mn related to residual Metformin returns from retail and consumers not Investors Lupin Q1 FY2025 Results. Explore. Annual General Meeting. The 42 nd Annual General Meeting was held on Thursday, August 2, 2024. Explore. Earnings Calls; Presentations; Investor Calendar; Investor Contacts. Shareholder Services. [email protected]. Investor Relations. ... INVESTORS Shareholder Information Online Dispute Resolution by ... Lupin : Investor Presentation January 12, 2022 BSE Limited Department of Corporate Services, P. J. Towers, Dalal... 77b.IvCDJwois_nvsW7LpEMiYb8ub-H4VoPawQT2mHFTiEM.Wp3sRUwS57uO4w_-8TNzC9R4B5OdBM--qX2QwEg28BlOtMFhJ1LxurDIXg Lupin : FINANCIAL YEAR 2022 The Integrated Report for FY22 describes the financial and non-financial performance of Lupin's operations from April 1, 2021 to March 31, 2022. The scope of this report encompasses Lupin, its subsidiaries and operational units across the globe. Further, this report sheds light on aspects which influence Lupin's ability to create value. August 3, 2022 Lupin Q1 FY2023 Results Net Debt as on June 30, 2022 stands at INR 25,143 mn Net Debt-Equity for the company as on June 30, 2022 stands at 0.21 Commenting on the results, Mr. Nilesh Gupta, Managing Director, Lupin Limited said, "Our numbers are muted this quarter, but we expect a strong bounce back Q2 onwards. Our U.S. sales took a significant dip as we took several ... Lupin Ltd. Annual Reports Annual Report Mar-2012. pdf. Lupin Limited: Ratings reaffirmed; rated amount enhanced. Lupin Limited: Rating removed from watch with developing implications. Update on reason for delay in periodic surveillance. Lupin Limited: Rating withdrawn for the Non-Convertible debenture programme. ICRA re-affirms the ratings of [ICRA]AAA and [ICRA]A1+ for ... Lupin Ltd. investor presentations, annual reports, calls Lupin Ltd. investor presentations, annual reports, earnings calls and conference calls. Markets Today Top Gainers Top Losers Discover Search all filings. 2 major resignations today 11 meeting announcements today ... PDF Investor Presentation Q1 FY2022 Pipeline. U.S.FDA accepted the Biologics License Application for proposed biosimilar to Neulasta® (Pegfilgrastim) U.S.FDA approved to expand the use of SOLOSEC® (secnidazole) to include the treatment of trichomoniasis. Received US$50 mn as 'milestone payment' from Boehringer Ingelheim on MEK inhibitor (novel oncology compound) progress. Lupin AT ADR's (LUPNY) CEO Vinita Gupta on Q4 2022 Results Lupin AT ADR (LUPNY) Q4 2022 Earnings Conference Call May 19, 2022 6:00 AM ET. Company Participants. Vinita Gupta - Chief Executive Officer Ramesh Swaminathan - Chief Financial Officer and ... Lupin Company Profile 2024: Stock Performance & Earnings Lupin Ltd is a specialty and generic drug manufacturing company. The company produces, develops, and markets branded and generic formulations, biotechnology products, and active pharmaceutical ingredients (APIs) globally. It has a presence in the Cardiovascular, Diabetology, Asthma, Pediatrics, Central Nervous System, GastroIntestinal, and ... Lupin Share Price NSE/BSE Lupin Stock Price Chart - Get LUPIN share prices with latest news, NSE/BSE performance, financial statement, market cap, annual & quarterly results, dividend, profit/loss, price forecast & more ... FY 2022. Annual report. PDF. Investor Presentation. May 19 PDF. Feb 4 PDF. Jan 12 PDF. Oct 28 PDF. FY 2023. Annual report. PDF. Investor ... Lupin : Vinita Gupta at the JP Morgan Healthcare Conference Jan 12 2022 January 12, 2022 at 08:56 am EST. J.P Morgan Healthcare. Conference. January 12 th, 2022. Lupin Limited. Vinita Gupta, CEO. Safe Harbor Statement. Materials and information provided during this presentation may contain 'forward-looking statements'. These statements are based on current expectations, forecasts and assumptions that are subject to ... PDF Investor Presentation Q2 FY2022 Investor Presentation Q2 FY2022 October 28, 2021. 2 Safe Harbor Statement ... •Lupin ranked No.1 in the Biotech and Pharma, and amongst Top 50 large organisations in the list of top 100 ... P&L Highlights- Q2 FY 2022 *Adjusted for NCE Licensing income of INR 3,734 mn in Q1, Gross Margin in Q1 FY2022 would be 60.5% to sales, EBITDA Margin ... Lupin Ltd: Financial statements and analysis Over the last 5 years, market share decreased from 6.67% to 5.34%. Net income is equal to net earnings (profit) less expenses. This number is an important measure of how profitable the company is. Over the last 5 years, net income has grown at a yearly rate of 25.85%, vs industry avg of 15.16%. EPS and DPS in ₹. PDF Investor Presentation Q1 FY23 Investor Presentation Q1 FY23 August 4, 2022. 2 Safe Harbor Statement ... Lupin Today FY22 Revenues split Market Cap (1,2) US$ 3.6 bn Revenue (FY22)(3) US$ 2.2 bn EBITDA (FY22)(3) US$ 311 mn Financial Metrics Globally 10th Largest Generic company (by sales4) 6th PDF LUPIN Sub: Investor Presentation FY2021-22. I LUPIN Pursuant to Regulation 30(2) read with Schedule Ill Part A Para A( 15) (a) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, enclosed is a copy of the Investor Presentation FY 2021-22. The above is for your information and dissemination. Thanking you, For LUPIN LIMITED ~ Lupin Ltd. Live Share Price Today, Share Analysis and Chart Lupin Ltd. live share price at 3:31 p.m. on Sep 12, 2024 is Rs 2247.50. Explore financials, technicals, Deals, Corporate actions and more ... investor presentations and earnings calls. ... Annual Report Mar-2022. pdf. Annual Report Mar-2021. pdf. Annual Report Mar-2020. pdf. Annual Report Mar-2019. pdf. Reports & Filings Consolidated. Standalone . Earnings Transcript . Presentation . Earnings Call audio . Unaudited. Q2 (July - Sep) ... Lupin's entry into digital healthcare space - June 03 ... INVESTORS Shareholder Information Online Dispute Resolution by SEBI COMMUNITY CAREERS Current Openings. Lupin Ltd. Investor Presentations Lupin Ltd. Investor Presentation: Get insights into company performance, financials, capex plans and more. Markets Today Top Gainers Top Losers Discover Search all filings. 28 FDA warnings today 40 major resignations today ... Oracle Oracle investor relations events — attend the latest investor event. Skip to main content. Investor Relations - Events and Presentations. Overview; Financials; ... Events and presentations: SEC filings: End of day stock quote : Enter the code shown above. * Unsubscribe. Contact information +1.512.501.7078 [email protected] ... Lupin Ltd. Latest Shareholding Pattern FII/FPI have increased holdings from 18.29% to 19.32% in Jun 2024 qtr. Number of FII/FPI investors increased from 786 to 828 in Jun 2024 qtr. Mutual Funds have decreased holdings from 16.82% to 16.23% in Jun 2024 qtr. Number of MF schemes remains unchanged at 33 in Jun 2024 qtr. Lupin Ltd. Brokerage/Research Reports, analyst Research Reports Lupin Ltd. share price target. Lupin Ltd. has an average target of 1945.44. The consensus estimate represents a downside of -13.31% from the last price of 2244.10. View 25 reports from 9 analysts offering long-term price targets for Lupin Ltd.. Reco - This broker has downgraded this stock from it's previous report. 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