Lupin Limited has posted net loss of Rs. 89.08 crores for the period ended June 30, 2022 as against net loss of Rs. 517.98 crores for the period ended March 31, 2022. The company posted net profit of Rs.542.46 crores for the period ended June 30, 2021.

The company has reported total income of Rs. 3749.40 crores during the period ended June 30, 2022 as compared to Rs. 3898.71 crores during the period ended March 31, 2022. Lupin reported total income of Rs.4298.02 crores during the period ended June 30, 2021.

Commenting on the results, 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 strategic decisions to pave the way for building a sustainable and profitable business. During the quarter we pared down inventories and we took shelf stock adjustments on select products. While we continue to see price erosion in our US business and inflation in input materials, our India business continues to do well growing ahead of the market. All other geographies continue to perform well, and we have now implemented several optimization measures including addressing our workforce in operations and supporting functions to improve our cost position and ensure competitiveness. While the benefits of this optimization will start accruing Q2 onwards, we are now focused on getting back on the growth path driven by growth in key markets like India and multiple important complex generic launches in the US and other developed markets. On the compliance front, we have now satisfactorily addressed both Goa and Somerset, and continue our efforts to be best in class in quality and compliance across our network.”

North America

North America sales for Q1 FY2023 were INR 10,104 mn, down 28.7% compared to INR 14,162 mn in Q4 FY2022; down 24.2% as compared to INR 13,330 mn in Q1 FY2022; accounting for 28% of Lupin’s global sales. Q1 FY2023 sales were USD 121 mn compared to USD 181 mn in Q4 FY2022 and USD 172 mn in Q1 FY2022. The Company filed 4 ANDAs in the quarter, received 4 ANDA approvals from the U.S. FDA, and launched product in the quarter in the U.S. The Company now has 167 generic products in the U.S.

Lupin continues to be the 3rd largest pharmaceutical player in both U.S. generic market and U.S. total market by prescriptions (IQVIA MAT June 2022). Lupin is the leader in 44 of its marketed generics in the U.S. and amongst the Top 3 in 113 of its marketed products (IQVIA MAT March 2022).

India

India formulation sales for Q1 FY2023 were INR 14,920 mn, up 10.4% as compared to INR 13,511 mn in Q4 FY2022; down 8.8% as compared to INR 16,362 mn in Q1 FY2022; accounting for 41% of Lupin’s global sales. India Region Formulations sales grew by 9.9% in the quarter as compared to Q4 FY2022, down 2.9% as compared to Q1FY2022. The company launched 6 brands across therapies during the quarter.

Lupin is the 6th largest company in the Indian Pharmaceutical Market (IQVIA MAT June 2022).

Growth Markets (LATAM and APAC)

Growth Markets registered sales of INR 4,237 mn for Q1 FY2023, up 11.2% compared to INR 3,810 mn in Q4 FY2022; up 27.3% as compared to INR 3,328 mn in Q1 FY2022; accounting for 12% of Lupin’s global sales.

Brazil sales were BRL 57 mn for Q1 FY2023, compared to BRL 64 mn for Q4 FY2022 and BRL 63 mn for Q1 FY2022.

Mexico sales were MXN 213 mn for Q1 FY2023, compared to MXN 183 mn for Q4 FY2022 and MXN 163 mn for Q1 FY2022.

Philippines sales were PHP 434 mn for Q1 FY2023, compared to PHP 475 mn for Q4 FY2022 and PHP 362 mn for Q1 FY2022.

Australia sales were AUD 25.2 mn for Q1 FY2023, compared to AUD 20.8 mn for Q4 FY2022 and AUD 17.1 mn for Q1 FY2022.

Europe, Middle-East and Africa (EMEA)

EMEA sales for Q1 FY2023 were INR 3,335 mn, down 18.1% compared to INR 4,072 mn in Q4 FY2022; up 27.6% compared to INR 2,613 mn in Q1 FY2022; accounting for 9% of Lupin’s global sales.

South Africa sales were ZAR 282 mn for Q1 FY2023, compared to ZAR 426 mn for Q4 FY2022 and ZAR 273 mn for Q1 FY2022. Lupin is the 6th largest player in South Africa in the total generics market (IQVIA May 2022).

Germany sales were EUR 9.2 mn for Q1 FY2023, compared to EUR 8.4 mn for Q4 FY2022 and EUR 7.4 mn for Q1 FY2022.

Global API

Global API Sales for Q1 FY2023 were INR 2,551 mn, up 15.8% as compared to INR 2,203 mn in Q4 FY2022; up 3.7% as compared to INR 2,459 mn in Q1 FY2022; accounting for 7% of Lupin’s global sales.

Research and Development

Investment in R&D was INR 3,477.8 mn (9.6% of sales) for Q1 FY2023 as compared to INR 3442 mn (8.9% of sales) for Q4 FY2022.

Lupin received approval for 4 ANDAs from the U.S. FDA in the quarter. Cumulative ANDA filings with the U.S.

FDA stand at 459 as of June 30, 2022, with the company having received 301 approvals to date.

The Company now has 54 First-to-File (FTF) filings including 21 exclusive FTF opportunities. Cumulative U.S. DMF filings stand at 173 as of June 30, 2022.