India 
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Australia
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Mumbai, May 06, 2024: Pharma major Lupin Limited [BSE: 500257 | NSE: LUPIN] reported its financial performance for the quarter and fiscal year ending March 31, 2024. These audited results were taken on record by the Board of Directors at a meeting held today. Based on the long-term outlook the Board has recommended a dividend of 400%.
Financial Highlights – Consolidated IND-AS
Amt in INR Mn
| Particulars | Full Year | Quarter | ||||||
|---|---|---|---|---|---|---|---|---|
| FY2024 | FY2023 | YoY Growth % | Q4 FY2024 | Q3 FY2024 | QoQ Growth % | Q4 FY2023 | YoY Growth % | |
| Sales | 196,563 | 162,700 | ↑20.8% | 48,951 | 50,799 | ↓3.6% | 43,303 | ↑13.0% |
| EBITDA | 39,307 | 18,715 | ↑110.0% | 10,261 | 10,673 | ↓3.9% | 6,150 | ↑ 66.8% |
| EBITDA Margin (%) | 20.0% | 11.5% | ↑ 850 bps | 21.0% | 21.0% | – | 14.2% | ↑ 680 bps |
| PBT | 24,223 | 7,165 | ↑238.1% | 4,977 | 7,361 | ↓ 32.4% | 2,585 | ↑92.5% |
Income Statement highlights – Q4 FY2024
- Gross Profit was INR 33,213 Mn compared to INR 33,538 Mn in Q3 FY2024, with gross margin of 67.8%.
- Personnel cost was 18.4% of sales at INR 9,002 Mn compared to INR 8,892 Mn in Q3 FY2024.
- Manufacturing and other expenses were 30.4% of sales at INR 14,901 Mn compared to INR 15,602 Mn in Q3 FY2024.
- PBT was lower in Q4 FY2024 on account of impairment charge of INR 2,013 Mn.
- Investment in R&D for the quarter was INR 4,255 Mn (8.7% of sales).
Balance Sheet highlights
- Operating working capital was INR 56,913 Mn as on March 31, 2024.
- Capital Expenditure for the quarter was INR 1,059 Mn.
- Net Debt as on March 31, 2024 stands at INR 4,766 Mn.
- Net Debt-Equity as on March 31, 2024 stands at 0.03.
Commenting on the results, Mr. Nilesh Gupta, Managing Director, Lupin Limited said, “We continue to move forward with sustainable and profitable growth and delivered another strong set of numbers in Q4. Our U.S. sales remain healthy driven by inhalation products, and our India formulation business is delivering ahead of market. While FY24 has been a year of resurgence for the company, we look forward to an even stronger FY25 driven by growth across our key geographies and consistent improvement in our margins”.
Consolidated Financial Results 12M FY2024
Amt in INR Mn
| Particulars | FY2024 | % of sales | FY2023 | % of sales | YOY Gr% |
| Sales | 196,563 | 100.0% | 162,700 | 100.0% | 20.8% |
| Other operating income | 3,545 | 1.8% | 3,717 | 2.3% | -4.6% |
| Total Revenue from operations | 200,108 | 101.8% | 166,417 | 102.3% | 20.2% |
| Material cost | 66,434 | 33.8% | 67,798 | 41.7% | -2.0% |
| Gross Profit (Excl. Other op. income) | 130,129 | 66.2% | 94,902 | 58.3% | 37.1% |
| Employee cost | 34,946 | 17.8% | 30,872 | 19.0% | 13.2% |
| Manufacturing & Other expenses | 60,728 | 30.9% | 50,542 | 31.1% | 20.2% |
| Other Income | 1,202 | 0.6% | 734 | 0.5% | 63.8% |
| Forex Loss / (Gain) | (105) | -0.1% | (776) | -0.5% | -86.5% |
| EBITDA | 39,307 | 20.0% | 18,715 | 11.5% | 110.0% |
| Depreciation, Amortization & Impairment Expense | 11,968 | 6.1% | 8,807 | 5.4% | 35.9% |
| EBIT | 27,339 | 13.9% | 9,908 | 6.1% | 175.9% |
| Finance cost | 3,116 | 1.6% | 2,743 | 1.7% | 13.6% |
| Profit Before Tax (PBT) | 24,223 | 12.3% | 7,165 | 4.4% | 238.1% |
| Tax | 4,867 | 2.5% | 2,688 | 1.7% | 81.1% |
| Profit After Tax (PAT) | 19,356 | 9.8% | 4,477 | 2.8% | 332.3% |
| (+) Share of Profit from JV | – | – | – | – | – |
| (-) Non-Controlling Interest | 211 | 0.1% | 176 | 0.1% | 19.9% |
| Profit/(Loss) for the period | 19,145 | 9.7% | 4,301 | 2.6% | 345.1% |
Consolidated Financial Results Q4 FY2024
Amt in INR Mn
| Particulars | Q4 FY2024 | % of sales | Q3 FY2024 | % of sales | QoQ Gr% | Q4 FY2023 | % of sales | YoY Gr% |
| Sales | 48,951 | 100.0% | 50,799 | 100.0% | -3.6% | 43,303 | 100.0% | 13.0% |
| Other operating income | 657 | 1.3% | 1,175 | 2.3% | -44.1% | 998 | 2.3% | -34.2% |
| Total Revenue from operations | 49,608 | 101.3% | 51,974 | 102.3% | -4.6% | 44,301 | 102.3% | 12.0% |
| Material cost | 15,738 | 32.2% | 17,261 | 34.0% | -8.8% | 17,501 | 40.4% | -10.1% |
| Gross Profit (Excl. Other op. income) | 33,213 | 67.8% | 33,538 | 66.0% | -1.0% | 25,802 | 59.6% | 28.7% |
| Employee cost | 9,002 | 18.4% | 8,892 | 17.5% | 1.2% | 7,730 | 17.9% | 16.5% |
| Manufacturing & Other expenses | 14,901 | 30.4% | 15,602 | 30.7% | -4.5% | 13,030 | 30.1% | 14.4% |
| Other Income | 293 | 0.6% | 294 | 0.6% | -0.2% | 373 | 0.9% | -21.4% |
| Forex Loss / (Gain) | (1) | -0.0% | (160) | -0.3% | -99.4% | 263 | 0.6% | -100.4% |
| EBITDA | 10,261 | 21.0% | 10,673 | 21.0% | -3.9% | 6,150 | 14.2% | 66.8% |
| Depreciation, Amortization & Impairment Expense | 4,571 | 9.3% | 2,572 | 5.1% | 77.7% | 2,640 | 6.1% | 73.1% |
| EBIT | 5,690 | 11.6% | 8,101 | 15.9% | -29.8% | 3,510 | 8.1% | 62.1% |
| Finance cost | 713 | 1.5% | 740 | 1.5% | -3.6% | 925 | 2.1% | -23.0% |
| Profit Before Tax (PBT) | 4,977 | 10.2% | 7,361 | 14.5% | -32.4% | 2,585 | 6.0% | 92.6% |
| Tax | 1,295 | 2.6% | 1,174 | 2.3% | 10.3% | 161 | 0.4% | 704.3% |
| Profit After Tax (PAT) | 3,682 | 7.5% | 6,187 | 12.2% | -40.5% | 2,424 | 5.6% | 51.9% |
| (+) Share of Profit from JV | – | – | – | – | – | – | – | |
| (-) Non-Controlling Interest | 88 | 0.2% | 56 | 0.1% | 57.1% | 64 | 0.1% | 37.5% |
| Profit/(Loss) for the period | 3,594 | 7.3% | 6,131 | 12.1% | -41.4% | 2,360 | 5.4% | 52.3% |
Sales Mix
Amt in INR Mn
| Particulars | FY2024 | FY2023 | Growth YoY |
| North America | 72,462 | 54,173 | 33.8% |
| India | 66,564 | 60,759 | 9.6% |
| Growth Markets | 18,266 | 17,258 | 5.8% |
| EMEA | 19,235 | 15,514 | 24.0% |
| ROW | 6,568 | 3,904 | 68.2% |
| Total Formulations | 183,095 | 151,608 | 20.8% |
| API | 11,415 | 11,092 | 2.9% |
| Total Sales | 194,510 | 162,700 | 19.6% |
| NCE Licensing Income | 2,053 | – | NA |
| Consolidated Sales | 196,563 | 162,700 | 20.8% |
| Particulars | Q4 FY2024 | Q3 FY2024 | Growth QoQ | Q4 FY2023 | Growth YoY |
| North America | 19,006 | 18,885 | 0.6% | 15,503 | 22.6% |
| India | 16,015 | 17,251 | -7.2% | 14,786 | 8.3% |
| Growth Markets | 5,093 | 4,729 | 7.7% | 4,385 | 16.1% |
| EMEA | 5,318 | 5,170 | 2.9% | 4,535 | 17.3% |
| ROW | 938 | 1,985 | -52.7% | 868 | 8.1% |
| Total Formulations | 46,370 | 48,020 | -3.4% | 40,077 | 15.7% |
| API | 2,581 | 2,779 | -7.1% | 3,226 | -20.0% |
| Total Sales | 48,951 | 50,799 | -3.6% | 43,303 | 13.0% |
Operational Highlights
North America
North America sales for FY2024 were INR 72,462 mn, up 33.8% as compared to INR 54,173 mn in FY2023;
accounting for 37% of Lupin’s global sales. Q4 FY2024 sales were INR 19,006 mn, up 0.6% compared to INR 18,885 mn in Q3 FY2024; up 22.6% compared to INR 15,503 mn in Q4 FY2023; accounting for 39% of Lupin’s global sales.
US FY2024 sales were USD 815 mn compared to USD 632 in FY2023.
Q4 FY2024 sales were USD 209 mn compared to USD 212 mn in Q3 FY2024 and USD 175 mn in Q4 FY2023.
The Company filed 1 ANDA in the quarter, received 12 ANDA approvals from the U.S. FDA, and launched 6 products in the quarter in the U.S. The Company now has 161 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 Qtr TRx March 2024). Lupin is the leader in 47 of its marketed generics in the U.S. and amongst the Top 3 in 105 of its marketed products (IQVIA Qtr March 2024).
India
India formulation sales for FY 2024 were INR 66,564 mn, up 9.6% as compared to INR 60,759 mn in FY2023;
accounting for 34% of Lupin’s global sales. Q4 FY2024 sales were INR 16,015 mn, down 7.2% compared to
INR 17,251 mn in Q3 FY2024; up 8.3% compared to INR 14,786 mn in Q4 FY2023; accounting for 33% of Lupin’s global sales.
India Region Formulation sales declined by 10.1% in the quarter as compared to Q3 FY2024; up 4.9% as compared to Q4 FY2023. The company launched 7 brands across therapies during the quarter.
Lupin is the 7th largest company in the Indian Pharmaceutical Market (IQVIA MAT Mar 2024).
Growth Markets (LATAM and APAC)
Growth Markets sales for FY2024 were INR 18,266 mn, up 5.8% as compared to INR 17,258 mn in FY2023;
accounting for 9% of Lupin’s global sales. Q4 FY2024 sales were INR 5,093 mn, up 7.7% compared to INR 4,729 mn in Q3 FY2024; up 16.1% compared to INR 4,385 mn in Q4 FY2023; accounting for 10% of Lupin’s global sales.
Brazil sales were BRL 253 mn for FY2024, compared to sales of BRL 273 mn for FY2023.
Q4 FY2024 sales were BRL 51 mn, compared to BRL 54 mn for Q3 FY2024 and BRL 75 mn for Q4 FY2023.
Mexico sales were MXN 574 mn for FY2024, compared to sales of MXN 806 mn for FY2023.
Q4 FY2024 sales were MXN 192 mn, compared to MXN 212 mn for Q3 FY2024 and MXN 152 mn for Q4 FY2023.
Philippines sales were PHP 2,563 mn for FY2024, compared to sales of PHP 1,895 mn for FY2023.
Q4 FY2024 sales were PHP 930 mn, compared to PHP 548 mn for Q3 FY2024 and PHP 542 mn for Q4 FY2023.
Australia sales were AUD 108 mn for FY2024, compared to sales of AUD 96 mn for FY2023.
Q4 FY2024 sales were AUD 29 mn, compared to AUD 28 mn for Q3 FY2024 and AUD 24 mn for Q4 FY2023.
Europe, Middle-East and Africa (EMEA)
EMEA sales for FY2024 were INR 19,235 mn, up 24.0% as compared to INR 15,514 mn in FY 2023; accounting for 10% of Lupin’s global sales. Q4 FY2024 sales were INR 5,318 mn, up 2.9% compared to INR 5,170 mn in Q3 FY2024; up 17.3% compared to INR 4,535 mn in Q4 FY2023; accounting for 11% of Lupin’s global sales.
South Africa sales were ZAR 1,445 mn for FY2024, compared to sales of ZAR 1,364 mn for FY2023.
Q4 FY2024 sales were ZAR 438 mn, compared to ZAR 371 mn for Q3 FY2024 and ZAR 417 mn for Q4 FY2023.
Lupin is the 8th largest player in South Africa in the total generics market (IQVIA MAT Feb 2024).
Germany sales were EUR 44 mn for FY2024, compared to sales of EUR 40 mn for FY2023.
Q4 FY2024 sales were EUR 10 mn, compared to EUR 11 mn for Q3 FY2024 and EUR 10 mn for Q4 FY2023.
Global API
Global API sales for FY2024 were INR 11,415 mn, up 2.9% as compared to INR 11,092 mn in FY2023; accounting for 6% of Lupin’s global sales.
Q4 FY2024 sales were INR 2,581 mn, down 7.1% compared to INR 2,779 mn in Q3 FY2024; down 20.0% compared to INR 3,226 mn in Q4 FY2023; accounting for 5% of Lupin’s global sales.
Research and Development
Investment in R&D was INR 15,265 mn (7.8% of sales) for FY2024 and INR 4,255 mn (8.7% of sales) for Q4 FY2024, compared to INR 3,050 mn (7.0% of sales) for Q4 FY2023.
Lupin received approval for 12 ANDAs from the U.S. FDA in the quarter. Cumulative ANDA filings with the U.S. FDA stand at 431 as of Mar 31, 2024, with the company having received 314 approvals to date.
The Company now has 51 First-to-File (FTF) filings including 18 exclusive FTF opportunities. Cumulative U.S. DMF filings stand at 157 as of Mar 31, 2024.
About Lupin
Lupin is an innovation-led transnational pharmaceutical company headquartered in Mumbai, India. The Company develops and commercializes a wide range of branded and generic formulations, biotechnology products, and APIs in over 100 markets in the U.S., India, South Africa, and across the Asia Pacific (APAC), Latin America (LATAM), Europe, and Middle East regions.
The Company enjoys a leadership position in the cardiovascular, anti-diabetic, and respiratory segments and has a significant presence in the anti-infective, gastro-intestinal (GI), central nervous system (CNS), and women’s health areas. Lupin is the third-largest pharmaceutical company in the U.S. by prescriptions. The company invested 7.8% of its revenue in research and development in FY24.
Lupin has 15 manufacturing sites, 7 research centers, more than 20,000 professionals working globally, and has been consistently recognized as a ‘Great Place to Work’ in the Biotechnology & Pharmaceuticals sector.
Please visit www.lupin.com for more information.
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For further information or queries please contact –
Heena Dhedhi
Deputy General Manager – Corporate Communications
Email: heenadhedhi@lupin.com