Health & Lives

Chairman’s Letter

FY23 has been eventful for Lupin, characterized by notable achievements and promising growth prospects.

Dear Shareholders,
I am delighted to present our Integrated Report for FY23. This is the third Integrated Report since we formally embarked on our Environment, Social and Governance (ESG) journey. Through this report, we share an overview of our business performance, and progress against our ESG goals and plans.

Our Performance and Shareholder Returns

FY23 has been eventful for Lupin, characterized by notable achievements and promising growth prospects. Throughout the year, we focused on driving sustainable improvements in operating margins while capitalizing on growth opportunities across all regions. We made significant investments in India to expand our sales force and enhance our reach. Our team has worked tirelessly to achieve robust growth in the Indian market despite the headwinds witnessed in our in-licensed anti-diabetes portfolio.

In the U.S., we have now seen continuous margin improvement for three consecutive quarters through portfolio optimization and cost optimization efforts. We increased R&D spending quarter over quarter with a focus on complex generics, particularly in the inhalation and injectables segments. We are now looking at a wave of launches of complex products in the U.S. that gives us the opportunity to meet unmet needs and grow sustainably.

The API business has shown signs of recovery, with demand growth in our core products. Our EMEA region has witnessed growth, driven by successful launches in Germany and the European market. Additionally, our subsidiary in the APAC region, particularly in the Philippines, has delivered exceptional performance.

Our progress in the U.S., combined with growth in other regions such as India, EMEA, APAC and API, has enabled us to achieve overall margin improvement. We now look forward to improved topline growth, margins and profits, all together driving enhanced shareholder returns.

Enablers for Strategy Execution

In pursuit of operational excellence, we continue to refine our operating model. The focus has been to improve synergies across our value chain through the implementation of Integrated Business Planning (IBP), which focuses on aligning demand and supply planning, providing visibility across the company to all concerned.

We see digital technologies as key enablers to strategic execution, and we have designed a multi-year digital transformation journey to ensure a cohesive and deliberate approach to modernizing our digital capabilities.

Strong Foundation for Future Growth

Throughout the year, we filed 28 products in the U.S. and 10 outside the U.S., with significant progress in our injectable and inhalation platforms. Delivery of these products enables us to drive sustainable growth.

Compliance has been a key focus area, and I am pleased to share that we have made material progress on our remediation efforts at multiple sites. We are committed to ensuring consistent and sustainable compliance across all our facilities.

Our recent acquisitions, including Anglo-French in India, Southern Cross in Australia, Xopenex®, Brovana® in the U.S., and Bausch portfolio in Brazil, have all performed as per expectations.

We remain committed to driving innovation, expanding our product portfolio, and delivering sustainable value to our shareholders. As we look ahead to FY24, we are optimistic about launching key products like Tiotropium DPI, Darunavir, and others in the U.S. and other markets. Combined with our focused initiatives, these launches will enable us to drive double-digit growth and improve operating margins.

Leveraging the Founder’s Legacy:
A Commitment to Sustainable Performance

Our Founder, Dr. Desh Bandhu Gupta, had always emphasized responsible leadership and innovation, which is reflected in our ESG approach. Our focus on ESG is a cornerstone to creating a strong and sustainable organization that benefits all stakeholders in the long run. We have developed a robust ESG framework that guides our sustainable value-creation goals and our ESG disclosures. We ensure that our ESG strategy aligns with our business priorities and global standards.

I thank the Board for its strategic leadership, my executive team for their steadfast commitment, and our people who are committed to the success of Lupin. It is through their efforts, along with the collaboration and support of our partners and shareholders, that we are achieving our purpose of empowering the health and the lives of our patients.


Manju Deshbandhu Gupta

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