Mumbai: Pharma major Lupin Limited reported its financial performance for the first quarter ending June 30, 2019. These results were taken on record by the Board of Directors at a meeting held in Mumbai today.
Key Financial & Performance Highlights
- Sales for the quarter were INR 43,558 m. compared to INR 43,259 m. in Q4 FY2019 (up 0.7%) and INR 37,746 m. in Q1 FY2019 (up 15.4%)
- Earnings before Interest, Tax, Depreciation and Amortization (EBITDA) for the quarter was INR 9,325 m. compared to INR 9,588 m. in Q4 FY2019 and INR 7,112 m. in Q1 FY2019 (up 31.1%)
- Net profits for the quarter were INR 3,031 m. compared to INR 2,896 in Q4 FY2019 (up 4.7%) and INR 2,028 m. in Q1 FY2019 (up 49.5%)
- Investment in Research and Development for the quarter was INR 3,785 m., representing 8.7% of sales
Commenting on the results, Mr. Nilesh Gupta, Managing Director, Lupin Limited said, “We are pleased with the robust all-round performance in our key markets, marking a healthy start for the fiscal year. This year is critical as we are committed to delivering on our strategic growth drivers, including commercialization of Complex Generics, ramp-up of our Specialty business and delivering on operational and cost efficiencies. Regulatory compliance remains a top organizational priority and we are making steady progress.”
Consolidated Unaudited Financial Results – Quarter I, FY2020
Amount in INR m.
|Particulars||Q1 FY2020||% of sales||Q4 FY2019||% of sales||QoQ Growth %||Q1 FY2019||% of sales||YoY Growth %|
|Other operating income||626||1.4%||804||1.9%||-22.1%||814||2.2%||-23.1%|
|Total Revenue from operations||44,184||101.4%||44,063||101.9%||0.3%||38,560||102.2%||14.6%|
|Gross Profit (Excl. Other operating income)||28,058||64.4%||29,181||67.5%||-3.8%||23,304||61.7%||20.4%|
|Manufacturing & Other expenses||12,009||27.6%||13,266||30.7%||-9.5%||11,354||30.1%||5.8%|
|Depreciation & Amortization||3,171||7.3%||2,808||6.5%||12.9%||2,590||6.9%||22.4%|
|PBT before exceptional item||5,298||12.2%||5,925||13.7%||-10.6%||3,835||10.2%||38.2%|
|PBT after exceptional item||5,298||12.2%||5,947||13.7%||-10.9%||3,835||10.2%||38.2%|
|(+) Share of Profit from Joint Controlled entity||10||15||7|
|(-) Non-Controlling Interest||-3||68||3|
|Net Profit after exceptional items||3,031||7.0%||2,896||6.7%||4.7%||2,028||5.4%||49.5%|
|Add: Exceptional items||–||(22)|
|Net Profit before exceptional items||3,031||7.0%||2,874||6.6%||5.5%||2,028||5.4%||49.5%|
Income Statement highlights – Q1 FY2020
- Material cost increased by 310 bps to 35.6% of sales, at INR 15,500 m. compared to INR 14,078 m. in
- Personnel cost was 18.5% of sales, at INR 8,072 m. compared to INR 7,996 m. in Q4 FY2019
- Manufacturing and other expenses decreased by 310 bp to 27.6% of sales at INR 12,009 m. compared to INR 13,266 m. in Q4 FY2019
Balance Sheet highlights
- Operating working capital decreased to INR 58,018 m. as on June 30, 2019 from INR 61,496 m. as on March 31, 2019. The working capital number of days improved to 127 days as on June 30, 2019 compared to 139 days as on March 31, 2019
- Capital Expenditure for the quarter was INR 1,173 m.
- Net Debt-Equity ratio for the company stands at 0.29:1 as on June 30, 2019
|Particulars||Q1 FY2020||Q4 FY2019||QoQ growth %||Q1 FY2019||YoY growth %|
Lupin’s North America sales for Q1 FY2020 were INR 15,412 m. compared to sales of INR 17,406 m. during Q4 FY2019 and INR 11,858 m. during Q1 FY2019; accounting for 35% of Lupin’s global sales.
- Q1 FY2020 sales were USD 218 m. compared to USD 245 m. during Q4 FY2019 and USD 168 m. during Q1 FY2019
- The Company launched 5 products in the US market during the quarter. The Company now has 175 products in the US generics market.
- Lupin is the 3rd largest pharmaceutical player in the US by prescriptions (IQVIA MAT June 2019)
- Lupin is now the market leader in 62 products in the US generics market and amongst the Top 3 in 122 of its products (market share by prescriptions, IQVIA June 2019)
Lupin’s India formulation sales for Q1 FY2020 were INR 13,077 m. compared to sales of INR 10,525 m. during Q4 FY2019 and INR 11,924 m. during Q1 FY2019; accounting for 30% of Lupin’s global sales.
Lupin’s APAC sales were at INR 6,717m. during Q1 FY2020 compared to sales of INR 6,901 m. during Q4 FY2019 and INR 6,077 m. during Q1 FY2019; accounting for 15% of Lupin’s global sales.
Lupin’s Japan sales were JPY 8,858 m. during Q1 FY2020 compared to JPY 8,580 m. during Q4 FY2019 and JPY 8,129 m. in Q1 FY2019.
Lupin is now the 5th largest generic player in Japan (IQVIA MAT June 2019).
Lupin’s Philippines sales were PHP 323 m. during Q1 FY2020 compared to PHP 557 m. during Q4 FY2019 and PHP 352 m. during Q1 FY2019.
Europe, Middle-East and Africa (EMEA)
Lupin’s EMEA sales were INR 2,604 m. for Q1 FY2020 compared to sales of INR 3,397 m. during Q4 FY2019 and
INR 2,760 m. during Q1 FY2019; accounting for 6% of Lupin’s global sales.
Lupin’s South Africa sales were ZAR 250 m. during Q1 FY2020 compared to ZAR 342m. during Q4 FY2019 and
ZAR 261 m. during Q1 FY2019.
Lupin is the 5th largest generic player in the South African market (IQVIA May 2019).
Lupin’s Germany sales were EUR 7.8 m. during Q1 FY2020 compared to EUR 7.1 m. during Q4 FY2019 and
EUR 7.5 m. during Q1 FY2019.
Latin America (LATAM)
Lupin’s LATAM sales were INR 1,550 m. during Q1 FY2020 compared to INR 1,385 m. during Q4 FY2019 and
INR 1,256 m. during Q1 FY2019; accounting for 4% of Lupin’s global sales.
Lupin’s Brazil sales were BRL 47 m. during Q1 FY2020 compared to BRL 36 m. during Q4 FY2019 and BRL 25 m. during Q1 FY2019.
Lupin’s Mexico sales were MXN 167 m. during Q1 FY2020 compared to MXN 178 m. during Q4 FY2019 and
MXN 159 m. during Q1 FY2019.
Lupin’s Global API sales were INR 3,489 m. during Q1 FY2020 as compared to INR 2,912 m. during Q4 FY2019 and INR 3,581 m. during Q1 FY2019, accounting for 8% of Lupin’s global sales.
Research and Development
Revenue Expenditure on R&D during Q1 FY2020 amounted to INR 3,785 m., 8.7% of sales as against INR 3,963 m., 9.2% of sales during Q4 FY2019 and INR 3,753 m., 9.9% of sales during Q1 FY2019.
Lupin received approvals for 5 ANDA from the US FDA during the quarter. Cumulative ANDA filings with the US FDA stood at 422 as of June 30, 2019, with the company having received 270 approvals to date.
The Company now has 40 First-to-Files (FTF) filings including 15 exclusive FTF opportunities. Cumulative DMF filings stands at 204 as of June 30, 2019.
About Lupin Limited
Lupin is an innovation led transnational pharmaceutical company developing and delivering a wide range of branded and generic formulations, biosimilar products and APIs globally. The Company is a significant player in the Cardiovascular, Diabetology, Asthma, Pediatric, CNS, GI, Anti-Infective and NSAID space and holds global leadership position in the Anti-TB segment.
Lupin is the 8th largest generics pharmaceutical company by revenues (Mar 31, 2019, Bloomberg LTM). The Company is the 3rd largest pharmaceutical player in the US by prescriptions (IQVIA MAT Mar 2019); 3rd largest Indian pharmaceutical company by global revenues (Mar 31, 2019, Bloomberg LTM); 6th largest company in the Indian Pharmaceutical Market and 5th largest generic pharmaceutical player in Japan (IQVIA MAT Jun 2019).
For the financial year ended March 31, 2019, Lupin’s Consolidated sales and Net profits before exceptional items were at INR 163,694 million (USD 2.34 billion) and INR 9,466 million (USD 136 million) respectively. Please visit http://www.lupin.com for more information. You could also follow us on Twitter at – www.twitter.com/lupinglobal
CIN: L24100MH1983PLC029442 Registered Office: Lupin Ltd, 3rd Floor, Kalpataru Inspire, Off Western Express Highway, Santacruz (East), Mumbai 400 055.
For further information or queries please contact –
VP – Corporate Communications
Ph: +91-22 6640 2531 / 9811665000
Head – Investor Relations
Ph: +91-22 6640 8237