Mumbai: Pharma major Lupin Limited reported its financial performance for the quarter and six months ended September 30, 2019. These results were taken on record by the Board of Directors at a meeting held in Mumbai today.
Key Financial & Performance HighlightsCommenting on the results, Mr. Nilesh Gupta, Managing Director, Lupin Limited said, “The reported performance for the quarter was bolstered by the NCE licensing income but impacted by one-off items, adjusted for which, the operational performance was as expected. The US business has now stabilized and will grow based on ramp up of our in-line products and levothyroxine and the launch of our injectables portfolio. Markets like India continue to deliver solid growth. The next financial year is now looking very strong with important growth drivers like India, the in-line generic business in the US coupled with important launches like generic Albuterol in US and Fostair and Etanercept in Europe. Regulatory compliance remains a top organizational priority and we are making steady progress”
Consolidated Unaudited Financial Results – Quarter II, FY2020
Amount in INR m.
|
Particulars |
Q2 FY2020 |
% of sales |
Q1 FY2020 |
% of sales |
QoQ Growth % |
Q2 FY2019 |
% of sales |
YoY Growth % |
|
Sales |
42,969 |
100.0% |
43,558 |
100.0% |
-1.4% |
38,909 |
100.0% |
10.4% |
|
Other operating income |
628 |
1.5% |
626 |
1.4% |
0.3% |
601 |
1.5% |
4.4% |
|
Total Revenue from operations |
43,597 |
101.5% |
44,184 |
101.4% |
-1.3% |
39,510 |
101.5% |
10.3% |
|
Material cost |
15,273 |
35.5% |
15,500 |
35.6% |
-1.5% |
13,928 |
35.8% |
9.7% |
|
Gross Profit (Excl. Other operating income) |
27,696 |
64.5% |
28,058 |
64.4% |
-1.3% |
24,981 |
64.2% |
10.9% |
|
Employee cost |
8,503 |
19.8% |
8,072 |
18.5% |
5.3% |
7,938 |
20.4% |
7.1% |
|
Manufacturing & Other expenses |
12,511 |
29.1% |
12,009 |
27.6% |
4.2% |
12,148 |
31.2% |
3.0% |
|
Other Income |
1,333 |
3.1% |
722 |
1.7% |
84.6% |
2,307 |
5.9% |
-42.0% |
|
EBITDA |
8,643 |
20.1% |
9,325 |
21.4% |
-7.3% |
7,803 |
20.1% |
10.8% |
|
Depreciation & Amortization |
3,215 |
7.5% |
3,171 |
7.3% |
1.4% |
2,655 |
6.8% |
21.1% |
|
EBIT |
5,428 |
12.6% |
6,154 |
14.1% |
-11.8% |
5,148 |
13.2% |
5.5% |
|
Finance cost |
864 |
2.0% |
856 |
2.0% |
1.1% |
738 |
1.9% |
17.2% |
|
PBT before exceptional item |
4,564 |
10.6% |
5,298 |
12.2% |
-13.9% |
4,410 |
11.3% |
3.5% |
|
Exceptional items(1) |
5,465 |
12.7 | ||||||
|
PBT after exceptional items |
-901 |
-2.1% |
5,298 |
12.2% |
4,410 |
11.3% | ||
|
Current tax |
549 |
1,816 |
1,843 |
| ||||
|
Deferred tax |
-206 |
464 |
-114 |
| ||||
|
Tax |
343 |
0.8% |
2,280 |
5.2% |
1,729 |
4.4% | ||
|
(+) Share of Profit from Joint Controlled entity |
9 |
10 |
4 | |||||
|
(-) Non-Controlling Interest |
36 |
-3 |
25 | |||||
|
Net Profit after exceptional items |
-1,271 |
-3.0% |
3,031 |
7.0% |
2,660 |
6.8% | ||
|
Add: Exceptional items (net off tax) |
3,853 | |||||||
|
Net Profit before exceptional items |
2,582 |
6.0% |
3,031 |
7.0% |
-14.8% |
2,660 |
6.8% |
-2.9% |
(1)Exceptional items include:
Income Statement highlights – Q2 FY2020
Q1 FY2020
Balance Sheet highlights
|
Particulars |
Q2 FY2020 |
Q1 FY2020 |
QoQ growth % |
Q2 FY2019 |
YoY growth % |
|
Formulations |
38,476 |
40,069 |
-4.0% |
35,562 |
8.2% |
|
North America |
13,244 |
15,412 |
-14.1% |
12,487 |
6.1% |
|
India |
13,419 |
13,077 |
2.6% |
12,032 |
11.5% |
|
APAC |
6,352 |
6,717 |
-5.4% |
6,199 |
2.4% |
|
EMEA |
3,196 |
2,604 |
22.7% |
2,949 |
8.3% |
|
LATAM |
1,445 |
1,550 |
-6.8% |
1,459 |
-1.0% |
|
ROW |
820 |
709 |
15.7% |
436 |
88 2% |
|
API |
3,052 |
3,489 |
-12.5% |
3,347 |
-8.7% |
|
NCE Licensing income |
1,441 | ||||
|
Total |
42,969 |
43,558 |
-1.4% |
38,909 |
10.4% |
North America
Lupin’s North America sales for Q2 FY2020 were INR 13,244 m. compared to sales of INR 15,412 m. during Q1 FY2020 and INR 12,487 m. during Q2 FY2019; accounting for 31% of Lupin’s global sales.
India
Lupin’s India formulation sales for Q2 FY2020 were INR 13,419 m. compared to sales of INR 13,077 m. during Q1 FY2020 and INR 12,032 m. during Q2 FY2019; accounting for 31% of Lupin’s global sales.Lupin is the 6th largest company in the Indian Pharmaceutical Market (IQVIA MAT September 2019).
Asia-Pacific (APAC)
Lupin’s APAC sales were INR 6,352 m. for Q2 FY2020 compared to sales of INR 6,717 m. during Q1 FY2020 and INR 6,199 m. during Q2 FY2019; accounting for 15% of Lupin’s global sales.
Lupin’s Japan sales were JPY 7,788 m. for Q2 FY2020 compared to JPY 8,858 m. during Q1 FY2020 and JPY 8,151 m. in Q2 FY2019.
Lupin is the 5th largest generic player in Japan (IQVIA MAT September 2019).
Lupin’s Philippines sales were PHP 448 m. during Q2 FY2020 compared to PHP 323 m. during Q1 FY2020 and PHP 383 m. during Q2 FY2019.
Europe, Middle-East and Africa (EMEA)
Lupin’s EMEA sales were INR 3,196 m. for Q2 FY2020, up 22.7% compared to sales of INR 2,604 m. during Q1 FY2020, up 8.3% as compared to sales of INR 2,949 m. during Q2 FY2019; accounting for 8% of Lupin’s global sales.
Lupin’s South Africa sales were ZAR 307 m. for Q2 FY2020 compared to ZAR 250 m. during Q1 FY2020 and
ZAR 283 m. during Q2 FY2019.
Lupin is the 3rd largest generic player in the South African market by prescription (IQVIA September 2019).
Lupin’s Germany sales were EUR 9.6 m. for Q2 FY2020 compared to EUR 7.8 m. during Q1 FY2020 and
EUR 7.3 m. during Q2 FY2019.
Latin America (LATAM)
Lupin’s LATAM sales were INR 1,445 m. for Q2 FY2020 compared to INR 1,550 m. during Q1 FY2020 and
INR 1,459 m. during Q2 FY2019; accounting for 3% of Lupin’s global sales.
Lupin’s Brazil sales were BRL 45 m. for Q2 FY2020 compared to BRL 47 m. during Q1 FY2020 and BRL 42 m. during Q2 FY2019.
Lupin’s Mexico sales were MXN 167 m. for Q2 FY2020 compared to MXN 167 m. during Q1 FY2020 and
MXN 164 m. during Q2 FY2019.
Global API
Lupin’s Global API sales were INR 3,052 m. for Q2 FY2020 as compared to INR 3,489 m. during Q1 FY2020 and INR 3,347 m. during Q2 FY2019, accounting for 7% of Lupin’s global sales.
Research and Development
Revenue Expenditure on R&D during Q2 FY2020 amounted to INR 4,356 m. (10.1% of sales) as against INR 3,785 m.( 8.7% of sales) during Q1 FY2020 and INR 3,758 m.,(9.7% of sales) for Q2 FY2019.
Lupin received approvals for 4 ANDA from the US FDA during the quarter. Cumulative ANDA filings with the US FDA stood at 427 as of September 30, 2019, with the company having received 274 approvals to date.
The Company now has 40 First-to-Files (FTF) filings including 14 exclusive FTF opportunities. Cumulative DMF filings stands at 205 as of September 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.
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 –
Arvind Bothra Head – Investor Relations and M&A / Corporate Communications Email: arvindbothra@lupin.com Ph: +91-22-66408237
