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Lupin Quarter III, FY2019 - Results
Mumbai, February 6, 2019: Pharma major Lupin Limited reported its financial performance for the quarter ended December 31st, 2018. These results were taken on record by the Board of Directors at a meeting held in Mumbai today.
Key Financial & Performance Highlights
Commenting on the results, Mr. Nilesh Gupta, Managing Director, Lupin Limited said, “After a tough H1, we are now starting to see growth in the US. The growth momentum in the US will continue into the next quarter as we are on track with important launches like Levothyroxine and Ranolazine. Monetization of our innovative R&D molecule was an important milestone achieved during the quarter. We are also on track to deliver on our cost optimization efforts and expect meaningful benefit next fiscal onwards.”
Consolidated Unaudited Financial Results - Quarter III, FY2019
Amount in Rs. m.
Balance Sheet highlights
Lupin’s North America sales for Q3 FY2019 were Rs. 14,174 m. compared sales of Rs. 12,487 m. during Q2 FY2019 and Rs. 14,321 m. during Q3 FY2018; accounting for 32% of Lupin’s global sales.
Lupin’s India formulation sales for Q3 FY2019 decreased by 1.1% to Rs. 11,902 m. as compared to Rs. 12,032 m. in Q2 FY2019 and increased by 11.4% as compared to Rs 10,688 m. in Q3 FY2018.
India formulation sales for 9M FY2019 grew by 13.5% to Rs. 35,857 m. as compared to Rs. 31,606 m. during 9M FY2018.
Lupin is the 5th largest company in the Indian Pharmaceutical Market (IQVIA MAT December 2018).
Lupin’s APAC sales for Q3 FY2019 increased by 11.9% to Rs. 6,936 m. compared to sales of Rs. 6,199 m. in Q2 FY2019 and increased by 2.9% as compared to Rs. 6,742 m. in Q3 FY2018.
Lupin’s Japan sales were JPY 9,028 m. during Q3 FY2019 compared to JPY 8,151 m. in Q2 FY2019 and JPY 9,711 m. in Q3 FY2018.
Lupin remains the 6th largest generic player in Japan (IQVIA MAT December 2018).
Lupin’s Philippines sales were PHP 404 m. during Q3 FY2019 compared to PHP 383 m. in Q2 FY2019 and PHP 456 m. in Q3 FY2018.
Europe, Middle-East and Africa (EMEA)
Lupin’s EMEA sales were Rs. 2,800 m. for Q3 FY2019 compared to sales of Rs. 2,949 m. in Q2 FY2019 and Rs. 2,721 m. in Q3 FY2018.
Lupin’s South Africa sales were ZAR 276 m. during Q3 FY2019 compared to ZAR 283 m. in Q2 FY2019 and ZAR 257 m. in Q3 FY2018.
Lupin remains the 4th largest generic player in the South African market (IQVIA MAT December 2018).
Lupin’s Germany sales were Euro 6.9 m. during Q3 FY2019 compared to Euro 7.3 m. in Q2 FY2019 and Euro 8.7 m. in Q3 FY2018.
Latin America (LATAM)
Lupin’s LATAM sales increased by 6.7% to Rs. 1,557 m. during Q3 FY2019 compared to Rs. 1,459 m. in Q2 FY2019 and by 5.2% from Rs. 1,481 m. in Q3 FY2018.
Lupin’s Brazil sales were BRL 42 m. during Q3 FY2019 compared to BRL 42 m. in Q2 FY2019 and BRL 37 m. in Q3 FY2018.
Lupin’s Mexico sales were MXN 173 m. during Q3 FY2019 compared to MXN 164 m. in Q2 FY2019 and MXN 173 m. in Q3 FY2018.
Global API sales were Rs. 3,624 m. during Q3 FY2019 as compared to Rs. 3,347 m. during Q2 FY2019 and Rs. 2,680 m. during Q3 FY2018; accounting for 8% of Lupin’s global sales.
Global API sales for 9M FY2019 grew by 29.9% to Rs. 10,553 m. as compared to Rs. 8,123 m. during 9M FY2018.
Research and Development
Revenue Expenditure on R&D during Q3 FY2019 amounted to Rs. 4,257 m., 9.7% of sales as against Rs. 3,758 m., 9.7% of sales during Q2 FY2019 and Rs. 4,757 m., 12.2% of sales during Q3 FY2018.
Lupin filed 8 ANDA and received 11 approvals from the US FDA during the quarter. Cumulative ANDA filings with the US FDA stood at 412 as of December 31st, 2018, with the company having received 258 approvals to date. The Company now has 41 First-to-Files (FTF) filings including 15 exclusive FTF opportunities. Cumulative DMF filings stands at 194 as of December 31st, 2018.
About Lupin Limited
Lupin is an innovation led transnational pharmaceutical company developing and delivering a wide range of branded & generic formulations, biotechnology 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 in terms of market capitalization (28th December 2018, Bloomberg) and the 8th largest generics pharmaceutical company in terms of revenues (30th September 2018, Bloomberg LTM) globally. The Company is the 3rd largest pharmaceutical player in the US by prescriptions for the Total Market (IQVIA MAT December 2018); 3rd largest Indian pharmaceutical company by global revenues (30th September 2018, Bloomberg LTM); 6th largest generic pharmaceutical player in Japan (IQVIA MAT December 2018) and 5th largest company in the Indian Pharmaceutical Market (IQVIA MAT December 2018).
For the financial year ended 31st March, 2018, Lupin’s Consolidated sales and Net profits before exceptional items were at Rs. 155,598 million (USD 2.41 billion) and Rs. 13,934 million (USD 216 million) respectively. Please visit http://www.lupin.com for more information. You could also follow us on Twitter – www.twitter.com/lupinglobal
CIN: L24100MH1983PLC029442 Registered Office: Lupin Ltd, 3rd Floor, Kalpataru Inspire, Off Western Express Highway, Santacruz (East), Mumbai 400 055.
Safe Harbor Statement
Vinita Gupta is the CEO of Lupin Limited (Lupin) and Chairperson of Lupin Inc., (LI) and its US subsidiary, Lupin Pharmaceutical Inc. (LPI).
Vinita is a graduate in pharmacy from the University of Mumbai and earned an MBA degree at the Kellogg School of Management at Northwestern University. Vinita has been instrumental in formulating and executing a strategy that has helped the company emerge as a global pharmaceutical powerhouse; amongst the most exciting growth stories in the pharmaceutical industry. Through a combination of organic growth and strategic acquisitions, she has led the company’s global expansion plans. In particular, she founded, led and established Lupin’s largest region, the United States.
Vinita has been regularly named by Forbes Asia in its Top 50 Power Business women listings for Asia Pacific. Vinita was also recognized by Business Today Hall of Fame – Most Powerful Women in Business in 2016 and was recently named Outstanding Business Woman Leader of the Year by CNBC India Business Leader Awards. She was the winner of the inaugural EY, U.S. 2012 Family Business Award of Excellence and EY Entrepreneur Of the Year® 2012 award winner for Health Services and Technology in Maryland. She is regarded as amongst the most influential Indian Business Women globally.
Vinita along with her brother Nilesh (Managing Director, Lupin Limited) were named Ernst & Young (EY) Entrepreneur of The Year 2015 and won the Forbes India Leadership Awards 2016, Entrepreneur of the Year.
In 2017 Vinita was appointed to the board of directors for Intrexon Corporation. She is also a member of the Global Advisory Board at the Kellogg School of Management at Northwestern University.
Mr. Nilesh Gupta is the MD of Lupin Limited and a member of the Board of Directors. Having joined Lupin in 1996, Mr. Gupta led Lupin’s research, supply chain, manufacturing, quality and regulatory operations, and took charge as the company’s Managing Director in 2013. He has not only been responsible for transforming Lupin’s research program and expanding the company’s manufacturing operations but has also been instrumental in formulating and executing the core strategy that has helped Lupin emerge as a global specialty pharmaceutical major.
Mr. Gupta, along with his sister Vinita Gupta, won the Entrepreneur of the Year award at Forbes India Leadership Awards in 2016 as well as Ernst & Young ‘Entrepreneur of the Year Award’ in India in 2015, also with his sister Vinita Gupta.
Mr. Gupta is a Chemical Engineer from the University Department of Chemical Technology (UDCT) (now ICT), Mumbai, and a graduate with honours from the Wharton School, University of Pennsylvania, USA, where he specialized in healthcare, strategic management and finance.