“Embedded in Lupin is a formula for growth which fuels creativity, performance and innovation”
It was Dr. Desh Bandhu Gupta’s vision and passion which helped him grow a small dream into a large company with a global footprint.
The most advanced pharmaceutical product development
Developing new chemical entities for focused therapy areas
Producing quality medicines in areas of
Producing high quality affordable
and accessible biologics
Lupin Quarter II, FY 2020 Results
Mumbai, November 6, 2019: 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 Highlights
Commenting 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.
% of sales
QoQ Growth %
YoY Growth %
Other operating income
Total Revenue from operations
Gross Profit (Excl. Other operating income)
Manufacturing & Other expenses
Depreciation & Amortization
PBT before exceptional item
PBT after exceptional items
(+) Share of Profit from Joint Controlled entity
(-) Non-Controlling Interest
Net Profit after exceptional items
Add: Exceptional items (net off tax)
Net Profit before exceptional items
(1)Exceptional items include:
Income Statement highlights – Q2 FY2020
Balance Sheet highlights
QoQ growth %
YoY growth %
NCE Licensing income
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.
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).
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.
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 –
Head – Investor Relations / Corporate Communications
Ph: +91-22 6640 8237
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.