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Mumbai, May 13, 2015: Pharma Major Lupin Limited reported its performance for the fourth quarter and the financial year ending 31st March, 2015. These audited results were taken on record by the Board of Directors at a meeting in Mumbai today.
Commenting on the results, Mr. Nilesh Gupta, Managing Director, Lupin Limited, said “Higher price erosion in the US as well as a slowdown in product approvals impacted growth in the quarter, but overall the Company has done well to improve gross margins and enhance profitability for the year. We continue to ramp up investment in Research in segments like Inhalation, Complex Injectables and Biosimilars. Our execution strength, pipeline evolution and planned M&A will drive our future as a global generic and specialty pharmaceutical company”
Audited consolidated financial results for the year ended March 31st, 2015 (YoY comparison) Figures
Audited consolidated financial results for the quarter ended March 31st, 2015 (YoY comparison)
Material cost decreased by 0.8% to 31.3% of net sales, at Rs. 9,563 m. during Q4 FY 2014-15 as compared to Rs. 9,804 m. during Q4 FY 2013-14.
Balance sheet highlights
Business Segments - Sales Mix
US and Europe formulation sales (including IP) grew by 16% to Rs. 59,855 m., FY 2014-15, as against Rs. 51,805 m in FY 2013-14, contributing 48% to overall sales. The US brands business contributed 9% of total US sales whereas the generics business contributed 91% during FY 2014-15.
The Indian market contributed 24% of the company’s overall sales for FY 2014-15. The India formulations business grew by 20%, recording sales of Rs. 29,679 m. for FY 2014-15 as compared to Rs. 24,795 m. for FY 2013-14.
The India formulations business contributed 22% of the Company’s overall sales for Q4 FY 2014-15. The business grew by 15% recording net sales of Rs.6,637 m. during Q4 FY 2014-15, as compared to Rs. 5,763 m. in Q4 FY2013-14.
Lupin’s Japanese business (Kyowa + I’rom) recorded net sales of Rs. 13,239 m. during FY 2014-15 and contributed 10% to the Company’s consolidated sales. Sales in JPY terms grew 11% to JPY 23,709 m. during the year from JPY 21,399 m. Japan Sales for Q4 FY 2014-15 stood at Rs. 2,943 m. as compared to Rs. 3,218 m. in Q4 FY 2013-14. Total sales increased to JPY 5,645 m., Q4 FY 2014-15 up from JPY 5,353 m. in Q4 FY 2013-14, a growth of 5% in JPY terms.
Kyowa sales (excluding I’rom) increased to Rs. 10,222 m from Rs. 9,637 m in the previous year, a growth of 6%. Kyowa sales (excluding I’rom) increased from JPY 15,918 m to JPY 18,306 m in FY 2014-15, recording a growth of 15%. For the quarter, net sales were Rs. 2,188 m, as compared to Rs. 2,405 m in Q4 FY 2013-14. In JPY terms, it grew by 5% to JPY 4,211 m from JPY 4,000 m in Q4 FY 2013-14.
ROW markets sales grew by 11% to Rs. 7,065 m. during FY 2014-15, contributing 6% to Lupin’s consolidated sales. Sales during Q4 FY 2014-15 stood at Rs. 1,944 m as compared to Rs. 2,059 m during Q4 FY 2013-14.
Lupin’s South African subsidiary, Pharma Dynamics clocked in sales of Rs. 4,218 m. in FY 2014-15 as compared to Rs. 3,800 m. during FY 2013-14, a growth of 11%.
Pharma Dynamics achieved sales of Rs. 1,222 m. during Q4 FY 2014-15, a growth of 15%. In ZAR terms, FY 2014-15 sales stood at ZAR 760 m., a growth of 19%. Q4 FY 2014-15 sales was ZAR 228 m., a growth of 22%. The Company remains the fastest growing and the 4th largest generic company in the South African market with clear leadership in the cardiovascular space.
API sales grew by 7% to Rs. 11,941 m. during FY 2014-15 contributing to 9% to Lupin’s consolidated sales. Sales during Q4 FY 2014-15 grew by 6% to Rs. 3,075 m. up from Rs. 2,914 m. during Q4 FY 2013-14.
Revenue expenditure on R&D for FY 2014-15, amounted to Rs. 10,988 m., 8.7% of net sales as against Rs. 9,294m., 8.4% of net sales for FY 2014-15. Revenue expenditure on R&D for Q4 FY 2014-15, amounted to Rs. 3,096 m., 10.1% of net sales as against Rs. 2,456 m., 8.0% to net sales in Q4 FY 2013-14.
Lupin filed 7 ANDAs and received 3 approvals from the US FDA during the quarter. During the year, the Company filed 18 ANDA’s and received 12 approvals. Cumulative ANDA filings with the US FDA stood at 210, as on March 31st, 2015 with the company having received 111 approvals to date. The Company has 34 First-to-Files (FTF)products which includes 15 exclusive FTF opportunities.
The Company filed 2 MAAs with European regulatory authorities and received 1 approval during the quarter. Cumulative filings with European authorities now stand at 62 with the company having received 52 approvals to date.
About Lupin Limited
Lupin is an innovation led transnational pharmaceutical company producing and developing a wide range of
branded and generic formulations as well as 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 positions in the Anti-TB and Cephalosporin segment.
Lupin is the 5th largest and fastest growing top 5 generics player in the US (5.3% market share by prescriptions,
IMS Health) and the 3rd largest Indian pharmaceutical company by sales. The Company is also amongst the top
10 generic pharmaceutical players in Japan and South Africa (IMS).
For the financial year ended March 2015, Lupin's Consolidated turnover and Profit after Tax were Rs. 125,997 million (USD 2.06 billion) and Rs. 24,032 million (USD 393 million) respectively. Please visit http://www.lupin.com for more information.
CIN: L24100MH1983PLC029442 Registered Office: 159, C.S.T. Road, Kalina, Santacruz (East), Mumbai - 400 098.
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