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Proposed Dividend 375% Sales up 24.4%, EBITDA up 18.8% and Net profits up 13.1%
Mumbai, May 24, 2017: Pharma Major Lupin Limited reported its financial performance for the fourth quarter and fiscal year ending March 31st, 2017. These audited results were taken on record by the Board of Directors at a meeting held in Mumbai today.
Net Sales for FY2017 increased by 24.4% to Rs. 171,198 m. compared to Rs. 137,579 m. in FY2016
Commenting on the results, Mr. Nilesh Gupta, Managing Director, Lupin Limited, said “We have had a stellar year with strong double-digit growth across all our regions. Steady progress on our complex generic pipeline, our impeccable record of compliance and focus on operational excellence will help sustain our growth momentum in the mid to long-term”.
Consolidated Audited financial Results – FY2017
Amount in Rs. m.
Material cost
Employee cost
Other Income
Depreciation & Amortization
Finance cost
Tax
[1] The Company made a provision for liability towards its Australian subsidiary amounting to Rs. 1,559 m., in respect of compensation for patent litigation towards its Isabelle generic launch in Australia.
Consolidated Audited financial Results – Quarter IV, FY2017
[2] The Company made a provision for liability towards its Australian subsidiary amounting to Rs. 1,559 m., in respect of compensation for patent litigation towards its Isabelle generic launch in Australia.
Income Statement highlights – Q4 FY2017
Balance Sheet highlights
North America
Lupin’s North America FY2017 sales increased by 39.5% to Rs. 82,627 m. compared to FY2016; accounting for 48% of Lupin’s global sales. Q4 FY2017 sales were Rs. 19,007 m. compared to Rs. 21,901 m. during Q4 FY2016 and Rs. 21,755 m. during Q3 FY2017.
India
Lupin’s India formulation FY2017 sales increased by 10.6% to Rs. 38,157 m. compared to FY2016; accounting for 22% of Lupin’s global sales. Q4 FY2017 sales increased by 13.8% to Rs. 8,788 m. compared to Rs. 7,722 m. India Formulation business decreased by 11.3% sequentially compared to Rs. 9,912 m. during Q3 FY2017.
Asia-Pacific (APAC)
Lupin’s APAC FY2017 sales increased by 28.0% to Rs. 22,655 m. compared to FY2016; accounting for 13% of Lupin’s global sales. Q4 FY2017 sales increased by 35.0% to Rs. 6,118 m. compared to Rs. 4,532 m. during Q4 FY2016. APAC sales grew by 9.2% sequentially compared to Rs. 5,601 m. during Q3 FY2017.
Lupin’s Japan FY2017 sales increased by 14.7% to JPY 28,756 m. compared to FY2016. Q4 FY2017 sales increased by 34.0% to JPY 7,944 m. compared to JPY 5,929 m. during Q4 FY2016 and increased by 9.7% sequentially compared to JPY 7,244 m. during Q3 FY2017.
Lupin’s Philippines FY2017 sales increased by 22.6% to PHP 1,969 m. compared to FY2016. Q4 FY2017 sales increased by 35.5% to PHP 615 m. compared to PHP 454 m. during Q4 FY2016 and increased by 54.2% sequentially compared to PHP 399 m. during Q3 FY2017.
Europe, Middle-East and Africa (EMEA)
Lupin’s EMEA FY2017 sales increased by 16.6% to Rs. 10,115 m. compared to FY2016; accounting for 6% of Lupin’s global sales. Q4 FY2017 sales increased by 22.8% to Rs. 3,012 m. compared to Rs. 2,452 m. during Q4 FY2016. EMEA sales increased by 17.9% sequentially as compared to Rs. 2,555 m. during Q3 FY2017.
Lupin’s South Africa FY2017 sales increased by 21.1% to ZAR 1,012 m. compared to FY2016. Q4 FY2017 sales increased by 26.0% to ZAR 325 m. compared to ZAR 258 m. during Q4 FY2016 and increased by 41.3% sequentially compared to ZAR 230 m. during Q3 FY2017. Lupin remains the 4th largest generic player in the South African market.
Lupin’s Germany FY2017 sales increased by 24.4% to Euro 26 m. compared to FY2016. Q4 FY2017 sales were Euro 6.5 m. compared to Euro 7.2 m. during Q4 FY2016 and Q3 FY2017.
Latin America (LATAM)
Lupin’s LATAM FY2017 sales increased 28.9% to Rs. 4,519 m. compared to FY2016; accounting for 3% of Lupin’s global sales. Q4 FY2017 sales increased by 37.3% to Rs. 1,269 m. compared to Rs. 924 m. during Q4 FY2016. LATAM sales increased by 8.0% sequentially compared to Rs. 1,175 m. during Q3 FY2017.
Lupin’s Brazil FY2017 sales increased by 52.9% to BRL 126 m. compared to FY2016. Q4 FY2017 sales increased by 28.5% to BRL 35 m. compared to BRL 27 m. during Q4 FY2016 and increased by 18.1% sequentially compared to BRL 29 m. during Q3 FY2017.
Lupin’s Mexico FY2017 sales increased by 5.4% to MXN 530 m. compared to FY2016. Q4 FY2017 sales increased by 27.3% to MXN 148 m. compared to MXN 116 m. during Q4 FY2016 and decreased by 6.1% sequentially compared to MXN 157 m. during Q3 FY2017.
Global API
Global API sales declined by 8.7% to Rs. 11,383 m. compared to FY2016; accounting for 7% of Lupin’s global sales. Q4 FY2017 sales declined by 4.7% to Rs. 2,815 m. compared to Rs. 2,953 m. during Q4 FY2016. Global API sales increased by 4.9% sequentially compared to Rs. 2,684 m. during Q3 FY2017.
Research and Development
Revenue Expenditure on R&D FY2017 amounted to Rs. 23,101 m., 13.5% of sales as against Rs. 16,038 m., 11.7% of net sales for FY2016. Revenue expenditure on R&D for Q4 FY2017 amounted to Rs. 6,709 m., 16.1% of sales.
Lupin filed 25 ANDAs and received 7 approvals from the US FDA during the quarter. Cumulative ANDA filings with the US FDA were 368 as of March 31st, 2017, with the company having received 214 approvals to date. The Company now has 45 First-to-Files (FTF) filings including 23 exclusive FTF opportunities. Cumulative DMF filings stands at 187 as of March 31st, 2017.
The Company received approval for 2 MAA from the European authority during the quarter. Cumulative filings with European authorities now stands at 62 with the company having received 55 approvals to date.
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 4th and the 6th largest generics pharmaceutical company by market capitalization (March 31st, 2017, Bloomberg) and sales globally (December 31st, 2016, Bloomberg). The Company is the 5th largest pharmaceutical player in the US by prescriptions (4.52% market share – IMS Health, February 2017); the 2nd largest Indian pharmaceutical company by sales; the 6th largest generic pharmaceutical player in Japan and the 4th largest generic pharmaceutical company in South Africa (IMS Health, March 2017).
For the financial year ended 31st March, 2017, Lupin’s Consolidated sales and Net profit stood at Rs. 171,198 million (USD 2.55 billion) and Rs. 25,575 million (USD 381 million) respectively. Please visit http://www.lupin.com for more information.
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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
Ph: +91-22 6640 2137
Email: arvindbothra@lupin.com
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