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Mumbai, May 19, 2016: Pharma Major Lupin Limited reported its performance for the fourth quarter and the financial year ending 31st March, 2016. These audited results were taken on record by the Board of Directors at a meeting in Mumbai today.
Key Financial & Performance Highlights
Business Performance (Refer to the Key Markets - Business Mix Section, Page 5)
Commenting on the results, Mr. Nilesh Gupta, Managing Director, Lupin Limited, said “We have had a stellar quarter driven by robust growth across all key markets, be it US, India or Japan. Record approvals and significant launches have enabled us to deliver the Company’s best results yet and we are back on the growth path. We continue to ramp up our investments in research and are focused on building pipelines in niche high-value areas such as Inhalation, Biosimilars and complex injectables. On the backdrop of our continued delivery on oral solids, this will drive our future growth globally.”
Consolidated Audited Financial Results - Quarter IV, FY2016 Figures in Rs. m
Q4 FY2016
% of net sales
Q3 FY2016
QoQ growth %
Q4 FY2015
YoY growth %
Net sales
40,913
100.0%
33,577
21.9%
30,540
34.0%
Other operating income
899
2.2%
1,981
5.9%
-
241
0.8%
Total revenue
41,812
102.2%
35,558
105.9%
17.6%
30,781
100.8%
35.8%
Raw material consumed
10,737
26.2%
11,230
33.4%
-4.4%
9,563
31.3%
12.3%
Gross margin (excl. other operating income)
30,176
73.8%
22,347
66.6%
35.0%
20,977
68.7%
43.9%
Employees cost
5,691
13.9%
5,284
15.7%
7.7%
4,822
15.8%
18.0%
Manufacturing & other expenses
11,710
28.6%
10,272
30.6%
14.0%
8,502
27.8%
37.7%
Operating margin
13,675
8,772
26.1%
55.9%
7,894
25.8%
73.2%
Other income
254
0.6%
653
1.9%
-61.1%
172
47.7%
EBITDA
13,929
9,425
28.1%
47.8%
8,066
26.4%
72.7%
Depreciation & Amortization
1,446
3.5%
1,114
3.3%
29.8%
1,071
EBIT
12,483
30.5%
8,311
24.7%
50.2%
6,995
22.9%
78.4%
Interest & finance charges
229
92
0.3%
25
0.1%
PBT
12,254
30.0%
8,219
24.5%
49.1%
6,970
22.8%
75.8%
Tax
4,132
10.1%
2,909
8.7%
42.0%
1,363
4.5%
PAT
8,122
19.9%
5,310
53.0%
5,607
18.4%
44.9%
Minority interest
51
12
0.0%
137
0.4%
Net profit
8,071
19.7%
5,298
52.4%
5,470
17.9%
47.5%
Consolidated Audited Financial Results - FY2016 (YoY comparison) Figures in Rs. m
FY2016
FY2015
137,016
125,997
5,069
3.7%
1,703
1.4%
142,085
103.7%
127,700
101.4%
11.3%
43,094
31.5%
41,570
33.0%
93,922
68.5%
84,427
67.0%
11.2%
21,077
15.4%
17,473
20.6%
40,379
29.5%
32,461
24.4%
37,535
27.4%
36,196
28.7%
1,877
2,397
-21.7%
39,412
28.8%
38,593
2.1%
4,635
3.4%
4,347
6.6%
34,777
25.4%
34,246
27.2%
1.5%
447
98
34,330
25.1%
34,148
27.1%
0.5%
11,535
8.4%
9,704
18.9%
22,795
16.6%
24,444
19.4%
-6.7%
88
412
22,707
24,032
19.1%
-5.5%
Profit & loss highlights
Balance sheet highlights
Business Segments - Sales Mix
Particulars
Formulations
38,075
30,817
23.6%
27,465
38.6%
US (including IP)
21,871
14,049
55.7%
13,779
58.7%
Europe
1,254
1,010
24.2%
891
40.7%
India
7,615
8,712
-12.6%
6,637
14.7%
Japan
3,442
3,739
-7.9%
2,943
17.0%
South Africa
1,135
1,048
8.3%
1,222
-7.1%
Rest of world
2,758
2,259
22.1%
1,993
38.3%
API
2,838
2,760
2.8%
3,075
-7.7%
Total net sales
YOY growth %
124,942
114,056
9.5%
59,407
56,576
5.0%
4,278
3,279
33,916
29,679
14.3%
13,646
13,239
3.1%
3,998
4,218
-5.2%
9,697
7,065
37.3%
12,074
11,941
1.1%
Operational Highlights
India Lupin’s India sales grew by 14.7% to Rs. 7,615 m. during the quarter as compared to Rs. 6,637 m. for Q4 FY2015 and contributed 19% of the Company’s overall sales. The Company’s India business grew by 14.3% for FY2016.
Japan Lupin’s Japanese business (Kyowa+KCC) grew by 17% recording sales of Rs. 3,442 m. during Q4 FY2016 as compared Rs. 2,943 m. during Q4 FY2015. Sales for the year increased by 3.1% to Rs.13,646 m. Sales in JPY terms increased by 4.8% to JPY 5,918 m. during Q4 FY2016 as compared to JPY 5,645 m. during Q4 FY2015. Kyowa grew by 5.7% to JPY 25,062 m. for FY2016.
Kyowa sales (excluding KCC) increased by 18.6% to Rs. 2,595 m., during Q4 FY2016 as compared to Rs. 2,188 m. during Q4 FY2015. Sales for the year increased by 3.1% to Rs. 10,538m. Sales in JPY terms for the quarter increased by 5.7% to JPY 4,451 m., as compared to JPY 4,211 m. during Q4 FY2015. FY2016 sales increased by 5.7% to JPY 19,353 m.
South Africa Lupin’s South African subsidiary, Pharma Dynamics recorded sales of Rs. 1,135 m., as compared to Rs. 1,222 m. during Q4 FY2015. Sales grew by 8.3% sequentially as compared to Q3 FY2016. Q4 FY2016 sales increased by 13.2% to ZAR 258 m. as compared to ZAR 228 m. during Q4 FY2015. Sales grew by 15.7% sequentially as compared to Q3 FY2016. Sales increased by 9.9% to ZAR 835m during FY2016. The Company remains the 4th largest generic company in the South African market.
ROW Markets The Company’s ROW markets clocked in sales growth of 38.3% to Rs. 2,758 m. in Q4 FY2016, up from Rs. 1,993 m in Q4 FY2015. Sales grew by 22.1% sequentially as compared to Q3 FY2016. Overall ROW Sales increased by 37.3% to Rs. 9,697 m. for FY2016.
API Global API sales increased by 2.8% to Rs. 2,838 m., as compared to Rs. 2,760 m in Q3 FY2016. R&D Revenue expenditure on R&D for FY2016 amounted to Rs. 16,038 m., 11.7% of net sales as against Rs. 10,988 m., 8.7% of net sales for FY2015. Revenue expenditure on R&D for Q4 FY2016 stood at Rs. 5,113 m., 12.5% of net sales as against Rs. 3,916 m., 11.7% to net sales during Q3 FY2016 and Rs. 3,096 m., 10.1% of net sales during Q4 FY2015.
Lupin filed 17 ANDAs and received 6 approvals from the US FDA during the quarter. The Company filed 36 ANDA’s and received 39 approvals during FY2016. Cumulative ANDA filings with the US FDA stood at 343, March 31st, 2016 with the company having received 180 approvals to date. The Company now has 45 First-to-Files (FTF) filings including 25 exclusive FTF opportunities.
The Company filed 6 MAAs with European regulatory authorities during Quarter. Cumulative filings with European authorities now stand at 67 with the company having received 52 approvals to date.
About Lupin Limited Headquartered in Mumbai, Lupin is an innovation led transnational pharmaceutical company producing and developing 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 positions in the Anti-TB and Cephalosporin segment.
Lupin is the 6th largest and fastest growing top 10 generics player in the US (5.5% market share by prescriptions, IMS Health) and the 3rd largest Indian pharmaceutical company by sales globally. The Company is also the fastest growing top 10 generic pharmaceutical players in Japan (ranked 9th) and South Africa (ranked 4th – IMS Health).
For the financial year ended 31st 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.
For more information, please contact –
Shamsher Gorawara Head - Corporate Communications Ph: +91-22- 98 20 338 555 Email: shamshergorawara@lupin.com
or
Alpesh Dalal Head - M & A and Investor Relations Lupin Limited Ph: +91 98 20 023 511 Email: alpeshdalal@lupin.com
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