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and accessible biologics
Mumbai, February 03, 2015: Pharmaceutical Major, Lupin Limited (Lupin) reported its performance for the third
quarter ending 31st December, 2014. These unaudited results were taken on record by the Board of Directors at
a meeting in Mumbai today.
Key financial & performance highlights
Commenting on the results, Mr. Nilesh Gupta, Managing Director, Lupin Limited, said “The Company’s
continued focus on improving operational efficiencies has led to sustained margins and profit growth
notwithstanding regulatory delays that have resulted in pressures on the Topline. The performance for the three
quarters taken as a whole is more representative of the growth enjoyed by the Company.”
Unaudited consolidated financial results for the quarter ended December 31st, 2014 (YoY comparison)
Profit & loss highlights
Balance sheet highlights
Business Segments - Sales Mix
US and Europe
Lupin’s India formulations business grew by 14% recording net sales of Rs. 7,438 m. during Q3 FY 2014-15, as
compared to Rs. 6,504 m. in Q3 FY 2013-14. The sales growth for the 9 months was 21%.
Lupin’s Japan sales increased to JPY 6,311 m. for Q3 FY 2014-15 up from JPY 6,046 m. in Q3 FY 2013-14, a growth
of 4% in JPY terms. In INR terms, the company’s Japan Sales (Kyowa + I’rom) declined by 8% clocking net sales of
Rs. 3,422 m. during Q3 FY 2014-15, as compared to Rs. 3,720 m. in Q3 FY 2013-14. The sales growth for the 9
months was 13% in JPY terms and 6% in INR terms.
For the quarter, Kyowa’s sales (excluding I’rom) grew by 9% to JPY 4,926 m. from JPY 4,530 m in Q3 FY 2013-14.
In INR terms, it declined by 4% to Rs. 2,671 m. from Rs. 2,787 m. in Q3 FY 2013-14.The sales growth for the 9
months was 18% in JPY terms and 11% in INR terms.
Rest of the World Markets (ROW)
Lupin’s ROW sales grew by 35% to Rs. 1,913 m. during Q3 FY 2014-15, up from Rs. 1,422 m., Q3 FY 2013-14. The
sales growth for the 9 months was 13%.
Lupin’s South African business subsidiary Pharma Dynamics clocked in sales of Rs. 1,070 m. during Q3 FY 2014-
15, growing by 9%. In ZAR terms, it grew by 19% to ZAR 192m from ZAR 161m in Q3 FY 2013-14. The Company
remains the fastest growing and the 4th largest generic company in the South African market with clear
leadership in the cardiovascular space. The sales growth for the 9 months was 18% in ZAR terms and 10% in INR
The Company’s API business recorded sales of Rs. 2,758 m. during Q3 FY 2014-15 declining by 7%, from Rs. 2,973
m. during Q3 FY 2013-14. The sales growth for the 9 months was 7%.
Research & Development (R&D)
Revenue expenditure on R&D for Q3 FY 2014-15 amounted to Rs. 2,605 m. (8.3% of net sales) as against Rs.
2,710 m. (9.1% to net sales), Q3 FY 2013-14. Revenue expenditure on R&D for 9M FY 2014-15 stood at Rs. 7,892
m. (8.3% to net sales) as against Rs. 6,838 m. (8.5% to net sales) for 9M FY 2013-14.
The Company filed 3 ANDA’s and received 3 approvals from the US FDA during the quarter. Cumulative ANDA
filings with the US FDA stood at 203 (as of December 31st, 2014) with the company having received 108
approvals to date.
The Company filed 2 MAA during the quarter. Cumulative filings with European authorities now stand at 60 with
the company having received 51 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 2014,
Lupin's Consolidated revenues and Profit after tax were Rs. 110,866 million (USD 1.83 billion) and Rs. 18,364
million (USD 304 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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Head – Corporate Communications
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