Lupin rose 1.59% to 1,621 after the drug major reported consolidated net profit of Rs 613.12 crore in Q3 FY24, steeply higher from Rs 153.47 crore posted in Q3 FY23.
Revenue from operations jumped 19.67% to Rs 5,079.9 crore in Q3 FY24 from Rs 4,244.6 crore posted in corresponding quarter last year.Profit before tax stood at Rs 736.10 crore during the quarter, steeply higher than Rs 246.14 crore posted in corresponding quarter last year.
EBITDA stood at Rs 1,067.3 crore in Q3 FY24, registering the growth of 93.84% as compared with Rs 550.60 crore recorded in Q3 FY23. EBITDA margin was at 21% in Q3 FY24 as against 13% in Q3 FY23.
The company said that North America sales for Q3 FY2024 were Rs 1,888.5 crore, up 23.66% compared to Rs 1,527.1 crore in Q3 FY2023 and accounted for 37% of Lupin's global sales.
The company received 14 ANDA approvals from the U.S. FDA, and launched 3 products in the quarter in the U.S. The company now has 159 generic products in the U.S.
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As per IQVIA MAT December 2023, Lupin continues to be the 3rd largest pharmaceutical player in both U.S. generic market and U.S. total market by prescriptions.
India formulation sales for Q3 FY2024 were Rs 1,725.1 crore, up 13.39% as compared to Rs 1521.3 crore posted in Q3 FY2023 and accounted for 34% of Lupin's global sales.
India Region Formulations sales grew by 2% in the quarter as compared to Q2 FY2023, up 12.9% as compared to Q3 FY2023. The company launched 7 brands across therapies during the quarter.
Lupin is the 7th largest company in the Indian Pharmaceutical Market (IQVIA MAT December 2023).
Growth Markets registered sales of Rs 472.90 crore for Q3 FY2024, up 12.9% as compared to Rs 418.70 crore in Q3 FY2023 and accounted for 9% of Lupin's global sales.
Europe, Middle-East and Africa (EMEA) sales for Q3 FY2024 were Rs 517 crore, up 36% compared to Rs 380.20 crore in Q3 FY2023; and accounted for 10% of Lupin's global sale.
Global API Sales for Q3 FY2024 were Rs 277.90 crore, down 1.3% as compared to Rs 281.50 crore in Q3 FY2023; and accounted for 6% of Lupin's global sales.
Investment in R&D was Rs 356.70 crore (7% of sales) for Q3 FY2024 as compared to Rs 289.60 crore (6.8% of sales) for Q3 FY2023.
Lupin received approval for 14 ANDAs from the U.S. FDA in the quarter. Cumulative ANDA filings with the U.S. FDA stand at 447 as of 31 December 2023, with the company having received 319 approvals to date.
The company now has 51 first-to-file (FTF) filings including 18 exclusive FTF opportunities. Cumulative U.S. DMF filings stand at 155 as of 31 December 2023.
Net Debt as on 31 December 2023 stood at Rs 1042.5 crore. Capital Expenditure for the quarter was Rs 184.80 crore.
In Q3 FY24, investment in R&D was Rs 356.70 crore (7% of sales) and capital expenditure stood atRs 184.8 crore.
Nilesh Gupta, managing director, Lupin, said, The U.S. continues to do well driven by demand for both in inline products and new launches, and the India business continues to grow ahead of market with strong growth across our key therapies. This positive growth momentum coupled with cost optimization measures and operating leverage has helped us deliver solid performance.
Lupin is an innovation-led transnational pharmaceutical company headquartered in Mumbai, India. The company develops and commercializes a wide range of branded and generic formulations, biotechnology products, and APIs in over 100 markets in the U.S., India, South Africa, and across the Asia Pacific (APAC), Latin America (LATAM), Europe, and Middle East regions.
The scrip hit 52-week high at Rs 1,701 in todays intraday session.
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