Drugmaker Lupin posted a consolidated profit of ₹153 crore for the quarter ended December 31, 2022. This was down about 72 per cent from the ₹545.5 crore, posted in the corresponding quarter of FY22.
The company posted a consolidated revenue of ₹4,322 crore, up 3.8 per cent from ₹4,087 crore, registered in Q3 FY22.
Nilesh Gupta, Managing Director, Lupin, said sales in the United States had improved on the back of new product launches and the brands acquired during the quarter. “Excluding the impact of genericization on our diabetes portfolio, the India business has performed in line with the market. With the recent sales force expansion and new product launches, we expect to be back to above-market growth,” he said.
The company’s sales for North America in the quarter under review stood at ₹1,527 crore, down 3.2 per cent compared to ₹1,577 crore in Q3 FY22 and accounting for 36 per cent of Lupin’s global sales. The company filed seven ANDAs (abbreviated new drug applications) in the quarter, received two approvals and launched four products in the quarter, it said, adding that they now had 166 generic products in the US.
Indian and other markets
In India, formulation or finished drug sales for the quarter under review stood at ₹1,521 crore, up 3.3 per cent compared rom Q3 FY22 and accounting for 36 per cent of Lupin’s global sales.
India region formulations sales declined 3.4 per cent in the quarter as compared to Q2 FY23. The company launched eight brands across therapies during the quarter.
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Its investment in research and development stood at ₹289 crore, or 6.8 per cent of sales, for the quarter, as compared to ₹354 or 8.7 percent of sales for Q3 FY22. Its net debt as on December 31, 2022, stood at ₹3,347 crore.
Growth markets (including Latin America) registered sales of ₹418 crore in the quarter under review, down 5.9 per cent from Q2 FY23, but up 23.5 per cent from Q3 FY22 and accounting for 10 per cent of Lupin’s global sales. Europe, Middle East and Africa sales for Q3 FY2023 stood at ₹380 crore, up 11.1 per cent compared to ₹342 crore in Q3 FY22 and accounting for 9 per cent of global sales.
Lupin’s global API (active pharmaceutical ingredient) sales for the quarter under review stood at ₹281 crore, up 9.8 per cent from the corresponding quarter last year and accounting for 6 per cent of global sales.