Drugmaker Lupin clocked a net profit of ₹236 crore for the quarter ended March 31, 2023, as compared to a loss of ₹518 crore recorded in the last quarter of the previous year.

The company’s total revenue from operation stood at ₹4,430 crore for the period under review this year, up 14 per cent from ₹4,322 crore in the corresponding period last year.

Nilesh Gupta, Lupin Managing Director attributed the continued improvement in operating margins to growth in India, improvement of margins in the United States and growth in other segments including APIs (active pharmaceutical ingredients).

“Our India business recorded 15 per cent growth per IQVIA, ex-diabetes. In the US, we improved our margins for the third quarter in a row through maximizing our portfolio, optimizing expenses and more focused R&D (research and development) investment into complex products.” he said, adding that the new year would see a push across regions, especially India and the US,  aided by the company’s recent sales force expansion and new product launches, respectively.

The company’s consolidated revenues for the financial year 2023 stood at ₹16,641 crore, as compared to ₹16,405 crore in the corresponding period last year. Net profit in the year under review stood at ₹430 crore, as compared to a loss of ₹1,528 crore. The performance for 2022 included the Glumetza litigation and settlement expense in the second quarter, besides an impairment expense of ₹707 crore for impairment of Solosec IP, in the same quarter.

Key markets

Lupin’s North America revenues stood at ₹1,550 crore in the quarter under review, up 9.5 per cent compared to ₹1,416 crore in the Q4 FY2022, accounting for 36 per cent of Lupin’s global sales.

Consolidated sales for the year stood at ₹5,417 crore compared to ₹5,755 crore in FY2022, accounting for 33 per cent of Lupin’s global sales. 

Lupin filed 10 ANDAs (abbreviated new drug applications) in the quarter, received seven ANDA approvals from the US Food and Drug Administration, and launched one product in the quarter in the US. It has  162 generic products in the US.

In India, Lupin’s formulation or finished drug sales in the said quarter stood at ₹1,478 crore, up 9.4 percent compared to ₹1,351 crore in Q4 FY2022, accounting for 34 per cent of Lupin’s global sales. For the year, it clocked sales of ₹6,075 crore, up 1.2 per cent compared to ₹6,004 crore in FY2022, accounting for 37 per cent of Lupin’s global sales.

Lupin’s global API sales for FY2023 stood at ₹1,109 crore, up 12 per cent compared to ₹990 crore in FY22, accounting for seven per cent of Lupin’s global sales. It’s investment in R&D stood at ₹1,280 crore (7.9 per cent of sales) for FY23 and ₹305 crore (7 per cent of sales) for Q4FY23. The company’s net debt as on March 31, 2023, stood at ₹2,526 crore.