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Mumbai, February 05, 2016: Pharma Major Lupin Limited reported its performance for the third quarter ending 31st December, 2015. 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 "As we committed, we are back on the path of growth. Sequentially the quarter has improved significantly and this will get much better going forward. The Quarter saw a significant pick up in approvals as well as product launches with us clocking in good growth in the US, India and Japan. We continue our investments in research as well as our manufacturing operations and this will drive long-term growth."
Unaudited consolidated financial results for the quarter ended December 31st, 2015
Profit & loss highlights
Balance sheet highlights
Key Markets - Business Mix
US and Europe
US and Europe formulation sales (including IP) increased by 18.5% to 15,059 m, as compared to Q2 FY2016, contributing 44.9% to overall sales. Sales growth was 1.4% compared to sales in Q3 FY2015 of 14,848 m
Lupin's India formulations business grew by 17.1%, recording sales of 8,712 m for Q3 FY2016 as compared to Rs. 7,438 m for Q3 FY2015. Q2 FY2016 sales were 8,738 m Sales growth for 9M FY2016 was 14.1%.
Lupin's Japanese business grew by 15.6% sequentially to 3,739 m during Q3 FY2016 as compared to Rs. 3,234 m in Q2 FY2016 9.2% as compared to Q3 FY2015. Sales in JPY terms grew 13.4% sequentially to JPY 6,890 m. during the quarter from JPY 6,077 m in Q2 FY2016 and 9.2% as compared to Q3 FY2015. 9M FY2016 sales increased by 6.0% to JPY 19,144 m
Kyowa sales (excluding Kyowa CritiCare) grew by 16.4% sequentially to 2,936 m for Q3 FY2016 as compared to 2,523 m in Q2 FY2016 and 9.9% as compared to Q3 FY2015. In JPY terms, it grew by 14.2% sequentially to JPY 5,413 m up from JPY 4,741 m in Q2 FY2016 and 9.9% as compared to Q3 FY2015. 9M FY2016 sales increased by 5.7% to JPY 14,901 m
ROW markets sales grew by 18.1% to 2,259 m during Q3 FY2016 as compared to 1,913 m during Q3 FY2015. Q2 FY2016 sales were 2,886 m 9M FY2016 sales increased by 36.8% to 6,939 m
Lupin's South African subsidiary, Pharma Dynamics recorded growth of 5.0% sequentially to 1,048 m as compared to 998 m in Q2 FY2016. In ZAR terms, Q3 FY2016 sales were ZAR 223 m a growth of 12.5% as compared to ZAR 199 m in Q2 FY2016 and 16.5% as compared to Q3 FY2015. 9M FY2016 sales increased by 8.5% to ZAR 577 m The Company remains the fastest growing and the 4th largest generic company in the South African market with clear leadership in the cardiovascular space.
API sales grew by 0.1% to 2,760 m during Q3 FY2016 as compared to 2,758 m during Q3 FY2015. Q2 FY2016 sales were 3,219 m 9M FY2016 sales increased by 4.2% to 9,237 m
Revenue expenditure on R&D for Q3 FY2016 stood at 3,916 m, 11.7% of net sales as compared to 2,605 m., 8.3% of net sales during Q3 FY2015. Revenue expenditure for 9M FY2016 was 10,925 m, 11.4% of net sales as against 7,892 m, 8.3% of net sales during 9M FY2015.
Lupin filed 5 ANDAs and received 9 approvals from the US FDA during the quarter. Cumulative ANDA filings with the US FDA stood at 225, as on December 31st, 2015 with the company having received 133 approvals to date. The Company has 37 First-to-Files (FTF) products which includes 17 exclusive FTF opportunities.
The Company filed 1 MAA and received 1 MAA approval during the quarter. Cumulative filings with European authorities now stand at 64 with the company having received 55 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 8th) and South Africa (ranked 4th - IMS Health). For the financial year ended 31st March 2015, Lupin's Consolidated turnover and Profit after Tax were 125,997 million (USD 2.06 billion) and 24,032 million (USD 393 million) respectively.
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CIN: L24100MH1983PLC029442 Registered Office: 159, C.S.T. Road, Kalina, Santacruz (East), Mumbai - 400 098
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