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Mumbai, October 27, 2015: Pharma Major Lupin Limited reported its performance for the second quarter ending 30th September, 2015. These unaudited results were taken on record by the Board of Directors at a meeting in Mumbai today. today.
Key financial & performance highlights
Commenting on the results, Mr. Nilesh Gupta, Managing Director, Lupin Limited, said "Slowdown in approvals in the US and a lack of material launches continued to dampen growth. We continue to invest in research and remain upbeat on the pace of approvals and launches to pick up by the fourth quarter."
Appointments to the Board
The Board of Directors appointed Mr. Ramesh Swaminathan, Chief Financial Officer, Lupin Limited as an Additional Director and Mr. Jean-Luc Belingard as an Independent Director of the company for a period of five years effective October 27, 2015, subject to shareholders approval.
Unaudited consolidated financial results for the quarter ended September 30th, 2015 (YoY comparison)
Profit & loss highlights
Balance sheet highlights
Business Segments - Sales Mix
US and Europe
US and Europe formulation sales (including IP) stood at 12,708 m., Q2 FY2016, contributing 40% to overall sales.
The India formulations business grew by 9.4%, recording sales of . 8,738 m. for Q2 FY2016 as compared to . 7,990 m. for Q2 FY2015. Net sales growth for H1 FY2016 was 12.7%.
Lupin's Japanese business (Kyowa + Kyowa CritiCare) recorded net sales of . 3,234 m. during Q2 FY2016 as compared to . 3,459 m. Sales in JPY terms grew 2.5% to JPY 6,077 m. during the quarter from JPY 5,929 m. Sales growth for H1 FY2016 was 4.3% in JPY terms.
Kyowa sales (excluding Kyowa CritiCare) were . 2,523 m. for Q2 FY2016 as compared to . 2,722 m. in Q2 FY2015. In JPY terms, it grew by 1.6% to JPY 4,741 m. from JPY 4,667 m. in Q2 FY2015. Sales growth for H1 FY2016 was 3.5% in JPY terms.
ROW markets sales grew by 52.9% to . 2,886 m. during Q2 FY2016 as compared to . 1,887 m. during Q2 FY2015. Sales growth for H1 FY2016 was 48.2%.
Lupin's South African subsidiary, Pharma Dynamics achieved sales of . 998 m. in Q2 FY2016 as compared to . 1,057 m. during Q2 FY2015. In ZAR terms, Q2 FY2016 sales stood at ZAR 199 m., a growth of 6.1%. Sales growth for H1 FY2016 was 4.0% in ZAR terms. 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 1.1% to . 3,219 m. during Q2 FY2016 as compared to . 3,183 m. during Q2 FY2015. Sales growth for H1 FY2016 was 6.0%.
Revenue expenditure on R&D for Q2 FY2016, amounted to . 3,878 m., 12.2% of net sales as against . 2,848 m., 9.1% of net sales during Q2 FY2015. Revenue expenditure for H1 FY2016 was . 7,009 m., 11.2% of net sales as against . 5,287 m., 8.3% of net sales during H1 FY2015.
Lupin filed 5 ANDAs and received 7 approvals from the US FDA during the quarter. Cumulative ANDA filings with the US FDA stood at 220, as on September 30th, 2015 with the company having received 124 approvals to date. The Company has 35 First-to-Files (FTF) products which includes 15 exclusive FTF opportunities.
The Company received 2 MAA approvals during the quarter. Cumulative filings with European authorities now stand at 63 with the company having received 54 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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