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Mumbai, July 23, 2015: Mumbai, July 23, 2015: Pharma Major Lupin Limited reported its performance for the first quarter ending 30th June, 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"Slowdown in approvals in the US dampened growth during the quarter, even as the Company continues to improve on gross margins. We remain focused on evolving our research pipeline, ensuring compliance, operational excellence and acquiring meaningful assets."
Unaudited consolidated financial results for the quarter ended June 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 12,762 m., Q1 FY2016, contributing 42% to overall sales.
The India formulations business grew by 16%, recording sales of 8,851 m. for Q1 FY2016 as compared to 7,615 m. for Q1 FY2015
Lupin’s Japanese business (Kyowa + Kyowa CritiCare) recorded net sales of 3,231 m. during Q1 FY2016 as compared to 3,415 m. Sales in JPY terms grew 6% to JPY 6,178 m. during the quarter from JPY 5,823 m.
Kyowa sales (excluding Kyowa CritiCare) were 2,483 m. for Q1 FY2016 as compared to 2,640 m. in Q1 FY2015. In JPY terms, it grew by 5% to JPY 4,747 m. from JPY 4,502 m. in Q1 FY2015.
ROW markets sales grew by 44% to 1,826 m. during Q1 FY2016 as compared to 1,271 m. during Q1 FY2015. Lupin acquired 100 % equity stake in Medquímica Indústria Farmacêutica S.A., Brazil, (Medquímica) during the quarter to enter the high growth Brazilian market, shoring up its presence in the Latin American pharmaceuticals market. The Company’s had earlier acquired Laboratorios Grin in Mexico last fiscal.
Lupin’s South African subsidiary, Pharma Dynamics achieved sales of 816 m. in Q1 FY2016 as compared to 869 m. during Q1 FY2015. In ZAR terms, Q1 FY2016 sales stood at ZAR 155 m., a growth of 2%. 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 11% to 3,257 m. during Q1 FY2016 as compared to 2,925 m. during Q1 FY2015.
Revenue expenditure on R&D for Q1 FY2016, amounted to 3,131 m., 10.2% of net sales as against 2,439 m., 7.4% to net sales during Q1 FY2015.
Lupin filed 5 ANDAs and received 6 approvals from the US FDA during the quarter. Cumulative ANDA filings with the US FDA stood at 215, as on June 30th, 2015 with the company having received 117 approvals to date. The Company has 35 First-to-Files (FTF) products which includes 15 exclusive FTF opportunities.
The Company filed 1 MAA with European regulatory authorities. Cumulative filings with European authorities now stand at 63 with the company having received 52 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 and generic formulations as well as 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 5th largest and fastest growing top 5 generics player in the US (5.3% market share by prescriptions, IMS Health) and the 3rd largest Indian pharmaceutical company by sales. The Company is also the fastest growing top 10 generic pharmaceutical players in Japan and South Africa (IMS).
For the financial year ended 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. Please visithttp://www.lupin.com for more information.
CIN: L24100MH1983PLC029442 Registered Office: 159, C.S.T. Road, Kalina, Santacruz (East), Mumbai - 400 098.
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Head – Corporate Communications
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