Lupin Limited, headquartered in Mumbai, India, is a global pharmaceutical leader with a footprint across the U.S., LATAM, APAC, EMEA and India, with products distributed in over 100 markets. With a diverse portfolio of over 1,200 products, Lupin remains committed to its mission of making quality healthcare accessible to the communities we serve. Our visionary Founder, Dr. Desh Bandhu Gupta, instilled in us the importance of offering quality, affordable and innovative medicines and being a responsible corporate citizen, making a positive difference to patients, communities and the environment.
Lupin has a network of 15 manufacturing sites, 7 research centers, and a dedicated workforce of over 22,000 professionals. The company places emphasis on business excellence, R&D and innovation, patient centricity and quality and compliance to consistently deliver value to our stakeholders. Lupin has also been at the forefront of leveraging digital solutions to serve patient needs.
Our efforts have positioned Lupin as a leader in generics, branded generics, complex generics, APIs, biosimilars and specialty medicines. With a specialized portfolio that includes branded and generic formulations, biologic products and active pharmaceutical ingredients, the company enjoys leadership positions in India, the U.S. and several other key markets focused on therapeutic areas such as respiratory, cardiovascular, anti-diabetic, anti-infective, gastrointestinal, central nervous system and women’s health.
Lupin is committed to improving patient health outcomes through its adjacencies – Lupin Diagnostics, Lupin Digital Health and Atharv Ability.
Lupin Human Welfare and Research Foundation is a testament to the company’s commitment to enriching communities and enhancing both Lives and Livelihoods. Through initiatives across 4,771 villages in eight states of India, we have positively impacted the lives of over 1.57 Mn people.
Our strides in the ESG journey have propelled Lupin to the forefront of the global pharmaceutical industry, where we rank in the top 5 percent. With a DJSI score of 69, we stand as a beacon of sustainability and responsible corporate citizenship, setting new standards for excellence in the pharma sector.
At Lupin, we strive to create meaningful and impactful health outcomes that benefit patients and communities alike. Lupin continues to stride ahead in its quest for excellence and is committed to ensuring an outstanding FY25, unlocking a bold and prosperous future for all its stakeholders.
We relentlessly pursue excellence through innovation and continuous improvement in all our projects, processes and products.
To set our standards, we benchmark with the best in the world.
We empower our employees to generate new ideas, explore avenues and offer solutions that add exceptional value.
We encourage them to build ownership in all endeavours by assuming responsibility with passion and conviction.
We strive to understand and meet customer needs in a professional and responsive manner.
We focus on building long-term partnerships for mutual benefit.
We conduct ourselves with uncompromising integrity and honesty with the highest standards of ethical behavior and transparency.
Everything we do must stand public scrutiny.
We align the efforts and energies of our people across all levels and geographies to deliver outstanding results to our stakeholders.
We encourage diverse opinions and work together in a coordinated and mutually supportive way.
We are compassionate and sensitive towards all our stakeholders and treat them the way we would expect to be treated.
We provide equal and fair opportunities for employment, learning and career development.
India: Aurangabad, Ankleshwar, Dabhasa,
Goa, Pithampur, Jammu, Mandideep,
Nagpur, Pune,
Sikkim, Tarapur & Vizag
U.S.: New Jersey; LATAM: Mexico & Brazil
India: Pune & Aurangabad
US: New Jersey & Florida
LATAM: Mexico & Brazil
Europe: Netherlands
Our Founder, Dr. Desh Bandhu Gupta, was a firm believer that science was a trigger to enhancing health and empowering communities. DBG, as Dr. Gupta was fondly called, founded Lupin in 1968, and soon expanded the scope to producing life-saving drugs for Tuberculosis. This early pivot towards serving patient needs has instilled in us the commitment to focus on good health for communities globally. Today, we take pride in carrying on this legacy by prioritizing innovation, quality, and accessibility of our healthcare solutions. We focus on key therapeutic areas such as cardiovascular health, tuberculosis, diabetes, respiratory, gastrointestinal disorders, and women’s health. We are serving over 1,420,000 patients in 100+ countries through our patient support programs.
Our core values drive us, in our endeavor to fulfil our mission to deliver life changing medicines that meet diverse patient needs globally. Our patient first approach is: we focus on developing medical products for specific therapeutic areas and actively engage in addressing all stages of the healthcare cycle, from prevention to diagnosis and rehabilitation.We are united by our Purpose – ‘To improve our patients’ lives’.
Our aspiration is to transform Hope into Healing for patients globally through cutting-edge science and technology, supporting the needs of our patients, colleagues, and communities, while delivering sustainable returns and creating value for everyone. We are guided by our four strategic priorities as we move forward to being an innovation-led transnational pharmaceutical company, dedicated to improving patient outcomes and advancing healthcare worldwide.
Our people are our greatest assets, and as our business evolves, we focus on business growth and value creation by developing a future ready workforce.
Lupin's
Value Based Culture
Talent
Attraction and RetentionWe are focused on efficiency extraction and productivity optimization to achieve excellence in our operations across different aspects of the business. This helps us streamline operations and maximize productivity.
Manufacturing Efficiency
Environmental Excellence
Capital
Efficiency
Digital
TransformationWe strive to provide patients with meaningful healthcare experiences and outcomes, helping them to lead fulfilling lives. Our decisions are driven by what patients identify as most important to them.
Market ExpansionIn India, we aim to surpass market growth by expanding our sales force in existing therapeutic areas of dominance such as Cardiology, Pulmonology and Diabetes Management and diversifying our portfolio to include Gynecology, Dermatology, Urology, and Pediatrics to serve a broader patient base.
In the U.S., we focus on first-to-market launches of complex generics, including biosimilars. In the EMEA region, we strengthen our leadership in the Respiratory and Neurology segments.
We are creating new platforms in inhalation, injectables, and biosimilars to expand our offerings and enhance complex dosage forms beyond oral solids.
Diagnostics and Digital TherapeuticsLupin has always been a pioneer in technology adoption for advancing patient care. To enhance our connect with patients, we are working on advanced Digital and Diagnostic Solutions.
Lupin Diagnostics, our trusted network of labs and collection centers, is accessible to patients for their pathology needs. Lupin’s Lyfe solution is the first and only evidence-based Digital Therapeutics Solution for cardiac rehabilitation. Lupin is revolutionizing healthcare through apps such as Fight TB for TB patients and LegalRx for medico legal information for healthcare professionals. We are also advancing AI in healthcare with our AI chatbots, such as Anya and SAHAYAK. Atharv Ability, Lupin’s first Neurological Rehabilitation Center, located in Mumbai, serves as a cutting-edge outpatient facility for adults and children, for neurological rehabilitation.
Accessibility and AffordabilityWe work to ensure equitable access to medicines and healthcare worldwide, accelerating ARV and anti-TB registrations in low and middle income countries.
Through our partnership with the Tutudesk Foundation in South Africa, we aim to promote equitable access to education for 20 Mn children by 2025.
InnovationInnovation is the cornerstone of all our initiatives and is a core competency. We relentlessly pursue excellence through continuous improvements in all our projects, processes, and products. We continue to focus on developing innovative products that address medical needs and enhance patient outcomes.
Our strategy includes expanding the inhalation pipeline with accelerated development and green propellant programs and establishing an injectables growth strategy for early success.We are committed to enriching the ecosystem by fostering strong collaborations with diverse stakeholders. By engaging with our suppliers and vendors and assessing their performance, including ESG compliance, we ensure mutual growth and adherence to high standards. We support healthcare professionals through continuous education and resources, enhancing their ability to provide exceptional patient care.
| Enriching the Ecosystem | |
|---|---|
 Support to Local Communities |
Through the Lupin Foundation, we have established a sustainable, adaptable model of holistic rural development in India, serving over 1,405 villages across eight states in the year FY24. |
 De-risking Value Chain |
To ensure supply continuity for high-value products, we engage with multiple suppliers, maintain buffer supplies, and utilize supply chain modeling to anticipate disruptions. Strategic investments in business intelligence and forecasting systems have enabled us to build a resilient global supply chain and ensure high service levels. We maintain consistent supplies by identifying and onboarding alternate vendors for critical APIs and intermediates. We also work with our vendors by assessing their adherence to our ESG principles. We are in the process of building their capabilities for a sustainabile value chain. |
 Regulatory Compliance |
We ensure compliance with all applicable norms and regulations of national and international regulatory bodies. Additionally, our operations adhere to internationally recognized standards and certifications. These include environmental management, occupational health and safety, quality management, pharmaceutical quality systems, and laboratories for testing and calibration. |
Dear Shareholders,
At Lupin, our unwavering focus has been on providing the best to the communities that we serve. This belief is reflected in our delivery of high quality healthcare offerings that enhance patient outcomes, and in our efforts to uplift communities through our social initiatives and beyond the pill programs. Driven by our commitment to business excellence and innovation, our goal is to be a trusted partner for quality medicines, transforming Hope into Healing.
This has been a pivotal year for Lupin. We have witnessed remarkable success, strategic progress, and significant advancement in our journey. While this has been the year of execution, we are confident of our plans and strategies to strengthen our position and drive sustainable growth.
In India, we achieved a growth of 25% higher than the Indian Pharma Market. Our core therapy areas, including Cardiology and Respiratory, have grown well ahead of the market, with our key products supporting the growth. We also ranked #1 in the industry for new introductions. Backed by a larger workforce and a pipeline of new products, we are deeply committed to further strengthen our position in India.
Our U.S. business performed exceptionally well, contributing to half of the company’s growth, backed by the launch of Tiotropium DPI, base business stabilization and multiple product launches in the generics market. With the continued ramp up of Tiotropium and new product launches in FY25, we expect to sustain and grow our U.S. business.
All other major regions recorded double-digit growth, driven by markets such as Germany, Australia, and the Philippines. Our acquisitions have expanded our footprint in Europe with complex injectables in France and respiratory brands in Europe and Canada. Our API Plus devision had a remarkable year, growing by 21%, backed by key product launches.
We have made strong strides in Quality and Compliance, with positive inspection outcomes, resolution of warning letters, and regulatory clearances. We continue to prioritize sustainable compliance across all our manufacturing units, further reinforcing our position as a trusted partner delivering high-quality medicines.
We have remained steadfast in our commitment to R&D and innovation, which will continue to be a strategic priority, with significant investments directed toward developing complex products in the inhalation and injectables space. Our robust new product pipeline, including several first-to-market products, puts us in a position of strength for future growth.
In our quest to transform the lives of patients globally, we remain firm in our focus on patient-centricity and the community, with innovation, collaboration and sustainability being at the core of our culture.
Inspired by our Founder, Dr. Desh Bandhu Gupta, we prioritize responsible leadership. We embarked on our ESG journey four years ago, and 2024 has been a milestone year in this continuum. Our leap in the Dow Jones Sustainability Index with a score of 69 and inclusion in the S&P Global Sustainability Yearbook is a reaffirmation of our commitment to ESG.
I thank our Board for its strategic leadership, our leadership team for their relentless pursuit of excellence, and every member of the Lupin family whose efforts contribute to our success. With the support of our partners and shareholders, we continue to strive to achieve our goals of enhancing patient outcomes and transforming Hope into Healing.
Dear Shareholders,
Through the years, two aspects of our business have remained unchanged: our goal of enabling better health for communities that we serve across the globe and our commitment to providing access to high quality, affordable medicines. FY24 has been a year of significant achievements – Lupin has gone above and beyond in delivering on both these aspects and more. For patients and the communities that we serve globally, Lupin is a catalyst for good health, Transforming Hope into Healing.
We are very pleased to close FY24 on a strong note, continuing to improve our operating margins and maintaining the growth momentum. We made progress each quarter throughout FY24 on all key fronts. Our multi-pronged growth strategy has pivoted around enriching our portfolio to more complex products, commercial excellence, driving our agenda in quality and manufacturing, and delivering efficiencies across our business, thus laying the foundation for future margin expansion and sustainable growth. Over the last 2 years, we have navigated Lupin through a turnaround, executing on all critical imperatives to get our organization to its rightful position to deliver on our promise of sustained and profitable growth.
On a full year basis, our top line grew 20.8% to INR 196,563 Mn, and our EBITDA grew a strong 110% driven by continued growth in North America, India, and EMEA. We are at an inflection point, and with the plans we have in front of us, we are looking at an exciting journey ahead.
Reflecting on the highlights from FY24, we made substantial progress in our evolution to complex generics, a major step forward with gSpiriva (tiotropium), now commercialized in the U.S. and Canada. The Respiratory segment currently generates roughly a quarter of our global sales, and is now a material differentiator for our company, one of the main pillars of our strategy. Our U.S. business contributed significantly to the performance in the year, with products such as Tiotropium, Albuterol, GaviLyte, and Suprep driving a material part of the revenues. Complex generics in the U.S. now constitute around 40% of our sales. In India, we grew 25% faster than the Indian Pharmaceutical Market, with notable performance in the Cardiology and Respiratory therapy areas. Our growth in our internal portfolio of products has been commendable. Going forward, we are committed to also improving our performance in the diabetes segment, which has witnessed degrowth due to multiple factors, including loss of exclusivity in select brands and reduced margins. Overall, we aim to achieve an organic growth of 30% higher than the market. We are proud to be a partner of choice in India, ensuring we get the best in class solutions to our patients through our strong and diverse portfolio.
Our EMEA performance has been robust, with overall sales exceeding USD 200 Mn for the first time. Canada grew 17%, and Australia surpassed the AUD 100 Mn mark in revenues. Our businesses in South Africa and the Philippines achieved solid growth and have strong projections for the coming fiscal year, and our API Plus division saw a 21% increase in sales compared to FY23.
On the R&D front, we have continued to pivot to more complex products, especially inhalation and complex injectables where we have invested close to 50% of our R&D spend during the year. We intend to maintain our lead on the respiratory front by being the first to bring products on key platforms to developed markets. Complex products today constitute around 40% of our U.S. portfolio, which we expect to grow to above 50% in the next few years. In FY24, more than 80% of the new product sales in the U.S. were from non oral-solid products.
Our robust R&D efforts have resulted in 33 filings, 63 approvals, and 41 launches globally. Key product launches such as Tiotropium, Diazepam Rectal Gel and generic Prolensa in the U.S., Vilfuro-G and Difizma in India and complex product filings, including Risperidone Long Acting Injection, highlight our commitment to delivering innovative and much needed solutions to our patients.
Enhancing our position in quality and compliance has been and continues to be a big part of our focus. While we faced regulatory challenges at certain facilities in the last few years, we have made impressive strides on the quality and compliance front successfully. We addressed the warning letter from the U.S. FDA with regard to our facilities in Pithampur and Goa. We are glad to share that all our facility inspections in the last 18 months have resulted in satisfactory outcomes. Going forward, we aim to achieve regulatory clearance for the two pending sites and attain a sustainable state of compliance across our entire manufacturing network. We aspire to be best in class on the quality and compliance front, a trusted partner for high quality medicines for all the patients and communities we serve.
In FY24, we acquired Medisol in France, expanding our complex injectables portfolio in Europe. Further, we strengthened our respiratory portfolio and Specialty business by acquiring two brands from Sanofi, Nalcrom in Europe and Aarane in Canada. We also strengthened our India portfolio through the strategic acquisition of diabetes brands Ondero and Ondero Met from Boehringer Ingelheim, and the acquisition of five brands from Menarini.
Going beyond the pill, we have delivered better patient outcomes and holistic healthcare by addressing unmet needs and leveraging innovation in healthcare. Lupin Diagnostics has gained momentum with the highest percentage of NABL-accredited laboratories amongst peers in India and serves over 100,000 customers on a monthly basis. Our digital therapeutics platform, Lyfe, is gradually expanding its footprint in India, and Atharv Ability, our neuro-rehabilitation center in Mumbai, addresses a significant void to deliver transformative outcomes for patients.
We are guided by our Environmental, Social, and Governance principles, which form the cornerstone of our commitment to sustainability. We are proud to be in the top 5% of companies globally with a Corporate Sustainability Assessment score of 69, as per the Dow Jones Sustainability Index. Our inclusion in the S&P Global Sustainability Yearbook 2024 showcases our dedication to integrating sustainability into our business operations, transforming Hope into Healing for a lasting impact.
Since we embarked on a comprehensive digital transformation journey in 2021, we have continuously leveraged next-gen technologies to enhance datadriven decision making and agility in our business operations. We are now deploying transformative AI-led digital solutions across our manufacturing operations, supply chain, sales, finance, and HR, amongst others. The outcome of these initiatives has translated into better process efficiencies, improved regulatory compliance and enhanced business intelligence and transparency.
Reflecting on our progress, we are committed to continue to build on the momentum over the coming year. Our strong foothold in key regions and therapeutic areas, as well as sharp focus on our delivery, will be key levers while executing on our strategic vision to achieve sustainable growth.
Our success is made possible by the hard work and dedication of our teams, the trust of our investors, and the guidance of our stakeholders. As we embark on the next chapter of our journey, we remain committed to growth, quality, operational excellence and innovation. We aspire to evolve Lupin as a trusted partner for innovative and affordable medicines in the years ahead. We are grateful for your steadfast support and trust in Lupin. We are committed to pursue greater milestones, transforming Hope into Healing and creating sustainable value for all stakeholders.
Dear Shareholders,
FY24 marked a year of resurgence and transformation for Lupin, characterized by recordbreaking sales and a significant turnaround in our financial performance. We are proud to report record-breaking sales, surpassing our previous peak in FY17 and achieving a robust double-digit growth rate exceeding 20%. This achievement is attributable to our strategic focus on complex generics, particularly in inhalation and complex injectables, which now constitute 40% of our U.S. portfolio. The buoyancy on the top line was further aided by the continued focus on operational efficiencies, resulting in rather positive outcomes.
Further, our bottom line performance has seen extraordinary progress, with profits soaring more than fourfold compared to the previous year. This impressive improvement can be attributed to a better product mix, reduced reliance on in-licensed products, increased volumes, and improved gross margins facilitated by higher inventory levels aimed at risk mitigation measures. We consistently accelerated our quarterly performance, culminating in a strong double-digit EBITDA, positioning us favorably as we move forward.
Our strategic focus on complex generics has been a key driver of our success. Building on our historical strength in the oral solids platform, we have diversified our portfolio to include a wide range of complex generics. This shift, initiated as part of our R&D strategy five years ago, has begun to yield significant results. Our North America business had phenomenal growth, with sales increasing by 33.8% to INR 72,462 Mn from INR 54,173 Mn last year. This growth was primarily driven by our U.S. business, which registered sales of USD 815 Mn. Complex generics accounted for around 40% of these sales, and our inhalation portfolio doubled over the previous year. Key products such as Tiotropium, Darunavir, and Suprep showcased strong performance, contributing significantly to our revenue.
In India, our regional formulation businesses delivered a reported growth of 8.7% as against market growth of 7.6%, which is higher by 15%. Our respiratory business grew by 7.9%, well ahead of the market growth of 2.7%. The launch of Vilfuro-G, the world’s first fixed triple-dose combination for COPD, is proof of our commitment to innovation in complex generics. Overall, our India Formulation business grew by 9.6% to INR 66,564 Mn in FY24 from INR 60,759 Mn in FY23.
Our EMEA region also performed strongly, with sales growing by 24% to INR 19,235 Mn from INR 15,514 Mn, despite a 7% currency erosion in South Africa. Key drivers included our complex generics portfolio and strong performances in Germany and the UK. Complex generics accounted for over 25% of our sales in the EMEA region.
In the APAC region, Australia recorded its highest-ever sales, and the Philippines business grew by 35% to PHP 2.6 Bn from PHP 1.9 Bn last year. Although the LATAM region experienced a slight decline, with overall sales down by 7.8%, the opening of our plant in Mexico and stabilization in Brazil indicate positive future prospects.
Our continuous improvements to achieve cost optimization with focus on reducing inefficiencies have driven profitability. Improved gross margins, which went up to 66% from 58% last year, were the primary drivers for EBITDA growth. Our procurement team has effectively engaged and negotiated deals and timed strategic purchases well, while our R&D team has helped us implement various initiatives to enable cost optimization for our existing products. This has served as a catalyst to improving our margins and securing additional business by making us more competitive.
We also optimized our supply chain-related costs through better planning with Integrated Business Planning and the Kinaxis platform. Along with a singular focus on green energy and automation, this effort has significantly reduced our overall utility costs and inventory inefficiencies. Additionally, digitizing our returns payment processing and close tracking of distributors’ inventory helped prevent leakages and optimize sales returns. Overall, all these strategies have resulted in continuous improvement in yields, development of alternate vendors, and operating with a lean workforce, significantly boosting our bottom line.
Investing in R&D and strategic acquisitions remains crucial to sustain our growth trajectory. Aligned to this, our R&D investment has significantly increased to over INR 15,265 Mn from INR 12,800 Mn last year. The FDA’s approval of our Nagpur injectable facility denotes a significant milestone, enhancing our capabilities in complex generics and biosimilars.
Our acquisition of Medisol in France has strategically strengthened our presence as the second-largest injectable market in Europe, adding to our complex generics portfolio through its injectable products. The acquisitions of Ondero and Menarini complement our existing offerings in cardiac, gastro, and anti-infective therapies.
Our focus on R&D has led to the launch of various new products in our India Region Formulations, many of which have been well received by the market. Lupin India NPLs recorded the highest sales in the industry in FY24.
Efficient resource allocation and robust governance have been key pillars in our growth journey. Our capital allocation policy is deeply rooted in the company’s longterm strategy, rigorously converting strategic priorities into resource planning and budgeting guidelines. This disciplined approach ensures a balanced capital allocation, considering growth, risk, and returns across various business segments. We optimize capital by tracking business evolution using predetermined metrics. Our policy incorporates clearly defined financial metrics to evaluate capital allocation for both organic and inorganic initiatives, including profitability and payback benchmarks.
We identified prime levers in our balance sheet, optimizing working capital and reducing overall borrowing. By improving receivables, payables, and inventory management, we liberated cash of over INR 11,513 Mn and reduced gross borrowing from over INR 42,441 Mn to less than INR 26,699 Mn.
We also focused on optimizing our capital work in progress, which has reduced from INR 12,380 Mn in the last year to INR 7,725 Mn in the current year through concerted efforts to minimize the productivity of spent funds, the lowest in many years. This helped improve our financial efficiencies and enabled us to leverage our existing assets for future growth.
Our commitment to process improvement is unwavering. By leveraging analytics and automation, we have enhanced productivity across the organization, ensuring that we extract maximum value from our investments and operations.
At Lupin, we prioritize compliance and transparency in taxation. Our annual Tax Transparency Report, introduced in FY23, highlights our responsible tax compliance, integrity, and commitment to ethical practices. This has contributed to improving our Dow Jones Sustainability Indices score and underscores our dedication to making a positive societal impact.
We have continued to digitize our tax related information, resulting in speed and agility in responding to queries from tax authorities and providing relevant supporting documents efficiently. We also ensured comprehensive assessments of all tax related compliance during acquisitions and the restructuring of entities to avoid future litigations.
Sustainability is at the heart of our business strategy. We have made significant progress in various aspects of ESG, from environmental stewardship to human rights and patient-centric innovation. We invested INR 776 Mn in green and renewable energy projects, reducing our Scope 1 and 2 emissions by more than 20% year-on-year. Water recycling and conservation initiatives resulted in 44% of withdrawn water being recycled in FY24.
Our focus on the development of our employees and thrust on Diversity, Equity, and Inclusion has resulted in greater employee satisfaction across the organization. Programs such as GROW (Get Ready for Opportunities at Work) and ASCENT (Advanced Studies for Capabilities Enhancement) to upgrade the knowledge and skills of our manufacturing executives/managers have been moot points in enhancing efficiencies. Initiatives such as iMpact and Returnity (a program for returning parents) ensure an inclusive work environment.
Our social initiatives, such as the Lives and Livelihoods programs, were able to benefit over 1.57 Mn people in more than 4,771 villages across 24 districts in eight states in India. We are proud to share that two women beneficiaries from our programs were recognized at an international conference in Amsterdam.
Our patient-centric programs demonstrate our commitment to improving patient outcomes through accessibility and affordability; for instance, patients have better access to our anti-retro viral and anti-TB medications. We augmented production capabilities at our Aurangabad facility, resulting in a 40% increase in specialized anti-TB medication production. Our patient reach programs, such as Lungs On Care and FENO, have helped thousands of patients.
We also understand that good governance is at the core of a responsible organization. Our Pledge program and governance policies help our employees and value chain partners adhere to the highest standards in business ethics.
This year, we conducted an extended survey for Double Materiality to guide our internal risk review, with a good response from external stakeholders, resonating with our internal direction. To de-risk our value chain, we conducted an ESG assessment for 309 of our top tier 1 suppliers in raw material and packaging, providing opportunities for improvement.
Our strategic embrace of digital transformation and Gen AI exemplifies our commitment to innovation. Our digital journey focuses on integrating advanced technologies - from automating supply chain processes to leveraging big data analytics for better decision making; digital solutions enable us to streamline operations and reduce our environmental footprint. This transformation extends to our R&D division, where digital tools accelerate drug discovery and development, helping us bring effective treatments to market faster.
Gen AI is at the heart of our innovation strategy. By harnessing the power of AI, we can analyze vast amounts of data. Our initiatives are designed with a strong ethical foundation, ensuring data privacy and security while promoting transparency and accountability. Our digital and AI-driven initiatives align closely with our ESG goals. Digital tools facilitate better stakeholder engagement, fostering trust and collaboration with our communities, partners, and regulators. We are dedicated to leveraging digital transformation and Gen AI to build a more sustainable, efficient, and patient-centric future.
We understand the critical need for a sophisticated risk management approach to successfully navigate regulatory shifts, emerging delivery methods, and the rapid pace of data driven innovation. In an environment marked by uncertainty, our ability to adapt to evolving expectations is paramount. Our robust risk management framework, overseen by the Board Committee, provides a cohesive and strategic response to risk mitigation across all our operations, fortifying our resilience and agility in a dynamic landscape.
Further, as cyber threats get more sophisticated, protection of our digital infrastructure has become paramount. Our cybersecurity strategy is integral to our risk management framework, employing advanced measures to safeguard sensitive data and ensure operational resilience. This proactive stance on cybersecurity underpins our commitment to maintaining the trust of our stakeholders and securing our digital transformation efforts.
As we move to FY25, we remain committed to transforming Hope into Healing. Our strategic investments in R&D, recent acquisitions, capex investments, technological advancements, and process improvements will continue to drive innovation and growth. We aim to introduce new products that bring affordable healthcare solutions to patients while creating value for our shareholders.
The turnaround in FY24 was a result of our focused approach and foreseeing the needs of a constantly evolving world. The strategy of moving toward complex molecules, which was initiated more than five years ago, is now yielding significant benefits. The pandemic taught us the significance of agility and robust supply chain processes, which have made a substantial difference to our operations. We have also refined our approach to asset utilization, ensuring that people, processes, and systems work harmoniously to maximize efficiency and shareholder value.
Resilience and flexibility are crucial for success, and we continue to adapt quickly to emerging trends and ensure that we provide excellent healthcare solutions through our innovative medicines and services.
Our customers, partners, shareholders, and communities have been essential to our journey, and we remain committed to serving them with integrity and excellence. As we move forward, we are excited about the opportunities ahead and remain steadfast in our mission to bring innovative healthcare solutions to patients worldwide.
Taxation Team recognized as the 'Best In-house Indirect Tax Team of the Year' at the ITR Asia-Pacific Tax Awards 2023 by the International Tax Review
‘Breakthrough Launch of the Year’ Award (for the brand Valentas) at the National Feather Healthcare and Pharma Awards in association with the Economic Times
Humrahi, Lupin’s Patient Support Program for Diabetes Management, recognized as a ‘Patient-Centric Pharma Program in Diabetes Care’ by the IHW Council
JAI, Lupin’s Digital Asthma Educator platform, won the ‘Big Impact Award’ curated by Big FM and as the ‘Best Customer Experience Platform’ at the Global CX Summit India
Two Gold awards at National Awards for Manufacturing Competitiveness FY24
Gold Award at the Industrial Safety
Leadership Award by CII
Platinum Award for Kaizen at CII Champions Trophy 2023
Novashakti won the ‘Patient-centric Campaign of the Year’ award at the India Health Summit
Best-in-class Supply Chain Strategy Award at 15th ELSC Leadership Awards
Lupin’s Corporate Communications team named among ‘The 30 Top Corporate Communication Teams 2023 and 2024’ by Reputation Today
LHWRF won the Water Sustainability Award for Excellence in Participatory Water Management
Lupin Diagnostics won the Emerging Diagnostics Chain of the Year award at the Diagnostics Innovation & Excellence Awards 2024
Vinita Gupta featured in ‘The She List, Top 100 Women Achievers of India’ by India Today
Vinita Gupta recognized as one of ‘India’s 50 Most Powerful Women in Business’ by Fortune India
Assurance Statement