Lupin Q3 Results FY2023, Net profit at Rs. 1,535 million

On 9th February, Lupin announced its results for the third quarter of FY2023.

Key Highlights:

- Lupin reported revenue at Rs. 43,222 million 
- Gross Profit was Rs. 25,375 million compared to Rs. 23,784 million in Q2 FY2023, with a gross margin of 59.8% 
- Profit before tax was reported at Rs. 2461 million 
- Lupin reported a profit for the quarter at Rs.1535 million 

Business Highlights:

- North America sales for Q3 FY2023 were Rs. 15,271 million, down 3.2% YoY. The Company filed 7 ANDAs in the quarter, received 2 ANDA approvals from the U.S. FDA, and launched 4 products in the quarter in the U.S. The Company now has 166 generic products in the U.S.
- India formulation sales for Q3 FY2023 were Rs. 15,213 million, up 3.3% YoY. The company launched 8 brands across therapies during the quarter. 
- Growth Markets registered sales of Rs. 4,187 million for Q3 FY2023; up 23.5% YoY. 
- Brazil sales were BRL 70 million for Q3 FY2023. 
- Mexico sales were MXN 217 million for Q3 FY2023. 
- Philippines sales were PHP 452 million for Q3 FY2023. 
- Australia sales were AUD 21.1 million for Q3 FY2023. 
- Europe, Middle East, and Africa (EMEA) sales for Q3 FY2023; up 11.1% YoY. 
- South Africa sales were ZAR 308 million for Q3 FY2023. 
- Germany sales were EUR 11.4 million for Q3 FY2023. 
- Global API Sales for Q3 FY2023 were Rs. 2,815 million, up 9.8% YoY. 
- Lupin received approval for 2 ANDAs from the U.S. FDA in the quarter. Cumulative ANDA filings with the U.S. FDA stand at 469 as of Dec 31, 2022, with the company having received 302 approvals to date. 

Commenting on the results, Mr. Nilesh Gupta, Managing Director, Lupin Limited said, “We continued to build on our momentum in the quarter with growth in sales and improvement in profitability. Sales in the U.S. have improved on the back of new product launches and the brands acquisition we made during the quarter. Excluding the impact of genericization on our diabetes portfolio, the India business has performed in line with the market. With the recent sales force expansion and new product launches, we expect to be back to above-market growth. We are committed to executing on our strategic initiatives to drive long-term growth and profitability, and maintaining the highest standards of quality and compliance.”