Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/lupin-ltd" target="_blank" data-smartkarma-citation="entities:17910:1" rel="noopener">Lupin Ltd (LPC IN)</a> has reported solid set of numbers for Q3FY23, with revenue increasing 11% YoY, EBITDA growing 32% YoY, and net profit improving 39% YoY.</li>
<li>North America revenue increased 12% YoY and 8% QoQ to record high of INR21B. Strong momentum in complex portfolio and continued cost optimization are driving consistent profitable growth in U.S.</li>
<li>Complex generics are expected to contribute 50%+ of revenue in the next couple of years. This calls for accelerated growth and better margin.</li>
</ul>



Lupin Ltd (LPC IN) has reported solid set of numbers for Q3FY23, with revenue increasing 11% YoY, EBITDA growing 32% YoY, and net profit improving 39% YoY.
North America revenue increased 12% YoY and 8% QoQ to record high of INR21B. Strong momentum in complex portfolio and continued cost optimization are driving consistent profitable growth in U.S.
Complex generics are expected to contribute 50%+ of revenue in the next couple of years. This calls for accelerated growth and better margin.


Lupin Ltd (LPC IN): Differentiated Portfolio Drives Solid Q3FY25 Performance; Momentum to Continue

External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>A strong set of results: Lupin reported a strong set of results that exceeded our expectations.</li><li>Reported revenue grew by 11% YoY, led by the India and US businesses, which grew by 11.9% and 12.3%, respectively, YoY, and the EMEA business, which grew by 20.9% YoY.</li><li>However, the Emerging Markets business declined by 4.7% YoY, and API shows a gradual recovery with 4% YoY growth.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

A strong set of results: Lupin reported a strong set of results that exceeded our expectations.Reported revenue grew by 11% YoY, led by the India and US businesses, which grew by 11.9% and 12.3%, respectively, YoY, and the EMEA business, which grew by 20.9% YoY.However, the Emerging Markets business declined by 4.7% YoY, and API shows a gradual recovery with 4% YoY growth.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Lupin Ltd - Lupin’s Vision: Growth and Market Leadership

<ul><li>A strong set of results: Lupin reported a strong set of results, exceeding our expectations.</li><li>Reported revenue grew by 12.6% YoY, led by the India business, which grew by 18.8% YoY, and the Asia-Pacific business, which grew by 30% YoY.</li><li>However, the U.S. business grew by only 5.6% YoY, while the API business declined by 18.1% YoY.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

A strong set of results: Lupin reported a strong set of results, exceeding our expectations.Reported revenue grew by 12.6% YoY, led by the India business, which grew by 18.8% YoY, and the Asia-Pacific business, which grew by 30% YoY.However, the U.S. business grew by only 5.6% YoY, while the API business declined by 18.1% YoY.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

LUPIN Ltd - Steady Outlook on Product Development; Maintain ADD

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>We upgrade Lupin (LPC) to ADD from REDUCE with a revised TP of INR 2,440 (31x Q3FY27E, up from INR 1,950 at 28x Q1FY27E)</li><li>Our outlook is based on key factors: (1) traction in gSpiriva (launched in Aug’23), which we expect to remain a limited competition opportunity for the next 2 years</li><li>(2) steady momentum in the key respiratory franchise products (Brovana, Xopenex HFA) as well as in other key products (Levothyroxine), which should offset the impact of increased competition in Albuterol HFA</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We upgrade Lupin (LPC) to ADD from REDUCE with a revised TP of INR 2,440 (31x Q3FY27E, up from INR 1,950 at 28x Q1FY27E)Our outlook is based on key factors: (1) traction in gSpiriva (launched in Aug’23), which we expect to remain a limited competition opportunity for the next 2 years(2) steady momentum in the key respiratory franchise products (Brovana, Xopenex HFA) as well as in other key products (Levothyroxine), which should offset the impact of increased competition in Albuterol HFAContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Lupin: US and India on Steady Footing, Upgrade to ADD

External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul>
<li>Lupin’s recent success in US (sales grew ~34% YoY in FY24) is driven by its better regulatory track record and traction in inhalation portfolio.</li>
<li>Share of inhalation products has risen from 25% of US sales in FY22 (USD 185mn) to 40% in FY24 (USD 326mn) post the launch of gSpiriva.</li>
<li>In India, growth had been subdued due to the discontinuation of in-licensed brands (contribution down from 15% in FY23 to 11% in Q4FY24).</li>
</ul>
Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.


Lupin’s recent success in US (sales grew ~34% YoY in FY24) is driven by its better regulatory track record and traction in inhalation portfolio.
Share of inhalation products has risen from 25% of US sales in FY22 (USD 185mn) to 40% in FY24 (USD 326mn) post the launch of gSpiriva.
In India, growth had been subdued due to the discontinuation of in-licensed brands (contribution down from 15% in FY23 to 11% in Q4FY24).

Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Lupin - Launches Critical for Sustenance of Turnaround

India

Lupin Limited manufactures bulk actives and formulations. The principal bulk actives manufactured by it include Rifampicin, Pyrazinamide, Ethambutol (anti-TB), Cephalosporins (anti-infectives) and cardiovasculars. The company also possesses competencies in phytomedicines, in which medicines are made out of plant and herbal resources supported by the discipline of modern medicine.

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Lupin Ltd (LPC IN)

Lupin Ltd (LPC IN): Differentiated Portfolio Drives Solid Q3FY25 Performance; Momentum to Continue

Lupin reports strong Q3FY23 result with revenue up 11% YoY, EBITDA up 32% YoY, and PAT up 39% YoY. North America revenue hits record high, driven...

Tina Banerjee

Lupin Ltd - Lupin’s Vision: Growth and Market Leadership

Reported revenue grew by 11% YoY, led by the India and US businesses, which grew by 11.9% and 12.3%, respectively, YoY, and the EMEA business,...

Axis Direct

LUPIN Ltd - Steady Outlook on Product Development; Maintain ADD

eported revenue grew by 12.6% YoY, led by the India business, which grew by 18.8% YoY, and the Asia-Pacific business, which grew by 30% YoY.

Axis Direct

Lupin: US and India on Steady Footing, Upgrade to ADD

We upgrade Lupin (LPC) to ADD from REDUCE with a revised TP of INR 2,440 (31x Q3FY27E, up from INR 1,950 at 28x Q1FY27E)

HDFC Securities

Lupin - Launches Critical for Sustenance of Turnaround

Lupin’s recent success in US (sales grew ~34% YoY in FY24) is driven by its better regulatory track record and traction in inhalation portfolio.

ICICI Securities Limited

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Lupin Ltd (LPC IN): Differentiated Portfolio Drives Solid Q3FY25 Performance; Momentum to Continue

​Lupin reports strong Q3FY23 result with revenue up 11% YoY, EBITDA up 32% YoY, and PAT up 39% YoY. North America revenue hits record high, driven...

Tina Banerjee

Lupin Ltd - Lupin’s Vision: Growth and Market Leadership

Reported revenue grew by 11% YoY, led by the India and US businesses, which grew by 11.9% and 12.3%, respectively, YoY, and the EMEA business,...

Axis Direct

LUPIN Ltd - Steady Outlook on Product Development; Maintain ADD

eported revenue grew by 12.6% YoY, led by the India business, which grew by 18.8% YoY, and the Asia-Pacific business, which grew by 30% YoY.

Axis Direct

Lupin: US and India on Steady Footing, Upgrade to ADD

We upgrade Lupin (LPC) to ADD from REDUCE with a revised TP of INR 2,440 (31x Q3FY27E, up from INR 1,950 at 28x Q1FY27E)

HDFC Securities

Lupin - Launches Critical for Sustenance of Turnaround

Lupin’s recent success in US (sales grew ~34% YoY in FY24) is driven by its better regulatory track record and traction in inhalation portfolio.

ICICI Securities Limited

Lupin reports strong Q3FY23 result with revenue up 11% YoY, EBITDA up 32% YoY, and PAT up 39% YoY. North America revenue hits record high, driven...