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. 

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Equity Bottom-Up

<ul><li>Lupin has received approval from generic version of Spiriva HandiHaler (Tiotropium Bromide Inhalation Powder) from USFDA in the US Market.</li><li>This is the first generic version of Spiriva that provides edge for Lupin to garner higher market share.</li><li>This drug is used in treatment of patients with chronic obstructive pulmonary disease (COPD).</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 has received approval from generic version of Spiriva HandiHaler (Tiotropium Bromide Inhalation Powder) from USFDA in the US Market.This is the first generic version of Spiriva that provides edge for Lupin to garner higher market share.This drug is used in treatment of patients with chronic obstructive pulmonary disease (COPD).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 - GSpiriva Approval a Overall Turnaround in The Business

<ul><li>Sales were up 14.1% YoY at Rs 4,330 Cr, majorily led by India business (+9.5% YoY), APAC (+15% YoY) and API business (+46% YoY) while US business remains flat at $175 on a QoQ basis.</li><li>US sales got impacted due to the lack of new launches and seasonality, gSupreb has strong volume growth, and Alubetrol has a stable market share of +20%.</li><li>Diabetic business was impacted due to the genericization of patented products while strong growth in Respiratory, Cardiac and Gynaec was seen.</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.

Sales were up 14.1% YoY at Rs 4,330 Cr, majorily led by India business (+9.5% YoY), APAC (+15% YoY) and API business (+46% YoY) while US business remains flat at $175 on a QoQ basis.US sales got impacted due to the lack of new launches and seasonality, gSupreb has strong volume growth, and Alubetrol has a stable market share of +20%.Diabetic business was impacted due to the genericization of patented products while strong growth in Respiratory, Cardiac and Gynaec was seen.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 - Margins Improvement to Be The Key to Future Performance

<ul><li>The US sales stood at $177 Mn (+11% YoY) and the growth was supported by flu season, and new launches such as gSuprep, gPerforomist, Pennsaid, and Brovana, among others.</li><li>The base business fell by a high single digit due to price erosion.</li><li>India Sales were muted at 3.3% YoY and have been impacted by the loss in Cidmus and the generalization of Sitagliptin.</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.

The US sales stood at $177 Mn (+11% YoY) and the growth was supported by flu season, and new launches such as gSuprep, gPerforomist, Pennsaid, and Brovana, among others.The base business fell by a high single digit due to price erosion.India Sales were muted at 3.3% YoY and have been impacted by the loss in Cidmus and the generalization of Sitagliptin.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 - Margins Still Below Industry Levels

<ul><li>Lupin’s Q2FY23 results were above our expectations.</li><li>The company’s reported revenue growth of 1.3% YoY was on account of its superior performance in the US business (+31%QoQ) as well as in India (+6.2% QoQ).</li><li>The US revenue was reported at $159 Mn vs. our expectations of $ 150Mn driven by a continuous increase in Albuterol volume and improvement in the base business despite the high single-digit price erosion in the oral solids business.</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 Q2FY23 results were above our expectations.The company’s reported revenue growth of 1.3% YoY was on account of its superior performance in the US business (+31%QoQ) as well as in India (+6.2% QoQ).The US revenue was reported at $159 Mn vs. our expectations of $ 150Mn driven by a continuous increase in Albuterol volume and improvement in the base business despite the high single-digit price erosion in the oral solids business.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 -Subdued Margins Due to Pricing Pressure and Input Costs

Thematic (Sector/Industry)

<ul><li>In Q2FY23, Pharma sector expected to be benefitted by factors like Currency depreciation, fall in raw material prices, low crude prices and correction in shipping prices could add to revenue growth and improvement in gross margins.</li><li>The Pharma universe under our coverage could report aggregate Revenue/EBITDA/PAT growth of 5.6%/-4.8%/-2.2% YoY.</li><li>Currency (Rs) has depreciated by 5.0% that could add major contribution to overall growth of 6.2% for last quarter.</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.

In Q2FY23, Pharma sector expected to be benefitted by factors like Currency depreciation, fall in raw material prices, low crude prices and correction in shipping prices could add to revenue growth and improvement in gross margins.The Pharma universe under our coverage could report aggregate Revenue/EBITDA/PAT growth of 5.6%/-4.8%/-2.2% YoY.Currency (Rs) has depreciated by 5.0% that could add major contribution to overall growth of 6.2% for last quarter.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.

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 - GSpiriva Approval a Overall Turnaround in The Business

Lupin has received approval from generic version of Spiriva HandiHaler (Tiotropium Bromide Inhalation Powder) from USFDA in the US Market.

Axis Direct

LUPIN Ltd - Margins Improvement to Be The Key to Future Performance

US sales got impacted due to the lack of new launches and seasonality, gSupreb has strong volume growth, and Alubetrol has a stable market share of...

Axis Direct

LUPIN Ltd - Margins Still Below Industry Levels

The US sales stood at $177 Mn (+11% YoY) and the growth was supported by flu season, and new launches such as gSuprep, gPerforomist, Pennsaid, and...

Axis Direct

Lupin Ltd -Subdued Margins Due to Pricing Pressure and Input Costs

Lupin’s Q2FY23 results were above our expectations. The company’s reported revenue growth of 1.3% YoY was on account of its superior performance in...

Axis Direct

Pharma Q2fy23 Preview

The Pharma universe under our coverage could report aggregate Revenue/EBITDA/PAT growth of 5.6%/-4.8%/-2.2% YoY. Currency (Rs) has depreciated by 5.0%

Axis Direct

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