Pharma major Lupin Limited on Friday reported its financial performance for the quarter ending Dec 31, 2022. According to the company, the company reported a consolidated profit of Rs. 153.5 crore which is down by 72 percent from the same quarter of the previous fiscal year.
The pharma major also stated that the Gross Profit was Rs. 25,375 mn compared to INR 23,784 mn in Q2 FY2023, with a gross margin of 59.8 percent. Meanwhile, investment in R&D for the quarter was INR 2,896 mn (6.8% of sales).
“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 brand 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,” Nilesh Gupta, Managing Director, Lupin Limited said in a statement.
The consolidated revenue advanced albeit marginally by 3.9 percent year-on-year (YoY) to Rs 4,322 crore in Q3FY23.
The company filed 7 ANDAs (abbreviated new drug applications) during the quarter, received 2 ANDA approvals from the US FDA, and launched 4 products in the US. The company now has 166 generic products in the US.
