Pharma major Lupin has reported its financial performance for the quarter ending June 30, 2024. The drugmaker reported a 77 percent increase in consolidated net profit at Rs 801 crore for the first quarter ended June 30, 2024, aided by robust sales across markets.
The Mumbai-based drug maker had reported a net profit of Rs 452 crore in the April-June quarter of the last fiscal year.
The total revenue from operations rose to Rs 5,600 crore for the first quarter, as against Rs 4,814 crore in the June quarter of FY24, Lupin said in a regulatory filing on Tuesday evening.
“We have had a strong quarter on the back of the momentum we built through FY24, with performance driven by new products, key geographies, and improvement in our operating margin and profitability. We are on track for strong, sustainable growth and margin improvement backed by growth in sales, commercial and operating efficiencies, and a strong compliance story,” Lupin Ltd Managing Director Nilesh Gupta said.
The company said its sales in North America stood at Rs 2,041 crore, up 28 per cent from Rs 1,590 crore in the first quarter of last fiscal. India sales stood at Rs 1,926 crore in the first quarter, as against Rs 1,638 crore in the June quarter of the last financial year.
In the India business, the company reported that the formulation sales for Q1 FY2025 sales were Rs. 1925.9 crore, up 20.3 % compared to Rs. 1601.5 crore in Q4 FY2024; up 17.5% compared to Rs. 1638.4 crore in Q1 FY2024; accounting for 35% of Lupin’s global sales.
India Region Formulation sales grew by 17.4% in the quarter, as compared to Q4 FY2024; up 10.5% as compared to Q1 FY2024. The Company launched 3 brands across Cardio, Neuro/CNS and GI therapies during the quarter. Lupin is the 7th largest company in the Indian Pharmaceutical Market (IQVIA MAT Jun’ 24).
Growth Markets sales for Q1 FY2025 were Rs. 515.1 crore up 1.1% compared to Rs. 509.3 crore in Q4 FY2024; Up 26.7% compared to Rs. 406.6 crore in Q1 FY2024; accounting for 9% of Lupin’s global sales.
Global API sales for Q1 FY2025 were Rs. 362.2 crore, up 40.3% compared to Rs. 258.1 crore in Q4 FY2024; Up 7.4% compared to Rs. 337.1 crore in Q1 FY2024; accounting for 7% of Lupin’s global sales.
Investment in R&D was Rs. 350 core (6.3% of sales) for the quarter compared to Rs. 367.9 crore (7.8% of sales) for Q1 FY2024.
Lupin received approval for 6 ANDA from the U.S. FDA in the quarter. Cumulative ANDA filings with the U.S. FDA stand at 430 as of June 30, 2024, with the Company having received 325 approvals to date. The Company now has 50 First-to-File (FTF) filings including 17 exclusive FTF opportunities. Cumulative U.S. DMF filings stand at 157 as of June 30, 2024.
