Lupin Limited on Wednesday reported its financial performance for the quarter ending on September 30, 2022. The drugmaker reported that its consolidated net profit stood at Rs 130 crore for the second quarter.
Meanwhile, it reported a net loss of Rs 2,098 crore in the July-September period of the previous fiscal. According to Lupin’s regulatory filing, total revenue from operations rose to Rs 4,145 crore for the period under review as compared to Rs 4,091 crore in the year-ago period.
The company also said it paid Rs 1,878 crore towards litigation and settlement-related expenses last year with respect to an antitrust class action filed in the US in connection with the drug Glumetza.
“We have performed in line with our expectations during the quarter, and are on the path of steady growth in sales and profitability. Our sales growth was sequentially as robust as our US business bounced back. Our India business delivered continued growth in line with the market, excluding the impact of the loss of exclusivity and certain sales in diabetes and cardiovascular therapy area,” Lupin Managing Director Nilesh Gupta said in a statement.
All other geographies performed well, and the company continues to see the benefit of optimisation measures implemented, he added.
The company also revealed that its investment in R&D for the quarter was INR 3,376 million (8.3% of sales).
In the North America business, sales for Q2 FY2023 were INR 13,295 mn, up 31.6 percent compared to INR 10,104 mn in Q1 FY2023; down 7 percent as compared to INR 14,291 mn in Q2 FY2022; accounting for 33 percent of Lupin’s global sales. Q2 FY2023 sales were USD 159 mn compared to USD 121 mn in Q1 FY2023 and USD 184 mn in Q2 FY2022.
The drugmaker informed that it filed 8 ANDAs in the quarter, received 4 ANDA approvals from the U.S. FDA, and launched 3 products in the quarter in the U.S. The Company now has 168 generic products in the United States.
In the India business, formulation sales for Q2 FY2023 were INR 15,841 mn, up 6.2 percent as compared to INR 14,920 mn in Q1 FY2023; up 2.6 percent as compared to INR 15,435 mn in Q2 FY2022; accounting for 39 percent of Lupin’s global sales. India Region Formulations sales grew by 5.8 percent in the quarter as compared to Q1 FY2023; up 5 percent as compared to Q2 FY2022. The company launched 6 brands across therapies during the quarter.
Meanwhile, global API Sales for Q2 FY2023 were INR 2,499 mn, down 2 percent as compared to INR 2,551 mn in Q1 FY2023; down 6.7 percent as compared to INR 2,678 mn in Q2 FY2022; accounting for 6 percent of Lupin’s global sales.