Lupin's Q2 Net Earnings Soar 377%

Lupine, Rs. 18,200 crore the pharmaceutical major posted strong financial performance in the second quarter ended September 2023, thanks to a significant increase in US revenues. The group's net profit rose to Rs. 490 crore from Rs. 130 billion in the corresponding period last year, which represents a drastic increase of 377 percent.Its revenue grew 21.6 percent to Rs. 5039 crore from Rs. 4,145 million Euros. While earnings improved, EPS rose to Rs. 10.76 compared to Rs. 2.85 last season. Its formula sales grew by 21.6 percent to Rs. 4671 crore from Rs. 3,841 million in the corresponding quarter of the previous year.Formula sales in North America grew by 40.4 percent to Rs. 1,867 crore from Rs. 1,330 crore and its share of its turnover was 38 percent. The company received 11 ANDA approvals from the US FDA and launched one product in the US during the quarter.The company now has 157 generic products in the United States. Sales of lupine formulations in India grew by 6.8 percent to Rs. 1,692 crore from Rs. 1.584 million. During the quarter, the company launched four different types of brands. EMEA sales grew 23.9 percent to Rs. 476 million Rs. 384 million euros.However, sales in emerging markets fell marginally to Rs. 438 million Rs. 445 million. Its API sales grew by just 7.4 percent to Rs. 268 million Rs. 250 million. Its RandD expenditure raised to Rs. 376 million Rs. 338 million. Lupine received 11 ANDA approvals from the US FDA during the quarter.