Lupin Q2 Results Review - Strong Recovery In North America Business; Beat On Margins: Systematix

Systematix Research Report

Lupin Ltd. reported a sharp bounce back in business as Ebitda grew 95% QoQ with Ebitda margins improving by 472 basis points to 10.9%. North America business reported sales of $159 million, grew 31.6% QoQ, due to a low base in Q1 FY23, contribution from new launches like gSuprep and market share gains in Albuterol Sulfate.

Lupin has provided encouraging guidance on U.S. launches going ahead.

Key limited competition launches expected include gSpiriva ($500 million brand sales), Darunavir (exclusive, ~$200 million brand sales), Diazepam gel (~$40 - $50 million brand sales), Nascobal nasal spray (exclusive, ~$40 - $50 million brand sales), Varenicline ($800 million – $1 billion sales), Pegfilgrastim (~$700 million sales), Dulera (~$150 million sales), and Glucagon (~$200 million sales).

India business growth was sluggish during the quarter owing to loss of Cidmus in the base business and slow growth in diabetes portfolio (genericisation of gliptins). However, the remaining businesses performed well and as per expectations.

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