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Motilal Oswal Report
Lupin Ltd. delivered lower-than-expected Q4 FY22 performance. Lower U.S. sales coupled with lower operating leverage impacted operating margin adversely during the quarter.
We cut our earnings per share estimates of Lupin by 29%/27% for FY23/FY24 to factor in:
intensified competition in the U.S. base portfolio,
loss of exclusivity for certain products in the domestic formulation segment,
reduced offtake of active pharma ingredient sales, and
considerable rise in operational costs.
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