- 15 May 2025
- ICICIdirect Research
LUPIN REVENUES GREW ~14 PERCENT YOY TO RS 5562 CRORE
LUPIN - 2023 Change: -3.40 (-0.17 %)News: Revenues grew ~14% YoY to ₹ 5562 crore driven by the EMEA markets, US, and India which grew by 38%, 19%, and 7% respectively. RoW grew by 15% to ₹ 447 crore while API on the other hand de-grew 10% to ₹ 231 crore. EBITDA grew 29.6% YoY to ₹ 1292 crore and EBITDA margins stood at ~22.6% (260 bps improvement) mainly on the back of strong GPMs (70.2% vs 68.3%). US sales grew ~19% YoY to ₹ 2262 crore on the back of market share gains in legacy products (respiratory drugs Albuterol and Arfomoterol) and 2 new launches. Exclusivity drug (shared) Mirabegron (50 mg) also might have contributed to the growth significantly. India sales grew ~7% to ₹ 1711 crore driven by 2 new launches and strong performance of existing products and in-licensing deals.
View: Strong growth was attributable to timely launches across regions and sustained focus on profitability. The company has maintained the EBITDA margins trajectory of +20% mainly driven by strong GPM performance. This suggests that the product mix for the company has improved significantly with strong US performance driven by high-value complex products and decent launch momentum across markets. Going ahead the sustainability of this performance especially on the margins front would be the key determinant for investors sentiments. We wait for more insights from the management call.
Impact: Positive