Lupin Ltd — Earnings Release 2024

Nov 8, 2023

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November 8, 2023

BSE Limited

Department of Corporate Services, P. J. Towers, Dalal Street, MUMBAI - 400 001.

 National Stock Exchange of India Limited

Exchange Plaza, Bandra Kurla Complex, Bandra (East),

Mumbai - 400 051.

Dear Sir/Madam,

Sub: Information pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (‘Listing Regulations’).

Pursuant to Regulation 30(2) read with Schedule III Part A Para A(4)(h) of the Listing Regulations, we are pleased to enclose a Press Release, inter alia covering the unaudited financial results of the Company for the quarter and half-year ended September 30, 2023.

The above is for your information and dissemination.

Thanking you,

For LUPIN LIMITED

Rajvardhan Vishnu Satam

Digitally signed by Rajvardhan Vishnu Satam DN: c=IN, st=Maharashtra, 2.5.4.20=c19d8ef961d9fa59e973a093a4d3924b2532eb2f496ea7e2abcf74700f5375b7, postalCode=400104, street=2404,SEJAL TOWER,SEJAL PARK,LINK ROAD,GOREGAON WEST,Mumbai,Motilal Nagar,Borivali,Mumbai Suburban, pseudonym=9a4b7cd219ea516ad56e6d651dcbbe5b, title=0191, serialNumber=df8ebe60a88c796663c738ea25bfa0b475d195f726cdb67a2ff09c4242771b2a, o=Personal, cn=Rajvardhan Vishnu Satam Date: 2023.11.08 22:53:57 +05'30'

R. V. SATAM COMPANY SECRETARY (ACS-11973)

Encl.: a/a

Registered Office: 3[rd] Floor, Kalpataru Inspire, Off W. E. Highway, Santacruz (East), Mumbai - 400 055 India. Tel: (91-22) 6640 2323. Corporate Identity Number: L24100MH1983PLC029442 www.lupin.com

www.lupin.com

Press Release

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BSE: 500257 NSE: LUPIN REUTERS: LUPIN.BO BLOOMBERG: LPCIN

Lupin Q2 FY2024 Results

Mumbai, November 08, 2023 : Pharma major Lupin Limited [BSE: 500257 | NSE: LUPIN] reported its financial performance for the quarter ending September 30, 2023. These unaudited results were taken on record by the Board of Directors at a meeting held today.

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Financial Highlights – Consolidated IND-AS
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Amt in INR Mn

Pil			Quarter
artcuars	Q2 FY2024	Q1 FY2024	QoQ Growth %	Q2 FY2023	YoY Growth %
Sales	49,392	47,421	↑4.2%	40,912	↑20.7%
EBITDA	9,582	8,791	↑ 9.0%	4,680	↑ 104.8%
EBITDA Margin(%)	19.4%	18.5%	↑ 90 bps	11.4%	↑ 800 bps
PBT	6,297	5,588	↑12.7%	2,096	↑200.4%

– Income Statement highlights Q2 FY2024

• Gross Profit was INR 32,365 mn compared to INR 31,013 mn in Q1 FY2024, with gross margin of 65.5%

• Personnel cost was 17.4% of sales at INR 8,607 mn compared to INR 8,444 mn in Q1 FY2024

• Manufacturing and other expenses were 31.4% of sales at INR 15,520 mn compared to INR 14,724 mn in Q1 FY2024

• Investment in R&D for the quarter was INR 3,764 mn (7.6% of sales)

Balance Sheet highlights

• Operating working capital was INR 56,755 mn as on September 30, 2023

• Capital Expenditure for the quarter was INR 1,345 mn

• Net Debt as on September 30, 2023 stands at INR 18,056 mn

• Net Debt-Equity as on September 30, 2023 stands at 0.14

Commenting on the results, Mr. Nilesh Gupta, Managing Director, Lupin Limited said, “We delivered growth across all our target geographies, while managing costs and achieving operating leverage, thereby driving strong topline and bottomline growth. The U.S. launch of Tiotropium DPI was the highlight of the quarter, making inhalation a substantial portion of our U.S. sales. Our India business continues to do well, with growth in our target therapies ahead of market. We are also making progress on our goal of becoming best in class in quality and compliance with both our Nagpur-1 and Mandideep-2 facilities received satisfactory inspection closures ”

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Press Release

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BSE: 500257 NSE: LUPIN REUTERS: LUPIN.BO BLOOMBERG: LPCIN

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Consolidated Financial Results Q2 FY2024
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Amt in INR mn

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Q2 % of Q1 % of QoQ Q2 % of
Particulars YoY Gr%
FY2024 sales FY2024 sales Gr% FY2023 sales
Sales 49,392 100.0% 47,421 100.0% 4.2% 40,912 100.0% 20.7%
Other operating income 994 2.0% 720 1.5% 38.1% 543 1.3% 83.1%
Total Revenue from
50,386 102.0% 48,141 101.5% 4.7% 41,455 101.3% 21.5%
operations
Material cost 17,027 34.5% 16,408 34.6% 3.8% 17,128 41.9% -0.6%
Gross Profit (Excl. Other op.
32,365 65.5% 31,013 65.4% 4.4% 23,784 58.1% 36.1%
income)
Employee cost 8,607 17.4% 8,444 17.8% 1.9% 7,716 18.9% 11.5%
Manufacturing & Other
15,520 31.4% 14,724 31.0% 5.4% 12,268 30.0% 26.5%
expenses
Other Income 404 0.8% 228 0.5% 77.2% 149 0.4% 171.1%
Forex Loss / (Gain) 54 0.1% 2 0.0% 2600.0% (188) -0.5% -128.7%
EBITDA 9,582 19.4% 8,791 18.5% 9.0% 4,680 11.4% 104.7%
Depreciation, Amortization &
2,479 5.0% 2,346 4.9% 5.7% 2,035 5.0% 21.8%
Impairment Expense
EBIT 7,103 14.4% 6,445 13.6% 10.2% 2,645 6.5% 168.5%
Finance cost 806 1.6% 857 1.8% -6.0% 549 1.3% 46.8%
Profit Before Tax (PBT) 6,297 12.7% 5,588 11.8% 12.7% 2,096 5.1% 200.4%
Tax 1,344 2.7% 1,055 2.2% 27.4% 751 1.8% 79.0%
Profit After Tax (PAT) 4,953 10.0% 4,533 9.6% 9.3% 1,345 3.3% 268.3%
(+) Share of Profit from JV - - - - - - -
(-) Non-Controlling Interest 56 0.1% 10 0.0% 460.0% 48 0.1% 16.7%
Profit/(Loss) for the period 4,897 9.9% 4,523 9.5% 8.3% 1,297 3.2% 277.6%
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BSE: 500257 NSE: LUPIN REUTERS: LUPIN.BO BLOOMBERG: LPCIN

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Consolidated Financial Results H1 FY2024
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Amt in INR mn

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Particulars H1 FY2024 % of sales H1 FY2023 % of sales YOY Gr%
Sales 96,813 100.0% 76,951 100.0% 25.8%
Other operating income 1,713 1.8% 1,943 2.5% -11.8%
Total Revenue from operations 98,526 101.8% 78,894 102.5% 24.9%
Material cost 33,435 34.5% 33,226 43.2% 0.6%
Gross Profit (Excl. Other op. income) 63,378 65.5% 43,725 56.8% 44.9%
Employee cost 17,051 17.6% 15,501 20.1% 10.0%
Manufacturing & Other expenses 30,233 31.2% 24,185 31.4% 25.0%
Other Income 622 0.6% 205 0.3% 203.4%
Forex Loss / (Gain) 56 0.1% (872) -1.1% -106.4%
EBITDA 18,373 19.0% 7,059 9.2% 160.3%
Depreciation, Amortization &
4,825 5.0% 3,963 5.2% 21.8%
Impairment Expense
EBIT 13,548 14.0% 3,096 4.0% 337.6%
Finance cost 1,663 1.7% 977 1.3% 70.2%
Profit Before Tax (PBT) 11,885 12.3% 2,119 2.8% 461.0%
Tax 2,399 2.5% 1,642 2.1% 46.1%
Profit After Tax (PAT) 9,486 9.8% 477 0.6% 1888.7%
(+) Share of Profit from JV - - - - -
(-) Non-Controlling Interest 67 0.1% 70 0.1% -4.3%
Profit/(Loss) for the period 9,419 9.7% 407 0.5% 2214.3%
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Press Release

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BSE: 500257	BSE: 500257	BSE: 500257	NSE: LUPIN	NSE: LUPIN	REUTERS: LUPIN.BO BLOOMBERG: LPCIN	REUTERS: LUPIN.BO BLOOMBERG: LPCIN
Particulars		Q2 FY2024	Q1 FY2024	Growth QoQ	Q2 FY2023	Growth YoY
North America		18,666	15,905	17.4%	13,295	40.4%
India Growth Markets EMEA ROW		16,915 4,378 4,759 1,990	16,384 4,066 3,987 1,655	3.2% 7.7% 19.4% 20.2%	15,841 4,449 3,842 986
Total Formulations		46,708	41,997	11.2%	38,413	21.6%
API		2,684	3,371	-20.4%	2,499	7.4%
Total Product Sales		49,392	45,368	8.9%	40,912	20.7%
NCE Income		-	2053	NA	-	NA
Consolidated Sales		49,392	47,421	4.2%	40,912	20.7%

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Operational Highlights
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North America

North America sales for Q2 FY2024 were INR 18,666 mn, up 17.4% compared to INR 15,905 mn in Q1 FY2024; up 40.4% as compared to INR 13,295 mn in Q2 FY2023; and accounted for 38% of Lupin’s global sales.

Q2 FY2024 sales were USD 213 mn compared to USD 181 mn in Q1 FY2024 and USD 159 mn in Q2 FY2023.

The Company received 11 ANDA approvals from the U.S. FDA, and launched 1 product in the quarter in the U.S. The Company now has 157 generic products in the U.S.

Lupin continues to be the 3[rd] largest pharmaceutical player in both U.S. generic market and U.S. total market by prescriptions (IQVIA September 2023). Lupin is the leader in 48 of its marketed generics in the U.S. and amongst the Top 3 in 101 of its marketed products (IQVIA September 2023).

India

India sales for Q2 FY2024 were INR 16,915 mn, up 3.2% as compared to INR 16,384 mn in Q1 FY2024; up 6.8% as compared to INR 15,841 mn in Q2 FY2023; and accounted for 34% of Lupin’s global sales.

India Region Formulations sales grew by 2.6% in the quarter as compared to Q1 FY2024, up 6.9% as compared to Q2 FY2023. The company launched 4 brands across therapies during the quarter.

Lupin is the 7[th] largest company in the Indian Pharmaceutical Market (IQVIA MAT September 2023).

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BSE: 500257 NSE: LUPIN REUTERS: LUPIN.BO BLOOMBERG: LPCIN

Growth Markets (LATAM and APAC)

Growth Markets registered sales of INR 4,378 mn for Q2 FY2024, growing 7.7% compared to INR 4,066 mn in Q1 FY2024; down 1.6% as compared to INR 4,449 mn in Q2 FY2023; and accounted for 9% of Lupin’s global sales.

Brazil sales were BRL 74 mn for Q2 FY2024, compared to BRL 75 mn for Q1 FY2024 and BRL 69 mn for Q2 FY2023.

Mexico sales were MXN 83 mn for Q2 FY2024, compared to MXN 86 mn for Q1 FY2024 and MXN 224 mn for Q2 FY2023.

Philippines sales were PHP 621 mn for Q2 FY2024, compared to PHP 463 mn for Q1 FY2024 and PHP 467 mn for Q2 FY2023.

Australia sales were AUD 26 mn for Q2 FY2024, compared to AUD 26 mn for Q1 FY2024 and AUD 26 mn for Q2 FY2023.

Europe, Middle-East and Africa (EMEA)

EMEA sales for Q2 FY2024 were INR 4,759 mn, up 19.4% compared to INR 3,987 mn in Q1 FY2024; up 23.9% compared to INR 3,842 mn in Q2 FY2023; and accounted for 10% of Lupin’s global sales.

South Africa sales were ZAR 341 mn for Q2 FY2024, compared to ZAR 295 mn for Q1 FY2024 and ZAR 358 mn for Q2 FY2023. Lupin is the 7[th] largest player in South Africa in the total generics market (IQVIA September 2023).

Germany sales were EUR 13 mn for Q2 FY2024, compared to EUR 10 mn for Q1 FY2024 and EUR 10 mn for Q2 FY2023.

Global API

Global API Sales for Q2 FY2024 were INR 2,684 mn, down 20.4% as compared to INR 3,371 mn in Q1 FY2024; up 7.4% as compared to INR 2,499 mn in Q2 FY2023; and accounted for 5% of Lupin’s global sales.

Research and Development

Investment in R&D was INR 3,764 mn (7.6% of sales) for Q2 FY2024 as compared to INR 3,376 mn (8.3% of sales) for Q2 FY2023.

Lupin received approval for 11 ANDAs from the U.S. FDA in the quarter. Cumulative ANDA filings with the U.S. FDA stand at 444 as of September 30, 2023, with the company having received 305 approvals to date.

The Company now has 53 First-to-File (FTF) filings including 20 exclusive FTF opportunities. Cumulative U.S. DMF filings stand at 167 as of September 30, 2023.

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BSE: 500257 NSE: LUPIN REUTERS: LUPIN.BO BLOOMBERG: LPCIN

About Lupin

Lupin is an innovation-led transnational pharmaceutical company headquartered in Mumbai, India. The Company develops and commercializes a wide range of branded and generic formulations, biotechnology products, and APIs in over 100 markets in the U.S., India, South Africa, and across the Asia Pacific (APAC), Latin America (LATAM), Europe, and Middle East regions.

The Company enjoys a leadership position in the cardiovascular, anti-diabetic, and respiratory segments and has a significant presence in the anti-infective, gastro-intestinal (GI), central nervous system (CNS), and women’s health areas. Lupin is the third-largest pharmaceutical company in the U.S. by prescriptions. The company invested 7.9% of its revenue in research and development in FY23.

Lupin has 15 manufacturing sites, 7 research centers, more than 20,000 professionals working globally, and has been consistently recognized as a ‘Great Place to Work’ in the Biotechnology & Pharmaceuticals sector.

Please visit www.lupin.com for more information.

Follow us on: LinkedIn: https://www.linkedin.com/company/lupin Facebook: http://www.facebook.com/LupinWorld/ Twitter: https://twitter.com/LupinGlobal

For further information or queries please contact –

Shweta Munjal

Vice President & Global Head – Corporate Communications & Sustainability Email: shwetamunjal@lupin.com

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