Lupin Ltd — Earnings Release 2024

May 6, 2024

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May 6, 2024

BSE Limited

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

 National Stock Exchange of India Ltd., Exchange Plaza, Bandra Kurla Complex, Bandra (East), MUMBAI - 400 051.

Dear Sir/Madam,

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

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 audited financial results of the Company for the quarter and year ended March 31, 2024.

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: 2024.05.06 20:44:39 +05'30'

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

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 Q4 FY2024 Results

Mumbai, May 06, 2024 : Pharma major Lupin Limited [BSE: 500257 | NSE: LUPIN] reported its financial performance for the quarter and fiscal year ending March 31, 2024. These audited results were taken on record by the Board of Directors at a meeting held today. Based on the long-term outlook the Board has recommended a dividend of 400%.

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Financial Highlights – Consolidated IND-AS
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Amt in INR Mn

		Full Year				Quarter
Particulars	FY2024	FY2023	YoY Growth %	Q4 FY2024	Q3 FY2024	QoQ Growth %	Q4 FY2023	YoY Growth %
Sales	196,563	162,700	↑20.8%	48,951	50,799	↓3.6%	43,303	↑13.0%
EBITDA	39,307	18,715	↑110.0%	10,261	10,673	↓3.9%	6,150	↑ 66.8%
EBITDA Margin(%)	20.0%	11.5%	↑ 850 bps	21.0%	21.0%	-	14.2%	↑ 680 bps
PBT	24,223	7,165	↑238.1%	4,977	7,361	↓ 32.4%	2,585	↑92.5%

– Income Statement highlights Q4 FY2024

• Gross Profit was INR 33,213 Mn compared to INR 33,538 Mn in Q3 FY2024, with gross margin of 67.8%.

• Personnel cost was 18.4% of sales at INR 9,002 Mn compared to INR 8,892 Mn in Q3 FY2024.

• Manufacturing and other expenses were 30.4% of sales at INR 14,901 Mn compared to INR 15,602 Mn in Q3 FY2024.

• PBT was lower in Q4 FY2024 on account of impairment charge of INR 2,013 Mn.

• Investment in R&D for the quarter was INR 4,255 Mn (8.7% of sales).

Balance Sheet highlights

• Operating working capital was INR 56,913 Mn as on March 31, 2024.

• Capital Expenditure for the quarter was INR 1,059 Mn.

• Net Debt as on March 31, 2024 stands at INR 4,766 Mn.

• Net Debt-Equity as on March 31, 2024 stands at 0.03.

Commenting on the results, Mr. Nilesh Gupta, Managing Director, Lupin Limited said , “We continue to move forward with sustainable and profitable growth and delivered another strong set of numbers in Q4. Our U.S. sales remain healthy driven by inhalation products, and our India formulation business is delivering ahead of market. While FY24 has been a year of resurgence for the company, we look forward to an even stronger FY25 driven by growth across our key geographies and consistent improvement in our margins”.

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

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Consolidated Financial Results 12M FY2024
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Amt in INR Mn

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Particulars FY2024 % of sales FY2023 % of sales YOY Gr%
Sales 196,563 100.0% 162,700 100.0% 20.8%
Other operating income 3,545 1.8% 3,717 2.3% -4.6%
Total Revenue from operations 200,108 101.8% 166,417 102.3% 20.2%
Material cost 66,434 33.8% 67,798 41.7% -2.0%
Gross Profit (Excl. Other op. income) 130,129 66.2% 94,902 58.3% 37.1%
Employee cost 34,946 17.8% 30,872 19.0% 13.2%
Manufacturing & Other expenses 60,728 30.9% 50,542 31.1% 20.2%
Other Income 1,202 0.6% 734 0.5% 63.8%
Forex Loss / (Gain) (105) -0.1% (776) -0.5% -86.5%
EBITDA 39,307 20.0% 18,715 11.5% 110.0%
Depreciation, Amortization &
11,968 6.1% 8,807 5.4% 35.9%
Impairment Expense
EBIT 27,339 13.9% 9,908 6.1% 175.9%
Finance cost 3,116 1.6% 2,743 1.7% 13.6%
Profit Before Tax (PBT) 24,223 12.3% 7,165 4.4% 238.1%
Tax 4,867 2.5% 2,688 1.7% 81.1%
Profit After Tax (PAT) 19,356 9.8% 4,477 2.8% 332.3%
(+) Share of Profit from JV - - - - -
(-) Non-Controlling Interest 211 0.1% 176 0.1% 19.9%
Profit/(Loss) for the period 19,145 9.7% 4,301 2.6% 345.1%
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BSE: 500257 NSE: LUPIN REUTERS: LUPIN.BO BLOOMBERG: LPCIN

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Consolidated Financial Results Q4 FY2024
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Amt in INR Mn

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Q4 % of Q3 % of QoQ Q4 % of
Particulars YoY Gr%
FY2024 sales FY2024 sales Gr% FY2023 sales
Sales 48,951 100.0% 50,799 100.0% -3.6% 43,303 100.0% 13.0%
Other operating income 657 1.3% 1,175 2.3% -44.1% 998 2.3% -34.2%
Total Revenue from
49,608 101.3% 51,974 102.3% -4.6% 44,301 102.3% 12.0%
operations
Material cost 15,738 32.2% 17,261 34.0% -8.8% 17,501 40.4% -10.1%
Gross Profit (Excl. Other op.
33,213 67.8% 33,538 66.0% -1.0% 25,802 59.6% 28.7%
income)
Employee cost 9,002 18.4% 8,892 17.5% 1.2% 7,730 17.9% 16.5%
Manufacturing & Other
14,901 30.4% 15,602 30.7% -4.5% 13,030 30.1% 14.4%
expenses
Other Income 293 0.6% 294 0.6% -0.2% 373 0.9% -21.4%
Forex Loss / (Gain) (1) -0.0% (160) -0.3% -99.4% 263 0.6% -100.4%
EBITDA 10,261 21.0% 10,673 21.0% -3.9% 6,150 14.2% 66.8%
Depreciation, Amortization &
4,571 9.3% 2,572 5.1% 77.7% 2,640 6.1% 73.1%
Impairment Expense
EBIT 5,690 11.6% 8,101 15.9% -29.8% 3,510 8.1% 62.1%
Finance cost 713 1.5% 740 1.5% -3.6% 925 2.1% -23.0%
Profit Before Tax (PBT) 4,977 10.2% 7,361 14.5% -32.4% 2,585 6.0% 92.6%
Tax 1,295 2.6% 1,174 2.3% 10.3% 161 0.4% 704.3%
Profit After Tax (PAT) 3,682 7.5% 6,187 12.2% -40.5% 2,424 5.6% 51.9%
(+) Share of Profit from JV - - - - - - -
(-) Non-Controlling Interest 88 0.2% 56 0.1% 57.1% 64 0.1% 37.5%
Profit/(Loss) for the period 3,594 7.3% 6,131 12.1% -41.4% 2,360 5.4% 52.3%
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BSE: 500257 NSE: LUPIN REUTERS: LUPIN.BO BLOOMBERG: LPCIN

		Amt in INR Mn FY2023 Growth YoY 54,173 33.8% 60,759 9.6% 17,258 5.8% 15,514 24.0% 3,904 68.2% 151,608 20.8% 11,092 2.9% 162,700 19.6% - NA 162,700 20.8% 37% 34% 9% 10% 3% 6% 1% FY2024 Sales Mix North America India Growth Markets EMEA ROW Sales Mix	Amt in INR Mn FY2023 Growth YoY 54,173 33.8% 60,759 9.6% 17,258 5.8% 15,514 24.0% 3,904 68.2% 151,608 20.8% 11,092 2.9% 162,700 19.6% - NA 162,700 20.8% 37% 34% 9% 10% 3% 6% 1% FY2024 Sales Mix North America India Growth Markets EMEA ROW Sales Mix
Particulars	FY2024	FY2023	Growth YoY
North America India Growth Markets EMEA ROW	72,462 66,564 18,266 19,235 6,568	54,173 60,759 17,258 15,514 3,904
Total Formulations	183,095	151,608	20.8%
API	11,415	11,092	2.9%
Total Sales	194,510	162,700	19.6%
NCE LicensingIncome	2,053	-	NA
Consolidated Sales	196,563	162,700	20.8%

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FY2024 Sales Mix
6% 1%
3%
10%
37%
9%
34%
North America India Growth Markets EMEA ROW API NCE
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Q4 Q3 Growth Q4 Growth
Particulars
FY2024 FY2024 QoQ FY2023 YoY
North America 19,006 18,885 0.6% 15,503 22.6%
India 16,015 17,251 -7.2% 14,786 8.3%
Growth Markets 5,093 4,729 7.7% 4,385 16.1%
EMEA 5,318 5,170 2.9% 4,535 17.3%
ROW 938 1,985 -52.7% 868 8.1%
Total Formulations 46,370 48,020 -3.4% 40,077 15.7%
API 2,581 2,779 -7.1% 3,226 -20.0%
Total Sales 48,951 50,799 -3.6% 43,303 13.0%
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Q4 FY2024 Sales Mix
2% [5%]
11%
39%
10%
33%
North America India Growth Markets EMEA ROW API
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BSE: 500257 NSE: LUPIN REUTERS: LUPIN.BO BLOOMBERG: LPCIN

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Operational Highlights
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North America

North America sales for FY2024 were INR 72,462 mn, up 33.8% as compared to INR 54,173 mn in FY2023; accounting for 37% of Lupin’s global sales. Q4 FY2024 sales were INR 19,006 mn, up 0.6% compared to INR 18,885 mn in Q3 FY2024; up 22.6% compared to INR 15,503 mn in Q4 FY2023; accounting for 39% of Lupin’s global sales.

US FY2024 sales were USD 815 mn compared to USD 632 in FY2023. Q4 FY2024 sales were USD 209 mn compared to USD 212 mn in Q3 FY2024 and USD 175 mn in Q4 FY2023. The Company filed 1 ANDA in the quarter, received 12 ANDA approvals from the U.S. FDA, and launched 6 products in the quarter in the U.S. The Company now has 161 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 Qtr TRx March 2024). Lupin is the leader in 47 of its marketed generics in the U.S. and amongst the Top 3 in 105 of its marketed products (IQVIA Qtr March 2024).

India

India formulation sales for FY 2024 were INR 66,564 mn, up 9.6% as compared to INR 60,759 mn in FY2023; accounting for 34% of Lupin’s global sales. Q4 FY2024 sales were INR 16,015 mn, down 7.2% compared to INR 17,251 mn in Q3 FY2024; up 8.3% compared to INR 14,786 mn in Q4 FY2023; accounting for 33% of Lupin’s global sales.

India Region Formulation sales declined by 10.1% in the quarter as compared to Q3 FY2024; up 4.9% as compared to Q4 FY2023. The company launched 7 brands across therapies during the quarter. Lupin is the 7[th] largest company in the Indian Pharmaceutical Market (IQVIA MAT Mar 2024).

Growth Markets (LATAM and APAC)

Growth Markets sales for FY2024 were INR 18,266 mn, up 5.8% as compared to INR 17,258 mn in FY2023; accounting for 9% of Lupin’s global sales. Q4 FY2024 sales were INR 5,093 mn, up 7.7% compared to INR 4,729 mn in Q3 FY2024; up 16.1% compared to INR 4,385 mn in Q4 FY2023; accounting for 10% of Lupin’s global sales.

Brazil sales were BRL 253 mn for FY2024, compared to sales of BRL 273 mn for FY2023. Q4 FY2024 sales were BRL 51 mn, compared to BRL 54 mn for Q3 FY2024 and BRL 75 mn for Q4 FY2023.

Mexico sales were MXN 574 mn for FY2024, compared to sales of MXN 806 mn for FY2023. Q4 FY2024 sales were MXN 192 mn, compared to MXN 212 mn for Q3 FY2024 and MXN 152 mn for Q4 FY2023.

Philippines sales were PHP 2,563 mn for FY2024, compared to sales of PHP 1,895 mn for FY2023. Q4 FY2024 sales were PHP 930 mn, compared to PHP 548 mn for Q3 FY2024 and PHP 542 mn for Q4 FY2023.

Australia sales were AUD 108 mn for FY2024, compared to sales of AUD 96 mn for FY2023. Q4 FY2024 sales were AUD 29 mn, compared to AUD 28 mn for Q3 FY2024 and AUD 24 mn for Q4 FY2023.

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

Europe, Middle-East and Africa (EMEA)

EMEA sales for FY2024 were INR 19,235 mn, up 24.0% as compared to INR 15,514 mn in FY 2023; accounting for 10% of Lupin’s global sales. Q4 FY2024 sales were INR 5,318 mn, up 2.9% compared to INR 5,170 mn in Q3 FY2024; up 17.3% compared to INR 4,535 mn in Q4 FY2023; accounting for 11% of Lupin’s global sales.

South Africa sales were ZAR 1,445 mn for FY2024, compared to sales of ZAR 1,364 mn for FY2023. Q4 FY2024 sales were ZAR 438 mn, compared to ZAR 371 mn for Q3 FY2024 and ZAR 417 mn for Q4 FY2023. Lupin is the 8[th] largest player in South Africa in the total generics market (IQVIA MAT Feb 2024).

Germany sales were EUR 44 mn for FY2024, compared to sales of EUR 40 mn for FY2023. Q4 FY2024 sales were EUR 10 mn, compared to EUR 11 mn for Q3 FY2024 and EUR 10 mn for Q4 FY2023.

Global API

Global API sales for FY2024 were INR 11,415 mn, up 2.9% as compared to INR 11,092 mn in FY2023; accounting for 6% of Lupin’s global sales.

Q4 FY2024 sales were INR 2,581 mn, down 7.1% compared to INR 2,779 mn in Q3 FY2024; down 20.0% compared to INR 3,226 mn in Q4 FY2023; accounting for 5% of Lupin’s global sales.

Research and Development

Investment in R&D was INR 15,265 mn (7.8% of sales) for FY2024 and INR 4,255 mn (8.7% of sales) for Q4 FY2024, compared to INR 3,050 mn (7.0% of sales) for Q4 FY2023.

Lupin received approval for 12 ANDAs from the U.S. FDA in the quarter. Cumulative ANDA filings with the U.S. FDA stand at 431 as of Mar 31, 2024, with the company having received 314 approvals to date.

The Company now has 51 First-to-File (FTF) filings including 18 exclusive FTF opportunities. Cumulative U.S. DMF filings stand at 157 as of Mar 31, 2024.

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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 7.8% of its revenue in research and development in FY24.

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 –

Heena Dhedhi

Deputy General Manager - Corporate Communications Email: heenadhedhi@lupin.com

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