Lupin Ltd — Earnings Release 2024

Feb 7, 2024

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February 7, 2024

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 nine-months ended December 31, 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: 2024.02.07 19:39:37 +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 Q3 FY2024 Results

Mumbai, February 07, 2024 : Pharma major Lupin Limited [BSE: 500257 | NSE: LUPIN] reported its financial performance for the quarter ending December 31, 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	Q3 FY2024	Q2 FY2024	QoQ Growth %	Q3 FY2023	YoY Growth %
Sales	50,799	49,392	↑2.8%	42,446	↑19.7%
EBITDA	10,673	9,582	↑ 11.4%	5,506	↑ 93.8%
EBITDA Margin(%)	21.0%	19.4%	↑ 160 bps	13.0%	↑ 800 bps
PBT	7,361	6,297	↑16.9%	2,461	↑199.1%

– Income Statement highlights Q3 FY2024

• Gross Profit was INR 33,538 Mn compared to INR 32,365 Mn in Q2 FY2024, with gross margin of 66.0%

• Personnel cost was 17.5% of sales at INR 8,892 Mn compared to INR 8,607 Mn in Q2 FY2024

• Manufacturing and other expenses were 30.7% of sales at INR 15,602 Mn compared to INR 15,519 Mn in Q2 FY2024

• Investment in R&D for the quarter was INR 3,567 Mn (7.0% of sales)

Balance Sheet highlights

• Operating working capital was INR 54,186 Mn as on December 31, 2023

• Capital Expenditure for the quarter was INR 1,848 Mn

• Net Debt as on December 31, 2023 stands at INR 10,425 Mn

• Net Debt-Equity as on December 31, 2023 stands at 0.07

Commenting on the results, Mr. Nilesh Gupta, Managing Director, Lupin Limited said, “We delivered our highest quarterly sales to date and crossed the 5,000 crore mark for the first time, driven by strong growth across geographies. The U.S. continues to do well driven by demand for both in inline products and new launches, and the India business continues to grow ahead of market with strong growth across our key therapies. This positive growth momentum coupled with cost optimization measures and operating leverage has helped us deliver solid performance”.

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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 Q3 FY2024
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Amt in INR Mn

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Q3 % of Q2 % of QoQ Q3 % of
Particulars YoY Gr%
FY2024 sales FY2024 sales Gr% FY2023 sales
Sales 50,799 100.0% 49,392 100.0% 2.8% 42,446 100.0% 19.7%
Other operating income 1,175 2.3% 994 2.0% 18.2% 776 1.8% 51.4%
Total Revenue from
51,974 102.3% 50,386 102.0% 3.2% 43,222 101.8% 20.2%
operations
Material cost 17,261 34.0% 17,027 34.5% 1.4% 17,071 40.2% 1.1%
Gross Profit (Excl. Other op.
33,538 66.0% 32,365 65.5% 3.6% 25,375 59.8% 32.2%
income)
Employee cost 8,892 17.5% 8,607 17.4% 3.3% 7,640 18.0% 16.4%
Manufacturing & Other
15,602 30.7% 15,520 31.4% 0.5% 13,351 31.5% 16.9%
expenses
Other Income 294 0.6% 404 0.8% -27.2% 180 0.4% 63.3%
Forex Loss / (Gain) (160) -0.3% 54 0.1% 396.3% (166) -0.4% -3.6%
EBITDA 10,673 21.0% 9,582 19.4% 11.4% 5,506 13.0% 93.8%
Depreciation, Amortization &
2,572 5.1% 2,479 5.0% 3.8% 2,204 5.2% 16.7%
Impairment Expense
EBIT 8,101 15.9% 7,103 14.4% 14.1% 3,302 7.8% 145.3%
Finance cost 740 1.5% 806 1.6% -8.2% 841 2.0% -12.0%
Profit Before Tax (PBT) 7,361 14.5% 6,297 12.7% 16.9% 2,461 5.8% 199.1%
Tax 1,174 2.3% 1,344 2.7% -12.6% 885 2.1% 32.7%
Profit After Tax (PAT) 6,187 12.2% 4,953 10.0% 24.9% 1,576 3.7% 292.6%
(+) Share of Profit from JV - - - - - - -
(-) Non-Controlling Interest 56 0.1% 56 0.1% 0.0% 41 0.1% 36.6%
Profit/(Loss) for the period 6,131 12.1% 4,897 9.9% 25.2% 1,535 3.6% 299.4%
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BSE: 500257 NSE: LUPIN REUTERS: LUPIN.BO BLOOMBERG: LPCIN

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Consolidated Financial Results 9M FY2024
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Amt in INR Mn

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Particulars 9M FY2024 % of sales 9M FY2023 % of sales YOY Gr%
Sales 147,612 100.0% 119,397 100.0% 23.6%
Other operating income 2,888 2.0% 2,719 2.3% 6.2%
Total Revenue from operations 150,500 102.0% 122,116 102.3% 23.2%
Material cost 50,696 34.3% 50,296 42.1% 0.8%
Gross Profit (Excl. Other op. income) 96,916 65.7% 69,101 57.9% 40.3%
Employee cost 25,944 17.6% 23,142 19.4% 12.1%
Manufacturing & Other expenses 45,827 31.0% 37,512 31.4% 22.2%
Other Income 909 0.6% 361 0.3% 151.8%
Forex Loss / (Gain) (104) -0.1% (1,038) -0.9% -90.0%
EBITDA 29,046 19.7% 12,565 10.5% 131.2%
Depreciation, Amortization &
7,397 5.0% 6,167 5.2% 19.9%
Impairment Expense
EBIT 21,649 14.7% 6,398 5.4% 238.4%
Finance cost 2,403 1.6% 1,818 1.5% 32.2%
Profit Before Tax (PBT) 19,246 13.0% 4,580 3.8% 320.2%
Tax 3,572 2.4% 2,527 2.1% 41.4%
Profit After Tax (PAT) 15,674 10.6% 2,053 1.7% 663.5%
(+) Share of Profit from JV - - 0 0.0% -
(-) Non-Controlling Interest 123 0.1% 112 0.1% 9.8%%
Profit/(Loss) for the period 15,551 10.5% 1,941 1.6% 701.2%
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BSE: 500257 NSE: LUPIN REUTERS: LUPIN.BO BLOOMBERG: LPCIN

				Amt in INR Mn Q3 FY2023 Growth YoY 15,271 23.7% 15,213 13.4% 4,187 12.9% 3,802 36.0% 1158 71.4% 39,631 21.2% 2,815 -1.3% 42,446 19.7% - NA 42,446 19.7% Sales Mix	Amt in INR Mn Q3 FY2023 Growth YoY 15,271 23.7% 15,213 13.4% 4,187 12.9% 3,802 36.0% 1158 71.4% 39,631 21.2% 2,815 -1.3% 42,446 19.7% - NA 42,446 19.7% Sales Mix
Particulars	Q3 FY2024	Q2 FY2024	Growth QoQ	Q3 FY2023	Growth YoY
North America	18,885	18,666	1.2%	15,271	23.7%
India Growth Markets EMEA ROW	17,251 4,729 5,170 1,985	16,915 4,378 4,759 1,990	2.0% 8.0% 8.6% -0.3%	15,213 4,187 3,802 1158
Total Formulations	48,020	46,708	2.8%	39,631	21.2%
API	2,779	2,684	3.5%	2,815	-1.3%
Total Product Sales	50,799	49,392	2.8%	42,446	19.7%
NCE Income	-	-	NA	-	NA
Consolidated Sales	50,799	49,392	2.8%	42,446	19.7%

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Operational Highlights
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North America

North America sales for Q3 FY2024 were INR 18,885 Mn, up 1.2% compared to INR 18,666 Mn in Q2 FY2024; up 23.7% as compared to INR 15,271 Mn in Q3 FY2023; and accounted for 37% of Lupin’s global sales.

Q3 FY2024 sales were USD 212 Mn compared to USD 213 Mn in Q2 FY2024 and USD 177 Mn in Q3 FY2023.

The Company received 14 ANDA approvals from the U.S. FDA, and launched 3 products in the quarter in the U.S. The Company now has 159 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 December 2023). Lupin is the leader in 50 of its marketed generics in the U.S. and amongst the Top 3 in 102 of its marketed products (IQVIA December 2023).

India

India sales for Q3 FY2024 were INR 17,251 Mn, up 2.0% as compared to INR 16,915 Mn in Q2 FY2024; up 13.4% as compared to INR 15,213 Mn in Q3 FY2023; and accounted for 34% of Lupin’s global sales.

India Region Formulations sales grew by 2.0% in the quarter as compared to Q2 FY2024, up 12.9% as compared to Q3 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 December 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 4,729 Mn for Q3 FY2024, growing 8.0% compared to INR 4,378 Mn in Q2 FY2024; up 12.9% as compared to INR 4,187 Mn in Q3 FY2023; and accounted for 9% of Lupin’s global sales.

Brazil sales were BRL 54 Mn for Q3 FY2024, compared to BRL 74 Mn for Q2 FY2024 and BRL 70 Mn for Q3 FY2023.

Mexico sales were MXN 212 Mn for Q3 FY2024, compared to MXN 83 Mn for Q2 FY2024 and MXN 217 Mn for Q3 FY2023.

Philippines sales were PHP 548 Mn for Q3 FY2024, compared to PHP 621 Mn for Q2 FY2024 and PHP 452 Mn for Q3 FY2023.

Australia sales were AUD 28 Mn for Q3 FY2024, compared to AUD 26 Mn for Q2 FY2024 and AUD 21 Mn for Q3 FY2023.

Europe, Middle-East and Africa (EMEA)

EMEA sales for Q3 FY2024 were INR 5,170 Mn, up 8.6% compared to INR 4,759 Mn in Q2 FY2024; up 36% compared to INR 3,802 Mn in Q3 FY2023; and accounted for 10% of Lupin’s global sales.

South Africa sales were ZAR 371 Mn for Q3 FY2024, compared to ZAR 341 Mn for Q2 FY2024 and ZAR 308 Mn for Q3 FY2023. Lupin is the 7[th] largest player in South Africa in the total generics market (IQVIA December 2023).

Germany sales were EUR 11 Mn for Q3 FY2024, compared to EUR 13 Mn for Q2 FY2024 and EUR 11 Mn for Q3 FY2023.

Global API

Global API Sales for Q3 FY2024 were INR 2,779 Mn, up 3.5% as compared to INR 2,684 Mn in Q2 FY2024; down 1.3% as compared to INR 2,815 Mn in Q3 FY2023; and accounted for 6% of Lupin’s global sales.

Research and Development

Investment in R&D was INR 3,567 Mn (7.0% of sales) for Q3 FY2024 as compared to INR 2,896 Mn (6.8% of sales) for Q3 FY2023.

Lupin received approval for 14 ANDAs from the U.S. FDA in the quarter. Cumulative ANDA filings with the U.S. FDA stand at 447 as of December 31, 2023, with the company having received 319 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 155 as of December 31, 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 –

Heena Dhedhi

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

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