Lupin Ltd — Earnings Release 2025

Feb 12, 2025

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February 12, 2025

National Stock Exchange of India Limited

Exchange Plaza, Bandra Kurla Complex, Bandra (East), Mumbai - 400 051

BSE Limited

P. J. Towers, Dalal Street, Mumbai Samachar Marg, Mumbai - 400 001

Symbol: LUPIN

Scrip Code: Equity - 500257

Subject: Disclosure pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (‘Listing Regulations’) - Revised Press Release

Dear Sir/Madam,

With reference to our letter dated February 12, 2025, enclosing the Press Release inter-alia covering the unaudited financial results of the Company for the quarter and nine months ended December 31, 2024, we wish to state that there was a typo error in respect of mentioning of quarter at a couple of places.

There has been no change in the performance figures in said Press Release.

Enclosed is the revised Press Release with necessary corrections carried out.

The same is for your information and dissemination.

Thanking you,

For LUPIN LIMITED

Amit Kumar Gupta

Digitally signed by Amit Kumar Gupta DN: c=IN, o=Personal, title=7875, pseudonym=d30e6db65d0a41f2b9a52198e78bf149, 2.5.4.20=b7e8678b2d6b381cb8f4761d9cbb4338253df2c8e93e8fcf768f8e86438a00a1, postalCode=400705, st=Maharashtra, serialNumber=de9bbd80d8994e4be9f0dd2399144eba7e782d70287df6aad1994f0b522f a08a, cn=Amit Kumar Gupta Date: 2025.02.12 14:43:45 +05'30'

AMIT KUMAR GUPTA COMPANY SECRETARY & COMPLIANCE OFFICER (ACS -15754)

Encl: a/a.

LUPIN LIMITED

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: LPC IN

Lupin Q3 FY2025 Results

Mumbai, February 12, 2025 : Pharma major Lupin Limited [BSE: 500257 | NSE: LUPIN] reported its financial performance for the quarter ending December 31, 2024. The 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

			Quarter
Particulars	Q3 FY2025	Q3 FY2024	YoY Growth %	Q2 FY2025	QoQ Growth %
Sales	56,186	50,799	↑ 10.6%	54,970	↑ 2.2%
EBITDA	14,096	10,673	↑ 32.1%	13,827	↑ 1.9%
EBITDA Margin(%)	25.1%	21.0%	**↑ 408 Bps **	25.2%	**↓ -7 Bps **
PBT	10,713	7,361	↑ 45.5%	10,549	↑ 1.6%
PAT	8,589	6,187	↑ 38.8%	8,595	↓ -0.1%

– Income Statement Highlights Q3 FY2025

• Gross Profit was INR 38,970 Mn compared to INR 33,538 Mn in Q3 FY2024, with Gross margin of 69.4%.

• Employee Benefits cost was 17.5% of sales at INR 9,844 Mn compared to INR 8,892 Mn in Q3 FY2024.

• Manufacturing and other expenses were at 30.2% of sales at INR 16,959 Mn compared to INR 15,601 Mn in Q3 FY2024.

• PBT at INR 10,713 Mn at 19.1%, up 45.5% YoY from INR 7,361 Mn in Q3 FY2024.

• Investment in R&D for the quarter was INR 4,344 Mn (7.7% of sales).

Balance Sheet Highlights as on December 31, 2024

• Operating working capital was INR 70,700 Mn.

• Capital Expenditure for the quarter was INR 1,241 Mn.

• Net Debt stands at INR 1,027 Mn.

• Net Debt-Equity stands at 0.01.

Mr. Nilesh Gupta, Managing Director, Lupin Limited said “Our third-quarter results highlight our continued strength, with both revenue and EBITDA showing sustained growth. US revenues led by building scale in new products have been pivotal for our growth, supported by a strong nine-month performance from our India and EMEA regions. We look forward to maintaining this momentum in the ensuing quarters backed by growth in sales, commercial and operating efficiencies, and strong compliance.”

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BSE: 500257 NSE: LUPIN REUTERS: LUPIN.BO

BLOOMBERG: LPC IN

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Consolidated Financial Results Q3 FY2025
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Amt in INR Mn

Particulars	Q3 FY2025	% to sales	Q3 FY2024	% to sales	YoY Gr %	Q2 FY2025	% to sales	QoQ Gr%
Sales Other operating income	56,186 1,492	100.0% 2.7%	50,799 1,175	100.0% 2.3%	↑ 10.6% ↑ 27.0%	54,970 1,757	100.0% 3.2%	↑ 2.2% ↓ -15.1%
Total Revenue from operations	57,677	102.7%	51,974	102.3%	↑ 11.0%	56,727	103.2%	↑ 1.7%
Material cost	17,216	30.6%	17,261	34.0%	↓ -0.3%	16,899	30.7%	↑ 1.9%
Gross Margins (Excl. Other op income)	38,970	69.4%	33,538	66.0%	↑ 16.2%	38,071	69.3%	↑ 2.4%
Employee cost Mfg & Other expenses Other Income Forex Loss / (Gain)	9,844 16,959 537 99	17.5% 30.2% 1.0% 0.2%	8,892 15,601 294 (160)	17.5% 30.7% 0.6% -0.3%	↑ 10.7% ↑ 8.7% ↑ 82.7% ↓ -161.9%	10,075 16,670 423 (321)	18.3% 30.3% 0.8% -0.6%	↓ -2.3% ↑ 1.7% ↑ 27.0% ↓ -130.8%
EBITDA	14,096	25.1%	10,673	21.0%	↑ 32.1%	13,827	25.2%	↑ 1.9%
Depreciation & Amortization	2,715	4.8%	2,572	5.1%	↑ 5.6%	2,569	4.7%	↑ 5.7%
EBIT	11,382	20.3%	8,101	15.9%	↑ 40.5%	11,257	20.5%	↑ 1.1%
Finance cost	669	1.2%	740	1.5%	↓ -9.6%	709	1.3%	↓ -5.6%
PBT	10,713	19.1%	7,361	14.5%	↑ 45.5%	10,549	19.2%	↑ 1.6%
Tax	2,124	3.8%	1,174	2.3%	↑ 80.9%	1,954	3.6%	↑ 8.7%
PAT	8,589	15.3%	6,187	12.2%	↑ 38.8%	8,595	15.6%	↓ -0.1%
(+) Share of Profit from JV (-) Non-Controlling Interest	0 37	0.0% 0.1%	0 56	0.0% 0.1%	0.0% ↓ -33.9%	0 69	0.0% 0.1%	0.0% ↓ -46.4%
Profit for the period	8,552	15.2%	6,131	12.1%	↑ 39.5%	8,526	15.5%	↑ 0.3%

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BSE: 500257 NSE: LUPIN REUTERS: LUPIN.BO

BLOOMBERG: LPC IN

Sales Mix

Amt in INR Mn

Particulars	Q3 FY2025	Q3 FY2024	YoY Growth %	YoY Growth %	Q2 FY2025	QoQ Growth %	QoQ Growth %
North America India EMEA Emerging Markets ROW	21,213 19,305 6,249 4,508 2,020	18,885 17,251 5,170 4,729 1,985	12.3% 11.9% 20.9% -4.7% 1.8%		19,711 20,096 5,693 4,896 1,629	7.6% -3.9% 9.8% -7.9% 24.0%
Total Formulations	53,295	48,020		11.0%	52,026		2.4%
API	2,891	2,779	4.0%		2,944	-1.8%
Total Product Sales	56,186	50,799		10.6%	54,970		2.2%

Q3 FY2025 Sales Mix

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5%
4%
8%
38%
11%
34%
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North America India EMEA Emerging Markets ROW API

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BSE: 500257 NSE: LUPIN REUTERS: LUPIN.BO BLOOMBERG: LPC IN

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Operational Highlights
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North America

North America Q3 FY2025 sales were INR 21,213 Mn, up 12.3% compared to INR 18,885 Mn in Q3 FY2024; accounting for 38% of Lupin’s global sales.

U.S. Q3 FY2025 sales were USD 235 Mn compared to USD 212 Mn in Q3 FY2024. The Company received 6 ANDA approvals from the U.S. FDA and launched 2 products in the quarter in the U.S. The Company now has 163 generics products in the U.S.

Lupin continues to maintain its leadership position as the 3rd largest pharmaceutical player in both U.S. generics market and U.S. total market by prescriptions (IQVIA Qtr. Dec’24 NSP data). Lupin is the leader in 50 of its marketed generics in the U.S. and amongst the Top 3 in 103 of its marketed products (IQVIA Qtr. Dec’ 24).

India

India formulation sales for Q3 FY2025 sales were INR 19,305 Mn, up 12% compared to INR 17,251 Mn in Q3 FY2024; accounting for 34% of Lupin’s global sales.

India Region Formulation sales grew by 5.8% in the quarter, as compared to Q3 FY2024. The Company launched 11 brands across Diabetes, Cardiac, GI, Derma, CNS, Gynaec and Ophthal therapies during the 9M period. Lupin is the 7[th] largest company in the Indian Pharmaceutical Market (IQVIA MAT Dec’ 24).

Europe, Middle East, and Africa (EMEA)

EMEA sales for Q3 FY2025 were INR 6,249 Mn, up 21% compared to INR 5,170 Mn in Q3 FY2024; accounting for 11% of Lupin’s global sales.

Emerging Markets (APAC and LATAM)

Emerging Markets sales for Q3 FY2025 were INR 4,508 Mn down 4.7% compared to INR 4,729 Mn in Q3 FY2024; accounting for 8% of Lupin’s global sales.

Global API

Global API sales for Q3 FY2025 were INR 2,891 Mn, up 4% compared to INR 2,779 Mn in Q3 FY2024; accounting for 5% of Lupin’s global sales.

Research and Development

Investment in R&D was INR 4,344 Mn (7.7% of sales) for the quarter compared to INR 3,567 (7.0% of sales) for Q3 FY2024.

Lupin received approval for 6 ANDA from the U.S. FDA in the quarter. Cumulative ANDA filings with the U.S. FDA stand at 430 as of December 31, 2024, with the Company having received 334 approvals to date.

The Company now has 49 First-to-File (FTF) filings including 17 exclusive FTF opportunities. Cumulative U.S. DMF filings stand at 156 as of December 31, 2024.

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BSE: 500257 NSE: LUPIN REUTERS: LUPIN.BO BLOOMBERG: LPC IN

About Lupin

Lupin Limited is a global pharmaceutical leader headquartered in Mumbai, India, with products distributed in over 100 markets. Lupin specializes in pharmaceutical products, including branded and generic formulations, complex generics, biotechnology products, and active pharmaceutical ingredients. Trusted by healthcare professionals and consumers globally, the company enjoys a strong position in India and the U.S. across multiple therapy areas, including respiratory, cardiovascular, anti-diabetic, antiinfective, gastrointestinal, central nervous system, and women's health. Lupin has 15 state-of-the-art manufacturing sites and 7 research centers globally, along with a dedicated workforce of over 23,000 professionals. Lupin is committed to improving patient health outcomes through its subsidiaries - Lupin Diagnostics, Lupin Digital Health, and Lupin Manufacturing Solutions.

To know more, visit www.lupin.com or follow us on LinkedIn https://www.linkedin.com/company/lupin

For further information or queries please contact –

Rajalakshmi Azariah

Vice President & Global Head – Corporate Communications, Lupin rajalakshmiazariah@lupin.com

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