Business & Finance
Lupin posts better-than-expected profit results
9 February 2017 -

Transnational pharmaceutical company Lupin Limited (NSE: LUPIN) recently announced better-than-expected profits in the third quarter of 2016, buoyed by new drug launches in the US, the Nikkei Asian Review reported on Thursday.

The Mumbai-based company is India's third largest drug manufacturer by sales. In a statement, the company revealed that consolidated net income for the quarter ending 31 Dec 2016 reached INR6.33bn (USD94mn) – compared with INR5.25bn the previous year. Analysts had forecast a profit of INR6.29bn.

Revenue increased by nearly a third (32%) to INR44.05bn, with US sales accounting for nearly half the total sales. Sales to the US market – the largest drug market in the world – grew more than half (53%) to USD316mn, due to the launch of four new products and 11 approvals from the FDA.

As analysts expected, sales were aided by the generic version of type 2 diabetes drugs Glumetza and Fortamet, which both launched in the US last year. Lupin was the first to file its generic form of Glumetza with US regulators, and as such was given six months' market exclusivity.

Lupin's US operations were also bolstered by the acquisition of privately-owned company GAVIS pharmaceuticals last July, which it purchased for USD880mn to enhance its product offerings.

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