Lupin

“Q2 and Q1 was above our plan. Therefore, we will maintain our guidance and see if we get any upside.”

“Looking further ahead, our target is for novel proprietary products to contribute one third of our India revenues within the next 10 years.”

“Secular growth is expected over several quarters, whilst FY28 could potentially be a period of consolidation.”

“We remain excited about our prospects over the next five years and look at the next year as a year of investment and capability building to create a more resilient business.”

“In closing, we remain on track to achieve our FY27 revenue growth and profitability goals as we navigate an increasingly competitive and challenging operating environment.”

“Our global operations and supply chain team, as well as the Somerset team, have worked very hard to ensure we can meet our upside scenario.”

“products in the U.S., including approximately 25 injectable and respiratory products, 5 biosimilars, and 2 – 3 505(b)(2) products.”

“Our priority is to double the share of complex products in our U.S. portfolio, with respiratory products, complex injectables, and biosimilars serving as key growth drivers.”

“We are very pleased with the strong foundation we are building in Europe on the Ophthalmology front through the recent acquisition of VISUfarma and the addition of Yuvezzi ™ in the near future.”

“this quarter, the U.S. business recorded sales of USD 317 million, a decline of 13.4% QoQ on constant currency basis. The QoQ decline is largely due to increased competition and Loss of Exclusivity on some of our key products like Mirabegron and Tolvaptan”

“Other Emerging markets de-grew by 4% YoY in the quarter, with lower sales in Brazil offsetting double digit growth in key markets like South Africa, Philippines, and Mexico.”

“The IPM market growth reached a six-quarter high of 14.7% in Q2.”

“We expect respiratory to pick up. Usually, the second half is better for respiratory.”

“The overall brand is USD 10 - plus billion.”

“We are very pleased that we are going to ramp up these products over the next few years at a time when there is significant openness relative to five to eight years ago.”

“Our focus is on the inhalation side, MDI, DPI, and nebulization, and that part has been slower.”

“EBITDA excluding Forex and other income was INR 1,957 crores vis-a-vis INR 2,138 crores in the same period last year with a margin of 25.1% vis-a-vis 31.3% last year in the same period.”

“Gross margins came in at 74.2% as compared to 73.3% last year and 74.6% in Q1.”

“While margins have sequentially benefitted from increased volumes, cost initiatives, and higher profitability in India, we have also seen downsides from increased competitive intensity on some key products in the U.S. and elevated geo-political risks in the Middle East.”

“It is clearly because of that in the Americas, but there is a mix change in other parts. Moreover, there have been tailwinds in terms of forex associated with the impact on gross margins”

“When we started the year, it was around 89 to 90. Some of the forwards were around that range. It had depressed overall realizations for the first quarter, which is not there in the second quarter.”

“Operating working capital stands at INR 7,542 crores as of 30th September, against INR 7,132 crores as of 31st March'26, which translates to 87 days of working capital against 90 days in the previous quarter.”

“Net cash stood at INR 3,349 crores as against INR 4,636 crores on 31st March 2026 largely due to the closure of our VISUfarma acquisition and dividend payouts this year.”

“We were very pleased to get approved for the first green propellant MDI in India this past week.”

“During the quarter, we entered an exclusive licensing partnership with Tenpoint Therapeutics to commercialize Yuvezzi ™ in Europe.”

“We expect to launch the product in the first quarter of FY28, and as we gain traction in the channels that we have targeted, we expect the share to build up.”

“We are in a very good position with Etanercept across the world, and are expecting to file later this fiscal year in the U.S.”

“We expect to be in the first wave in 2029.”

“Other Operating Income at INR 42 crores as against INR 216 crores in Q2FY26, has decreased around 81% YoY, primarily due to lower export benefits from the PLI schemes during the quarter.”

“The expenditure increase is essentially because of settlement-related costs on account of Mirabegron which would reverse out.”

“We expect competitive intensity in Tolvaptan to increase further, with the possibility of additional entrants over the coming quarters.”

“we see the U.S. business significantly impacted in the short term from the increased competitive intensity on some of these key products. This will be offset by the commercial launch of our biosimilar portfolio in the U.S. this year and from the anticipated launch of Apixaban Oral Suspension for which we received tentative approval this quarter.”

“we would expect additional competition on Mirabegron. Apixaban, Dalbavancin and the biosimilars, particularly Pegfilgrastim, should help us grow.”

“At Pithampur Unit II, we have submitted our responses and remain on track with our remediation efforts.”

“We expect potentially a couple of additional competitors can come in. We had market share of 50% in the last couple of months, being the sole generic in the marketplace.”

“Turning to India, our business delivered 14.7% YoY growth this quarter, with the core prescription business growing 13.8% aided by volume growth of 6%.”

“For the first half, our prescription business grew 14.4%, compared with 14.3% growth in the IPM. Our chronic segment grew 19.5%, ahead of the IPM’s 17.2% growth.”

“Our Diabetes segment was a particular highlight, delivering 25% plus YoY growth this quarter— our third consecutive quarter of 20% plus growth.”

“Our Other Developed Markets—Europe, Canada, and Australia—delivered 46% YoY sales growth this quarter and accounted for 15% of our revenues, compared with 11% in FY26 and 14% in Q1FY27.”

“Within this, our European business sustained strong momentum, with 45% YoY growth.”