Indian pharmaceutical company Lupin Limited recently announced its financial results for the fiscal year 2023. The company’s net profit for the year was INR 2,640 million, a significant drop from the previous year’s profit of INR 8,206 million.
However, despite the decline in net profit, Lupin’s sales for the year showed a slight increase. The company’s global sales for the year were INR 164,190 million, up 2.1% compared to INR 160,749 million in the previous year.
Lupin’s sales in North America, which accounted for 33% of the company’s global sales, were INR 54,173 million for the year, down 5.9% compared to the previous year. However, the company’s sales in the region showed a 1.5% increase in Q4 FY2023 compared to Q3 FY2023. Lupin launched one product and received seven ANDA approvals from the US FDA in the quarter, taking its total number of generic products in the US to 162.
India formulation sales for the year were INR 60,759 million, up 1.2% compared to the previous year, accounting for 37% of Lupin’s global sales. Lupin’s sales in the growth markets of LATAM and APAC were INR 17,258 million, up 23.1% compared to the previous year.
Lupin’s EMEA sales for the year were INR 15,514 million, up 14.1% compared to the previous year, accounting for 10% of the company’s global sales. The company’s South Africa sales for the year were ZAR 1,364 million, down slightly compared to the previous year, while Germany sales were EUR 40 million, up from the previous year.
Despite the challenges faced by the global pharmaceutical industry due to the COVID-19 pandemic, Lupin has continued to make progress in expanding its product portfolio and presence in various markets. The company has launched four new brands across therapies in India during the quarter and is currently the 6th largest pharmaceutical company in the Indian market.
Moreover, Lupin has maintained its position as the third-largest pharmaceutical player in the US generic market and the US total market by prescriptions, with 41 of its marketed generics in the US. The company is also among the top three players in 109 of its marketed products in the US.
Lupin’s management has stated that they will continue to focus on optimizing their operations and launching new products to drive growth in the coming years. With a strong presence in various markets and a growing product portfolio, Lupin is well-positioned to weather the challenges posed by the ongoing pandemic and emerge stronger in the post-pandemic world.
Lupin has moved more than 7.5% in the last five days, currently trading at 764INR. You can check out Lupin share price prediction here.
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