Lupin Q3 Results Review - Growth From All Major Geographies: Nirmal Bang

Nirmal Bang Report

Lupin Ltd.'s Q3 FY24 performance was better than our estimates as well as consensus estimates on all fronts. Growth was led by India (as major therapeutic segments outperformed IPM), Europe, the Middle East and Africa region (driven by partnered business and inhalation business), rest of the world (driven by generic ramp-up) and U.S. business, which saw a strong uptick in revenue on the back of higher than-expected revenue from Spiriva, which is expected to normalize in the coming quarters.

The U.S. business continued its upward trajectory, growing by ~20% YoY to $212 million.

Lupin has guided for ~$200 million quarterly run rate in the U.S. business on the back of new launches, largely supported by Spiriva.

Domestic business grew by ~13% YoY. ROW and EMEA regions grew by ~71% YoY and 36% YoY, respectively.

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