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Lupin posts bigger-than-expected rise in Q3 profit
Mumbai: Indian generic drugmaker Lupin reported a bigger-than-expected rise in its third-quarter profit on Wednesday, helped by strong demand in its North American and domestic markets.
Consolidated net profit after tax rose four-fold, to 6.13 billion rupees (nearly $74 million) in the quarter ended Dec. 31, beating analysts' average estimate of 4.56 billion rupees, according to LSEG data.
This is the fourth straight quarter profit more than doubled at the company.
Lupin's results follow those of larger generic drugmakers, including Dr. Reddy's , Cipla, and Sun Pharma , all of which beat their third-quarter profit estimates on strong U.S. sales.
Sales in North America grew nearly 24% during the quarter, boosted by strong demand for Lupin's generic version of Boehringer Ingelheim's Spiriva Handihaler, an inhaler used for bronchial asthma.
The company's sales in India also climbed 13.4%, driven by robust demand for its branded prescription and consumer health products, including popular items such as Life Be One capsule.
The combined revenue from India and the U.S. contributed around 70% to Lupin's total revenue.
This resulted in a 20% rise in the company's overall revenue to 51.97 billion rupees, surpassing analysts' expectations of 49 billion rupees.
Ruchika Sharma joined Medical Dialogue as an Correspondent for the Business Section in 2019. She covers all the updates in the Pharmaceutical field, Policy, Insurance, Business Healthcare, Medical News, Health News, Pharma News, Healthcare and Investment. She has completed her B.Com from Delhi University and then pursued postgraduation in M.Com. She can be contacted at editorial@medicaldialogues.in Contact no. 011-43720751
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