India’s third largest drug maker by sales Lupin on Thursday posted a 21 percent increase in its net profit to Rs 633 crore for the third quarter ended December beating analyst estimates on back of strong US generic sales.
The company posted Rs 524.6 crore in the same period previous year. Revenues rose by 26 percent to Rs 4483 crore.
US which contributes close to half of Lupin sales – grew 53.4 percent to USD 316 million during Q3 FY17 as compared to USD 206 million during Q3 FY16. On sequentially US sales increased 8.2 percent during Q3 FY2017. The company launched 4 products in the US market during the quarter having received 11 approvals from the US FDA.
Lupin now has 128 products in the US generics market. Lupin said it is now the market leader in 45 products in the US generics market and amongst the top 3 in 78 of its products – as per December end figures of IMS Health.
Lupin’s Asia Pacific (APAC) sales that includes its key Japanese market grew 20.9 percent to Rs. 5,60.1 crore. APAC sales grew by 1.5 percent sequentially.
Lupin’s Latin America sales increased by 32.8 percent to Rs. 117.5 crore during Q3. Latam constributes about 3% of Lupin’s sales.
“We had another strong quarter driven by consistent growth across key markets be it the US, India, Japan, EMEA, APAC and Latin America. I am also happy to share that we have made significant progress on evolving our complex generic pipeline and our stellar compliance record continues,”
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