Lupin Limited – Investor Presentation Summary

Key Operational Highlights

  • India formulations business grew 32% YoY with over 700,000 patients served during the quarter
  • Cardiac digital patient program onboarded approximately 15,000 patients during the quarter
  • Consumer Healthcare (CHC) portfolio grew ~57% YoY with highest quarterly sales in last six quarters
  • Initiated supply of developmental batches related to a tech transfer deal in the CDMO business

Key drivers of operational performance:

New product launches including Formoflo-G® MDI in India, strategic partnerships, and expansion of digital patient support programs

Segment-wise Performance

Performance by geography:

  • United States: Sales include IP income (specific figures not broken out in presentation)
  • India: Focus on outperforming market growth with Rx + OTC + Diagnostics + Others
  • Other Developed Markets: Comprises Canada, Australia, Europe & Others
  • Emerging Markets: Comprises LATAM, South Africa, Philippines & RoW
  • API: Contributed 4% to business

Explanation of significant changes in segment performance:

Strong growth in India driven by chronic portfolio focus and digital healthcare initiatives

Financial Highlights

Q2 FY27 Performance:

Revenue: ₹77,855 crore

EBITDA: ₹19,574 crore (25.1% margin)

PAT: ₹11,553 crore (14.8% margin)

YoY/QoQ comparison:

  • Net Sales: +14.0% YoY, -5.3% QoQ
  • EBITDA: -8.4% YoY, -20.5% QoQ
  • PAT: -21.8% YoY, -18.4% QoQ

H1 FY27 Performance:

Revenue: ₹160,028 crore (+23.1% YoY)

EBITDA: ₹44,209 crore (+17.0% YoY)

PAT: ₹25,703 crore (-4.7% YoY)

Margins:

  • Q2 FY27 EBITDA margin: 25.1%
  • Q2 FY27 PAT margin: 14.8%
  • Gross Profit margin (excl. other operating income): 74.2%

Drivers of financial performance:

Revenue growth offset by margin pressure from increased costs and lower other operating income

Key Risks:

Raw material availability, regulatory compliance challenges, manufacturing and marketing risks for new products

Geographical Revenue Split

Domestic vs Export/Regional Revenue:

  • Specific breakdown not provided in presentation
  • United States sales include IP income
  • Other Developed Markets: Canada, Australia, Europe & Others
  • Emerging Markets: LATAM, South Africa, Philippines & RoW

Balance Sheet Snapshot

Not specified in the presentation

Capex & Cash Flow Health

Not specified in the presentation

Strategic & R&D Initiatives

Investments in Innovation:

  • Pivoting R&D towards complex generics and biosimilars
  • Targeting 20 complex product launches in regulated markets by 2028 in inhalation, injectables, ophthalmics
  • Planning 6 biosimilar filings in regulated markets
  • Targeting 10 novel complex pipeline products in India

Expected impact on growth:

Building capabilities in complex platforms including MDIs, DPIs, Soft-Mist Inhalers, Nasal Sprays, Nebules, peptide injectables, iron colloid, depot, liposomal and 505(b)(2) injectable products

Strategic Rationale:

Evolution towards complex platforms to drive sustainable growth and market differentiation

Industry Trends & Business Environment

Macro/Industry Trends:

  • Domestic and international healthcare reforms
  • Trends toward managed care and healthcare cost containment
  • Technological advances in pharmaceutical development
  • Regulatory environment changes

Impact on Company:

Focus on regulatory compliance and inspection readiness across all manufacturing sites

Management Commentary & Growth Outlook

Strategic Outlook:

  • India business poised to outperform IPM by 1.2-1.3x
  • Targeting ~70% chronic share by FY31
  • Building dedicated division for Semaglutide across Diabetology/Endocrinology & Gastroenterology/Gynecology
  • Focus on target alliances/M&A/inorganic activities – mid size companies, brands & portfolios

FY Guidance:

Not specifically provided in presentation

Market Share Targets:

  • Maintain 3rd largest position in US by prescriptions
  • Maintain 8th rank in India Pharma Market by sales
  • Maintain 5th largest Australia generics position by sales

ESG Updates

Sustainability Performance:

  • Global #1 ranking in ESG rating in pharma sector (S&P Global ESG Score of 91)
  • 48% share of renewable energy
  • 5 years of water positivity
  • ~41% GHG reduction (toward 42% target by 2030)
  • ~45% water recycling (toward 50% target by 2030)
  • 66% sites completed biodiversity assessment (100% target by 2030)
  • ~12% women in top management (15% target by 2030)
  • 35,400+ employee volunteering hours (50,000 target by 2030)
  • 980,000 patients educated (3 million target by 2030)
  • 73,500 doctors engaged (50,000 target by 2030)
  • 2.5+ million beneficiaries impacted (3 million target by 2030)

Recent Achievements:

  • Zero Waste to Landfill external certification for manufacturing sites
  • 'A' leadership rating in Climate & Water in 2025
  • Upgraded 'BBB' ESG rating in 2025
  • 71/100 ESG rating score for FY2025
  • Included in Dow Jones Best-in-Class Indices for 2026
  • SBTi validation for emission reduction targets

Regulatory Compliance Update

Successful inspections (last 12 months):

  • Nagpur Unit-II (Injectable – VAI)
  • Nagpur Unit-I (NAI)
  • Goa (VAI)
  • Pithampur Unit-III (VAI)
  • Aurangabad (VAI)
  • Somerset (VAI)
  • Pune Biotech (BLA received)
  • Ankleshwar (VAI)
  • Mandideep Unit I: Approval received from ANVISA (Brazil)
  • Tarapur: WHO approval received

Remediation sites:

  • Tarapur
  • Mandideep Unit-1
  • Pithampur Unit-II (OAI): response submitted; remediation in progress

Business Development

  • Strategic partnership with Tenpoint Therapeutics to commercialize YUVEZZI across EU, UK, Switzerland, Norway & Iceland
  • Received MAA for Ranibizumab in UK & Australia
  • Launched Formoflo-G® MDI, world's first fixed-dose triple combination inhaler for COPD management, in India
  • Strategic spin-out of two oncology programs to Kaveri Therapeutics