Lupin Ltd, the fifth largest pharmaceutical company in India with net sales over Rs 2900 crore, has suffered setback during the fourth quarter ended March 2008. It's consolidated net profit declined by 32.1 per cent to Rs 95.87 crore from Rs 141.40 crore in the corresponding period of last year. However, it's consolidated net sales increased by 17.7 per cent to Rs 783.17 crore from Rs 665.63 crore.
The board of directors has recommended equity dividend of 100 per cent for the year 2007-08.
For the full year ended March 2008, Lupin's consolidated net sales increased by 31.6 per cent to Rs 2913 crore from Rs 2213 crore in the previous year. Its business in advanced markets has been the major growth driver for the year clocking in sales of Rs 974.5 crore as compared to Rs 482.8 crore, a significant growth of 102 per cent. It's consolidated net profit increased by 32.3 per cent to Rs 408.25 crore from Rs 308.56 crore. The R&D expenditure touched to Rs 154.6 crore, representing 6 per cent of its gross sales.
Commenting on the financial performance, Dr Kamal Sharma, managing director, said, "Our overall performance reflects our commitment to deliver value each year. All parts of our business have posted robust sales. The year was quite eventful with two strategic acquisitions that will contribute to our growth for the coming years".
Lupin's subsidiary in US - Lupin Pharmaceutical Inc., has recorded sales growth of 103 per cent to Rs 720.5 crore. The company is focusing mainly on generic and branding business. Lisinopril and Cefprozil continued to perform well. The company launched cefdinir in May 2007 and expanded the product portfolio with the launches of Trandolapril, Lovastatin, Amlodipine and Simvastatin.
Lupin has a total of 15 products on the market, of which four are market leaders. The company is also aims at establishing strategic alliances with select trade partners in order to achieve a long-term sustainable position in the market. The company filled 11 ANDAs, 14 DMFs, 5 EDMFs/COS, 7 MAA (UK/EU) and 2 dossiers (TGA) during 2007-08. The company launched cefpodoxime proxetil tablets in France.
Its brand business for the year grew by 52 per cent. The Suprax franchise was expanded with the addition of the double strength product and growing the Suprax share within the anti-infective market. The Suprax prescriptions for the period grew at 55 per cent. The company continued to post a robust performance in its domestic formulations business with annual sales of Rs 949.6 crore reflecting a growth of 26 per cent. The performance was driven by growth in the asthma, cardiovascular, CNS, diabetic, anti-infective and gastrointestinal segments. Its API revenues from the domestic market marginally declined by 9 per cent to Rs 274 crore from Rs 300.6 crore.