Lupin Ltd, the sixth largest pharma company in India with consolidated net sales over Rs 2700 crore in 2007-08, has announced impressive performance during the first quarter ended June 2008 mainly due to launch of Ramipril capsules in the US, extension of Suprax brand Franchise and higher international business.
The company's consolidated net profit has taken quantum jump of 101 per cent and touched to Rs 112.04 crore from Rs 55.88 crore in the corresponding period of last year. Its consolidated net sales moved up by 49.8 per cent to Rs 862.32 crore from Rs 575.73 crore. For the full year, Lupin recorded net sales of Rs 2,706 crore and it earned a net profit of Rs 408 crore.
Commenting on the business results, Dr Kamal Sharma, managing director, said, "We are happy to begin the new financial year on a good note. Lupin has consistently out performed the market and has moved up the value chain introducing better quality products. The launch of Ramipril in the US, post successful litigation bears testimony to the quality of our filings. Our investments in the European market and some of the emerging markets have begun to bear fruit, which will stand us in good stead. We are confident of building this momentum further in the coming quarters."
The company's international revenues went up strongly by 88 per cent to Rs 517.5 crore. The formulation business in advanced market in USA and Europe clocked sales of Rs 253 crore as compared to Rs 149.4 crore in the last period, representing a growth of 69 per cent. US formulation business went up by 56 per cent to Rs 232.4 crore from Rs 149.4 crore. Lupin Pharmaceuticals Inc. ha garnered a steady growth in prescriptions for generics as well s branded formulations. It launched Ramipril capsules, 1.25 mg, 2.5 mg, 5 mg and 10 mg.
Kyowa, the subsidiary in Japan, contributed 14 per cent to Lupin's overall formulation revenues and touched to Rs 92 crore. Kyowa had received approvals for 10 products from the Ministry of Health & Labour Welfare, Japan in April 2008 and has subsequently launched those products post NHI listing.
The formulation revenues from emerging markets including India reported a growth of 22 per cent recording sales of Rs 328.7 crore as compared to Rs 269 crore. The domestic formulations revenues were at Rs 292.6 crore with the good performance in the CVS, diabetes, CNS, asthma and gastro segments. Lupin has maintained its leadership in anti-TB segment and has secured a double digit market share in the anti-asthma market.
API revenues from advanced markets were at Rs 20.1 crore as against Rs 13.7 per cent, a growth of 47 per cent. API revenues from emerging markets were at Rs 179.5 crore as against Rs 155.2 crore in the corresponding period of last year.
The company's R&D expenditure during the quarter ended June 2008 reached t Rs 40.91 crore. In the US with the approval of Ramipril capsules, and tentative approvals for Topiramate tablets, and Escitalopram Oxalate tablets, the cumulative ANDA approvals for Lupin stands at 30 (including 3 tentative approvals) with 35 pending approvals from the US FDA.