Lupin, a Mumbai based major pharmaceutical company, has recorded impressive performance during the second quarter ended September 2009 with significant growth in international business. It’s consolidated net profit jump by 38.6 per cent to Rs 160.30 crore from Rs 115.62 crore in the corresponding period of last year. The consolidated net sales moved up by 22.7 per cent to Rs 1,115 crore from Rs 908.37 crore. The earnings per share worked out to Rs 18.99 as against Rs 14.07 in the last period.

The company’s international sales increased by 31.7 per cent to Rs 747 crore from Rs 567 crore in the similar second quarter of last year. Sales in India grew by 14.1 per cent to Rs 418.65 crore from Rs 367.05 crore.

Formulations sales for advanced markets like US, Europe and Japan increased by 27 per cent to Rs 481.5 crore during second quarter from Rs 377.9 crore, contributing 43 per cent of overall net sales. Formulation sales to US and Europe increased by 28 per cent to Rs 353 crore from Rs 277 crore. Lupin out-licensed the US rights for its proprietary bioadhesive technology for rifaximin to Salix Pharmaceuticals. At present it has 22 generic products in US market. The company expanded its US brand business with the acquisition of the US rights for Antara from Oscient Pharmaceuticals. The brand business grew by 83 per cent.

Lupin’s Japanese subsidiary, Kyowa contributed 12 per cent of net sales. It recorded a growth of 27 per cent to Rs 128.3 crore from Rs 101.3 crore. The sales of South Africa based subsidiary moved up by 49 per cent to Rs 33 crore.

The company filed 7 new ANDAs during second quarter taking cumulative filings till date to 98 ANDAs filings, out of which 35 have been approved so far by US FDA. The R&D revenue expenditure increased by 36 per cent to Rs 82.17 crore from Rs 60.44 crore.

Dr Kamal K Sharma, managing director, said, “Backed by 14 quarters of steady and constant performance we continue to witness strong growth. Lupin today, has the unique distinction of being amongst the fastest growing generics players in the US, Japan and South Africa and we also continue to garner larger market share in these markets. This has been a landmark quarter for Lupin, where we successfully out-licensed a novel drug delivery platform. We also further strengthened our brand business in the US with the acquisition of Antara from Oscient. Going forward, we continue firing on all cylinders, consolidating on the gains made over the past three years to create a foundation to scale ever higher orbits of growth.”

For the first half ended September 2009, the company’s co0nsolidated net sales reached at Rs 2,200 crore as against Rs 1,771 crore, a growth of 24.3 per cent. Its net profit increased by 32 per cent to Rs 300 crore from Rs 228 crore.