Lupin Targets Complex Drugs To Drive Next Phase Of Growth, Plans Higher U.S. Manufacturing

Lupin reported a mixed performance in Q2FY27, with consolidated sales growing 14% year-on-year to ₹7,786 crore, while net profit declined 22% to ₹1,155 crore. EBITDA fell 10.7% to ₹2,171 crore, with EBITDA margins contracting 770 basis points to 27.9%, compared with 35.6% in the year-ago quarter. Profit before tax declined 21.3% to ₹1,580 crore. The performance comes amid contrasting trends across key markets. US sales grew 9.3% to ₹3,020 crore, while India sales rose 14.7% to ₹2,384 crore. Other developed markets recorded growth of 45.7% to ₹1,182 crore, while emerging markets declined 3.5% to ₹891 crore. Global API sales increased 20.2% to ₹309 crore. During the quarter, Lupin received four ANDA approvals and one NDA 505(b)(2) approval from the US FDA and launched one product in the US. The company now has 149 generic products in the US market. Lupin also reported 48 First-to-File filings, including 21 exclusive opportunities. R&D investment stood at ₹618 crore, accounting for 7.9% of sales. Business Today TV speaks to Ramesh Swaminathan, Executive Director and Global Chief Financial Officer, Lupin Limited, on the Q2 earnings performance, declining profitability despite revenue growth, margin pressures, performance across key markets, the US generics opportunity, India’s growth prospects, R&D investments and the road ahead for FY27.