Q1 2025 Lupin Ltd Earnings Call Transcript
Key Points
- Lupin Ltd (BOM:500257) reported strong double-digit growth in revenues and margins on a year-on-year and quarter-on-quarter basis.
- EBITDA margins expanded by 290 basis points quarter over quarter, reaching 23.3%, driven by new product launches and operational improvements.
- Positive FDA inspection outcomes for multiple facilities, including Aurangabad, Somerset, Nagpur, and Dabhasa.
- The US business showed strong growth, driven by stable in-line business and new product launches like Mirabegron and Doxycycline.
- India business outperformed the market with 10.5% growth versus IPM growth of 8.7%, driven by strong performance in cardiac, respiratory, GI, and vitamin segments.
- R&D spend is expected to ramp up in Q2 and Q3, potentially impacting margins.
- The US business faces single-digit price erosion in base products and additional generic competition for certain products like Suprep.
- The institutional business in India showed significant variability, which could affect future performance.
- The company faces ongoing litigation and regulatory hurdles for products like Mirabegron and Tolvaptan, which could impact launch timelines and market share.
- The biosimilar market remains challenging with high investment costs and competitive intensity, potentially affecting returns on investment.
Good evening, and welcome to Lupin Limited Q1 FY25 earnings conference call. (Operator Instructions) Please note that this conference is being recorded.
I now hand the conference over to the management. Thank you, and over to you.
Good afternoon, friends. I'm very pleased to welcome you to our Q1 fiscal year '25 earnings call. I have with me our MD, Nilesh and our CFO, Ramesh. We look forward to sharing with you our highlights for the quarter as well as outlook for the year ahead.
We are very pleased to start the new fiscal year on a strong note with solid double digit growth in revenues and margins both on a year-on-year and quarter-on-quarter basis. EBITDA margins at 23.3% have expanded by 290 basis points quarter over quarter, driven by strong commercial execution on new product launches as well as in-line products, continuous attention to operational improvements as well as lower than anticipated R&D spend.
In parallel, we have continued to improve our
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