Brokerage houses remained largely positive on Lupin Ltd. following its third‑quarter earnings, with most firms citing company's robust US performance and improved margin outlook. Nomura, Citi, and Morgan Stanley issued fresh observations on the pharmaceutical major, maintaining confidence in its near‑term and medium‑term growth trajectory.
Nomura has maintained a 'buy' rating on Lupin with a target price (TP) of Rs 2,580. The brokerage pointed that the company's Q3 was ahead of estimates on strong US sales and also cited regulatory progress. The firm said that Lupin has received approval for biosimilar pegfilgrastim, which is yet to be launched. Biosimilar pegfilgrastim products are highly similar, FDA-approved, cost-effective alternatives to Neulasta (pegfilgrastim) used to prevent infection in patients receiving bone marrow suppression chemotherapy.
Citi echoed a bullish stance, maintaining 'buy' while hiking its TP to Rs 2,540 from Rs 2,260. It credits the improved ratings to the company's all round performance in Q3 which had a strong traction in the US business. Citi added that management is upbeat on near- to medium-term growth drivers, and said that it remains constructive as India business is seeing strong momentum.
Morgan Stanley (MS), meanwhile, retained its equal-weight rating but hiked its TP to Rs 2,386 from Rs 2,221, citing an impressive quarter with peak margin performance. MS said a sharp beat was driven by strong US gJynarque and gMyrbetriq sales. The brokerage highlighted that FY26 EBITDA margin guidance was raised to 27–28%, while FY27 margin is still seen at 24–25%.
Lupin's strong US portfolio, margin visibility, and regulatory progress have positioned it favourably in the eyes of analysts.
Shares of Lupin Ltd. were trading in the green at Rs 2,213 apiece on Monday.
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