Lupin Q1 Results Review - Extraordinary License Income Drives Earnings Performance: Systematix

BQ Prime’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BQ Prime’s subscribers an opportunity to expand their understanding of companies, sectors and the economy..Systematix Research Report.Lupin Ltd.'s Q1 FY24 earnings performance exceeded expectations led by extraordinary gains from milestone income (Rs 2050 million) on one of its out licensed new chemical entity molecule. India business also returned to double digit growth during the quarter and was above expectations. The strong growth trend was led by recent sales force expansion and its diabetes portfolio returning to growth as the impact of therapeutic substitution and price correction has played out. Lupin's U.S. business also turned around and became profitable during the quarter translating into a lower effective tax rate. The U.S. business growth momentum should get strong led by multiple launches – gSpiriva (end of Q2 FY24), gNascobal and gDiazepam. In addition, some more limited competition approvals are also expected which should help growth in FY25, of which gGlucagon and gProlensa are notable. We have tweaked our forecasts on Lupin to include these launches in our estimates. Based on our revised forecasts we assign a 22 times multiple on FY25E earnings per share to arrive at price target of Rs 899 and recommend a 'Hold' rating at current market price..Click on the attachment to read the full report:.Lupin Q1 Results Review - Upside Limited: Dolat Capital.DISCLAIMERThis report is authored by an external party. BQ Prime does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of BQ Prime..Users have no license to copy, modify, or distribute the content without permission of the Original Owner.

Lupin Q1 Results Review - Extraordinary License Income Drives Earnings Performance: Systematix

India business also returned to double digit growth during the quarter and was above expectations.

NDTV Profit

NDTV Profit

Follow Us

DISCOVER US FASTER

DOWNLOAD THE APP