Lupin reported Q4 FY25 revenue of Rs 55,622 million, up 13.6% YoY and down 1% QoQ. Ebitda at Rs 12,921 million, surged by 29.6% YoY but was down 5.4% QoQ. Ebitda margin at 22.8%, expanded by 271 bps YoY but was down 88 bps QoQ. Lupin reported profit after tax of Rs 7,725 million, showing a growth of 114.9% YoY but was down 9.7% QoQ.
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Systematix Report
Lupin Ltd.'s revenue (Rs 56,671 million), Ebitda (Rs 12,921 million) and Net earnings (Rs 7,725 million) were in-line with our estimates. Key growth drivers were the US, EMEA, and Other Developed markets. EMEA sales rose 30% YoY, fueled by a strong demand for Luforbec and NaMuscla.
North America grew 19% YoY, led by Mirabegron, Spiriva and gPredForte exclusivity, partially offset by Albuterol pricing pressure. Gross margins improved to 69% (up ~500 bps YoY from 64% in FY20), driven by a favorable product mix, reduced in-licensed product reliance, and cost efficiencies ($50 million saved in FY25).
Ebitda margins expanded to 22.8% (up ~271 bps YoY), supported by gross margin gains, despite an elevated research and development spend (9.4% of sales). Lupin believes it can maintain gross margins at ~69% with continued focus on complex generics and cost optimization.
Lupin also discussed its limited competition launch pipeline (details / names undisclosed) in the US and highlighted incremental launches in FY27 beyond those already in our estimates.
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