LUPINNSEQ4 FY2026May 14, 2026

Lupin Limited

7,841words
91turns
11analyst exchanges
4executives
Management on call
Vinita Gupta
CEO, LUPIN LIMITED
Nilesh Gupta
MANAGING DIRECTOR, LUPIN LIMITED
Ramesh Swaminathan
EXECUTIVE DIRECTOR, GLOBAL CFO & HEAD OF IT AND API PLUS SBU, LUPIN LIMITED
Ravi Agrawal
M&A AND INVESTOR RELATIONS, LUPIN LIMITED
Key numbers — 40 extracted
14%
, Other Developed Markets and Other Emerging Markets have delivered double digit growth - growing 14% year over year. This highlights the strength and resilience of our business model and geographic
1.3 billion
cord sales achieved in the last quarter. For the full year, our U.S business achieved sales of USD 1.3 billion, an impressive growth of almost 40% YoY. Growth was driven by new products such as Tolvaptan wher
40%
the full year, our U.S business achieved sales of USD 1.3 billion, an impressive growth of almost 40% YoY. Growth was driven by new products such as Tolvaptan where we benefited from being the only ge
11.5%
x of organic initiatives and targeted acquisitions. Coming to India, our India business has grown 11.5% YoY in the quarter with the core prescription business growing 14.5% representing a 1.2 times grow
14.5%
our India business has grown 11.5% YoY in the quarter with the core prescription business growing 14.5% representing a 1.2 times growth against IPM. All our key therapies outperformed the respective mar
20.9%
mes their category growth. I would specifically like to mention our diabetes segment which grew at 20.9% YoY, outperforming category growth by 1.4 times during the quarter. For the full fiscal year, pres
10.6%
ry growth by 1.4 times during the quarter. For the full fiscal year, prescription growth stood at 10.6% ahead of IPM growth of 9.9% led by a strong volume growth of 6.4%. May 8, 2026 The
9.9%
g the quarter. For the full fiscal year, prescription growth stood at 10.6% ahead of IPM growth of 9.9% led by a strong volume growth of 6.4%. May 8, 2026 The chronic segment now accounts
6.4%
r, prescription growth stood at 10.6% ahead of IPM growth of 9.9% led by a strong volume growth of 6.4%. May 8, 2026 The chronic segment now accounts for 66% of our portfolio up from 64%
66%
by a strong volume growth of 6.4%. May 8, 2026 The chronic segment now accounts for 66% of our portfolio up from 64% in FY25, and we have set ourselves a target to increase this share to
64%
6.4%. May 8, 2026 The chronic segment now accounts for 66% of our portfolio up from 64% in FY25, and we have set ourselves a target to increase this share to 70% in the next five years.
70%
of our portfolio up from 64% in FY25, and we have set ourselves a target to increase this share to 70% in the next five years. During the quarter we successfully launched our version of Semaglutide
Guidance — 20 items
Vinita Gupta
opening
“We look forward to sharing with you our highlights for the quarter as well as the full year and the outlook for FY27.”
Vinita Gupta
opening
“FY26 has been a stellar year for the organization, with revenues and profitability at record levels.”
Vinita Gupta
opening
“In the next three years we expect to launch 50 plus products in the US with 10 exclusive first to files, four biosimilars as well as two to three 505(b)(2)s.”
Vinita Gupta
opening
“May 8, 2026 The chronic segment now accounts for 66% of our portfolio up from 64% in FY25, and we have set ourselves a target to increase this share to 70% in the next five years.”
Vinita Gupta
opening
“Our Other Developed Markets, Europe, Canada and Australia accounted for 12% of our total sales and grew 13.3% in FY26.”
Vinita Gupta
opening
“We expect this contribution to increase as we rollout a pipeline of complex products including biosimilars and integrate our newly acquired VISUfarma business from this quarter onwards.”
Vinita Gupta
opening
“Turning to R&D, our spend was 8% of sales this quarter and 7.5% in FY26, with continued focus on complex and specialty platforms.”
Vinita Gupta
opening
“As mentioned in our earlier interactions, we expect to grow our top line high- single digits with margins at around 25% in FY27, despite increased headwinds from an uncertain geopolitical environment.”
Ramesh Swaminathan
opening
“I'm happy to report that we handsomely beat the guidance we set at the beginning of the year both in terms of sales growth and margin trajectory.”
Ramesh Swaminathan
opening
“This will be strengthened by the launch of our first biosimilars in the year US in FY27.”
Risks & concerns — 9 flagged
As mentioned in our earlier interactions, we expect to grow our top line high- single digits with margins at around 25% in FY27, despite increased headwinds from an uncertain geopolitical environment.
— Vinita Gupta
Essentially the EBITDA margins decline because of there's a slightly increased, manpower cost, as you can see.
— Ramesh Swaminathan
I know it's difficult to sustain this base, but even as we see competition in Tolvaptan and Mirabegron, what sort of product launches should we look forward to over the next two years which probably gives us the confidence on 25% margin?
— Vinita Gupta
In FY28, we see potentially the impact of both full year impact of Pegfilgrastim as well as Ranibizumab that we expect to launch later in FY27.
— Vinita Gupta
So yeah, a good number of product launches, some exclusive first to files, good impact of the biosimilars and 505(b)(2).
— Vinita Gupta
Yes, it's really finding the right assets that from a risk standpoint meet our internal criteria as well as give us enough in terms of potential to be meaningful to grow our specialty business.
— Vinita Gupta
The impact of PLI going away on other operating income, is that completely in the base now or will we see some more decline from these levels?
— Bino Pathiparampil
The other one is there has been some inflationary pressure because of freight and raw material given the Middle East crisis.
— Ramesh Swaminathan
So, what's the annualized impact of the same that you're seeing on the P&L if the situation were to remain at the current level?
— Ramesh Swaminathan
Q&A — 11 exchanges
Q
Just a clarification on guidance for FY27. Madam highlighted high single digit revenue growth with 25% EBITDA margin?
Ramesh Swaminathan
That's correct. We did say that we would be looking at around about 25%, or in the vicinity of that for the full year and of course high-single digit number in terms of overall sales growth. So, effectively are you sort of factoring the competition for like Tolvaptan kind of a product and which is why you see EBITDA margin lowering down in FY27? Yes, we have factored that in both competition for Mirabegron as well as Tolvaptan. And just as far as Q4 is concerned, compared to Q3 FY26 while the revenue have sort of moved up on absolute basis. But EBITDA has moved down. Is it to do with the U.S b
Q
How should we think about the US business in the next year given what you mentioned about Tolvaptan and Mirabegron? Do you see any other product launches which could be meaningful? I know it's difficult to sustain this base, but even as we see competition in Tolvaptan and Mirabegron, what sort of product launches should we look forward to over the next two years which probably gives us the confidence on 25% margin? So, with Tolvaptan and Mirabegron as well, apart from, the additional competition, we still see the generic market growing, just given the generic penetration in Tolvaptan is under
Management
Q
Vinita given the settlement, is it fair to assume that in Q4 you have sold significantly more Mirabegron compared to Q3?
Vinita Gupta
Yes, we have had, some growth in Mirabegron in Q4 versus Q3, but just because of the growth in market share for the generic. May 8, 2026 And this third player who has settled with Astellas, have they already entered the market? No, they haven't entered the market yet. We believe that they are waiting for product supply. Coming to Tolvaptan, what is the timeline for competition entry that you are now looking at? I believe there is a patent expiring in September this year. Is that a relevant timeline? Yes, that is the timeline that we have taken into account in our plans. One final question to R
Q
My first question is on VISUfarma. So earlier you mentioned this will add around Euro 50 million - 60 million sales on top line and 25% margin. So just want to hear your thought on where do you look this business to grow in say, next two to three years and what will be the key focus segments here? So, there are multiple areas where strategically the VISUfarma acquisition adds to us. Number one, geographically, it expands our presence from UK, Germany, France to Italy and Spain markets where we had no presence in. And just leveraging the presence across the ophthalmology portfolio, taking our r
Damayanti Kerai
And the top line should comfortably cross say USD 100 million mark in two to three years If all these factors play out well? Yes. May 8, 2026 And you have the sales team and on ground support all available with this business or do you need to invest a few more as well? No, actually it came with an excellent team on the commercial side as well as marketing. Majority of the team we have on boarded into Lupin to be able to build on the current ophthalmic model, but also expand Lupin's other therapy areas into these regions. Second question is on your settlement for Mirabegron with Astellas. So yo
Q
Couple of questions on biosimilars. One is on Ranibizumab, so how comfortable you are with the economics of this product? If you look at the current market dynamics, the prescriptions have shifted to Aflibercept that is a longer duration and if you look at the existing or the current incumbents’ biosimilars, they have dropped this product right from the market. So, what gives you confidence that this product is going to be a material product for you? We actually are seeing a good amount of traction with the FDA in getting a product to market. The other companies have had challenges in product
Vivek Agarwal
Is it possible for you to update on Pegfilgrastim On Body product? So, what is the current status and what's the launch timeline for this product? May 8, 2026 We are pretty far along and should be able to file this fiscal year. I know we have planned to launch it in FY29 but hopefully we should be able to launch in FY28 itself. So basically, it's a FY28 launch? FY28 or FY29 launch, one of the two depending on FDA approval. You talk about let's say around four products in the biosimilar. Which are the other two products if it is possible for you to highlight? Pegfilgrastim and Ranibizumab, the
Q
Ramesh, you mentioned revenue guidance high single digit, is it in Rupee terms and what's the currency assumptions that you've made?
Ramesh Swaminathan
If there is further depreciation in rupee obviously there is a benefit that would be that we would be taking in. So, at a time that we actually constitute the budget, which is about three months ago. It is Rupee terms. Yeah, it's Rupee terms. The other one is there has been some inflationary pressure because of freight and raw material given the Middle East crisis. So, what's the annualized impact of the same that you're seeing on the P&L if the situation were to remain at the current level? Clearly that is impacting everybody these are dark clouds on the horizon. When it comes to freight for
Q
The first question is on Semaglutide opportunity across Emerging Markets. Are there any particular markets that you would like to call out that can make a meaningful contribution in the next couple of years? I think the big market for us is India. Obviously, you know, we've already launched in India. I think South Africa would be the other important market, Brazil as well. Through partnerships in markets like Canada and the like as well. But these three markets will probably start it off for us.
Kunal Randeria
Would you like to maybe give more colour on India, obviously you have launched, but what about Brazil, Canada, some timelines? South Africa also this year. Brazil also this year. Brazil and Canada should really be filing this year, so launch hopefully next year. But the fact is that you may not be among the first wave. So, will it still be meaningful? We think in the Emerging Markets where we have really built a market presence on the diabetes - metabolic front, like I mentioned Brazil, with the Dapagliflozin launch and now Empagliflozin launch, we're really creating a good position in the met
Q
The first one was on Spiriva. I just wanted to check if you're hearing anything incrementally in terms of competition there and whether our FY27 guidance, sort of any potential generic?
Vinita Gupta
We don't know for certain. I mean we have been aware about some companies talking about the fact that they have filed products but just given how long it takes to get these products right, we're not certain that we would see additional competition in FY27. The acquisition related cost which we have alluded to within other expenses, was that a meaningful figure this quarter? It's actually part of the overall cost. So, there are a host of things that actually goes into, as I said, other expenses this time around. Now we have in fact, the Mirabegron settlement, we have got Forex, there's of cours
Q
Just the first one on Semaglutide in India. So how has the launch gone? I think you Semaglutide mentioned the top two or three. So just what were expectations? Maybe some of the dynamics. Given a lot of investor interest. If you could just tell us how things have panned out now it probably, it doesn’t yet have April data for example. So just if you could tell us what's been the experience, prescription behaviour, the vials versus the even the pen debate. If you could double click there, please? I think it's been a pretty solid launch. Pretty much as good as expected or even better. We always e
Shyam Srinivasan
My last question just again back on the margin guidance. Right so we're going from 29% this year to 25% let's assume. But Q4 had some headwinds already given that we had a settlement and maybe some of it played through in Q4 as well. So is there extra sprinkling of conservativeness in our margins or you think during the year there could be upside surprises as well? May 8, 2026 No, this is actually as a result of we reckoned that there could be some competition coming in for Tolvaptan and possibly for Mirabegron next year. So that would actually in some ways impact our overall margins. And of c
Q
On the Albuterol inhaler market, wanted to check whether you expect any adverse impact on account of the GSK launch. So, they are supposed to launch a green inhaler around third quarter of this financial year. Do you think the other Albuterol inhalers on the market will see an adverse impact? We don't think so. We think that their product is really going to be a branded version of Ventolin®. That's what we've been able to tell because based on what we learnt and we hope that it actually expands the market for Albuterol. And we’re also ourself working on the green propellant MDIs. So, we're loo
Vishal Manchanda
Since you are working on a green propellant too, will you need to launch as a brand? It's very early to tell but just given where things are, if we launch after the brand comes in, it will really be a generic green propellant product. If you look at the Ventolin® product, it's not had any generics so far. I think Cipla is the first approval. So that market has been pretty much branded and GSK has the opportunity of converting it into the new version. Vishal Manchanda Another one on the inhalers side. Are we planning to file Symbicort® and Advair or we don't intend to do those products. We do h
Q
Just one clarification on the products Tolvaptan and Mirabegron. So, you talked about that Mirabegron competition possibly next year?
Vinita Gupta
That’s right. So, you are not expecting, let's say any additional competition in FY27 in this product? No, FY27 is next year for us. Just one question on the overall U.S business, right. We have done close to USD 1.3 billion of revenues this year and then there are a lot of moving parts. Couple of products will come down in FY27 and then we will see some kind of additional competition, additional erosion in FY28 as well. So, it would be helpful if you just give some ballpark number of US revenues for FY27 and FY28 to work with? In the past we've said that we should be able to sustain the billi
Speaking time
Vinita Gupta
30
Ramesh Swaminathan
14
Moderator
12
Bino Pathiparampil
5
Nilesh Gupta
5
Vivek Agarwal
5
Damayanti Kerai
4
Kunal Randeria
4
Tushar Manudhane
3
Saion Mukherjee
3
Opening remarks
Vinita Gupta
May 8, 2026 Hello, good evening, and welcome to Lupin Limited Q4 FY26 Earnings Conference Call. Thank you for your participation in the call today. Please note that all participants line will be in listen-only mode, and there will be an opportunity for you to ask questions after the opening remarks. Please note that this conference is being recorded. I now hand over the conference to the management. Thank you. And over to you. Good afternoon friends, I'm very pleased to welcome you to our Q4 FY26 and end of FY26 earnings call. I have with me our MD, Nilesh; our CFO Ramesh; and our Head of Investor Relations, Ravi. We look forward to sharing with you our highlights for the quarter as well as the full year and the outlook for FY27. This quarter marked our 15th consecutive quarter of year over year growth with highest ever sales and profitability. While the US has clearly been a standout for us, most of our regions, be it the India prescription business, Other Developed Markets and Other
Ramesh Swaminathan
Thank you Vinita. Friends, I welcome you all to our Q4 FY26 and FY26 annual earnings call. I'm happy to report another quarter of strong results with total revenue from operations growing 32% YoY to Rs. 7,475 crores and EBITDA growing at 68% YoY to INR 2,171 crores. This marks the 15th consecutive quarter of growth from the company. On a full year basis, the performance has been equally strong with the total revenues from operations growing 23% YoY to Rs. 27,958 crores and EBITDA, excluding forex and other income growing 55% YoY to INR 8,160 crores. EBITDA margins at 29.7% have increased 590 basis points YoY, led by higher gross margins and also operating efficiencies in our business. I'm happy to report that we handsomely beat the guidance we set at the beginning of the year both in terms of sales growth and margin trajectory. What is heartening is that the growth has been diversified and robust across our major geographies, be it the U.S which grew 46%, India Prescriptions which grew
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