Few takeaways from a recent report:
Spiriva: DPI Inhaler. Potential FTF launch for Lupin in 2HFY23. Pre generic branded sales 1$bn
Dulera: Inhaler (MDI). Response to the CRL expected in 4QFY22/1QFY23. Approval/launch expected for Lupin in 2HFY24. Pre generic branded sales 200$mn
AmBisome: liposomal inj. Approval/launch expected for Lupin in FY24 Pre generic branded sales 125$mn
Risperdal Consta: Long acting injectable. Likely launch by Lupin and Sun Pharma after FY24 Pre generic branded sales 290$mn
Lucentis: Biosimilar. Lupin is currently conducting phase 3 clinical trials for sits bLucentis candidate. Filing is expected in FY23 Pre generic branded sales 1.45$bn sales
Glucagon: Injectable. Filed in 3QFY22
High-value opportunities such as gSpiriva, gSuprep, gDulera, pegfilgrastim, gNascobal and gGlucagon
FY22 Gross margin: impacted by reclassification of revenue share on inlicensed products.
Share of domestic revenues from in-licensed patented brands Lupin 10% vs 0-3% peers (Includes many Anti Diabetes(AD) drugs)
FY22 hit by competitive pressure in famotidine, FY21 hit by metformin recall
FY17-FY19 Gavis and Symbiomix – big bets, disappointing outcomes. adverse rulings in multiple litigations compounded Lupin’s troubles
nce r&d spend is ~200cr annually
Much-improved R&D execution in the last couple of years reflected in filings/launches for complex products validating the company’s capabilities in platforms such as inhalers, biosimilars and injectables. With multiple assets across biosimilars, inhalers, complex injectables and novel drugs, Lupin scores high among larger Indian pharma companies in terms of breadth of R&D pipeline and potential launches in the next 24 months.