Lupin - Is it the time to buy for long term

Here are my notes from the last couple of management interactions.

30-12-2020 (CNBC)

  • 12 launches till date; FY22 will be much better in terms of sales than FY21
  • Number of platforms that Lupin has been working on is one of the highest in the industry (complex generics, injectable, inhalers, biosimilar, specialty)
  • Q4FY21 EBITDA margins should be >20%
  • Somerset inspection went badly

13-01-2021 (JP Morgan)

  • 16 ANDA approvals and 13 FDA filings in CY20
  • Albuterol market share stands at 8% of generic market share in Q3FY21 (is manufactured at Pithampur)
  • Somerset inspection was challenging
  • Expect to file 1 out of the 2 liposomal product in partnership with ForDoz
  • Have one of the largest portfolio of in-licensed products that are sold in India
  • Aim to move from the current rank of 6 to 3 in the Indian pharma market over the next few years
  • Have invested substantially in 3 major areas – inhalation, biosimilar & long acting complex injectables
  • Specialty business: women health in US and Canada; gastrointestinal in Canada, neurology in Europe

Disclosure: Invested (position size here)

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