Sharing some important highlights from LUPINs 2020 AR-
Sales - 15,142 cr vs 14,318 cr
EBITDA- 2838cr vs 2893 cr
PBT - 1505 cr vs 1745 cr
PAT - 908 cr ns 852 cr
Both PBT and PAT - adjusted for exceptional items.
Ranked -1 in Hypertensive drugs in US
Ranked-1 in 63 products in US , out of a total of 164 products
Ranked-4 in Chronic therapies in India
Ranked-4 amongst Generic players in Aus + NZL
R&D spend - 10.3 pc of revenues
Manufacturing sites -
New Jersy, Mexico, Brazil - 1 each
India- 12 sites
R&D sites -
Mexico, Brazil, Netherlands - 01 each
Debt to Equity - down to 0.12 vs 0.38 last year ( positive development )
Divestment of Kyowa has helped reduce debt.
API sales as a percentage of total sales - 9 % ( APIs have a lot of tail winds )
Company seeing reduction in pricing pressures in US mkts. ( lets see how this pans out )
Levothyroxine ramp up in US- progressing well.
Etanercept - Biosimilar got EU approval.
Na Muscla - Speciality product ramping up well in Europe
Expects to launch first major Inhalation product- Albuterol in US in 2020-21
Expects to launch gFostair ( limited competition product ) in US
Ramp up of Solosec- sub par. Company has high hopes from this speciality product
India business grew 13 % - 34 pc of company sales. Now, the company has 10 products among top 300 vs 6 produsts 3 yrs ago
All USFDA in last 2 Qts went off well. Lets see if the company can resolve the pending sites
A lot of talk about cost control, throughout the AR
EBITDA for 2019-20 at 18.7%- subpar by company admission
US growth-3 %- 38 pc of company revenues.
Apart from regular ANDAs, company has a descent pipeline of FTFs, Injectables and inhalation products
Intends to launch Pegfilgrastim in US in FY 21- first US-biosimilar launch for the comapny
In India, Lupin is No-1 in anti TB meds, 2nd in respiratory and 3rd in anti- diabetes meds and cariology meds
Company intends to ramp up India OTC products- Softovac, Lupizyme and Aptivate
Lupin is Ranked 2nd in Mexico in Opthalmology. Mexico is a fast growing, large pharma mkt
Besides Brazil and Mexico, company has recently entered Chile , Peru and Columbia
Company intends to enter cardio, pain management and CNS segments in Mexico ( to diversify beyond opthalmology )
Lupin has 2.1 pc Mkt share in Brazil ( 15th largest )- grew 28 pc last year
Company intends to enter similar segments as in Mexico
Asia - Pacific, Latin America - 4 pc of sales each
Divested Kyowa ( Japnese Subsidiary )
Intends to launch complex generics and biosimilars in Japan via marketing tie-ups
Launched Etanercept ( bio similar ) in Japan
Australia rank-4 amongst generic players
Phillipines rank-5 amongst generic players
Intends to launch complex generics and injectables in both Mkts
EMEA, Europe, Middle East and Africa- europe growth last yr-13 pc, intends to launch first respiratory produsct- fostair in europe, fast growth in South Africa specially in OTC and CVS products
06 manufacturing sites
9 pc of sales over and above the captive consumption
Pegfilgrastim - helps increase production of WBCs
Ranibizumab - helps prevent decreased vision and blindness
Aflibercept- oncology drug
These notes are not exaustive. However, cover imp highlights.
Key monitorables -
The street is sick of exceptional items. Lets hope, not many are in store now.
Pricing scenario in US business.
Scale up of complex generics, speciality and bio-similar portfolio
Sucess of cost control measures.
Small portion of portfolio.