{"id":130692,"date":"2022-06-17T09:38:13","date_gmt":"2022-06-17T13:38:13","guid":{"rendered":"https:\/\/44.250.171.167\/?p=130692"},"modified":"2022-10-06T04:23:40","modified_gmt":"2022-10-06T08:23:40","slug":"lupin-ltd-q4-fy22-earnings-conference-call-insights","status":"publish","type":"post","link":"https:\/\/alphastreet.com\/india\/lupin-ltd-q4-fy22-earnings-conference-call-insights\/","title":{"rendered":"Lupin Ltd Q4 FY22 Earnings Conference Call Insights"},"content":{"rendered":"<p><iframe loading=\"lazy\" title=\"Lupin Ltd Q4 FY22 Earnings Concall\" width=\"500\" height=\"375\" src=\"https:\/\/www.youtube.com\/embed\/KuHcJgOThAg?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe><\/p>\n<h2><strong>Key highlights from Lupin Ltd (<a href=\"https:\/\/44.250.171.167\/symbol\/LUPIN\/\">LUPIN<\/a>) Q4 FY22 Earnings Concall<\/strong><\/h2>\n<p><strong>\u00a0<\/strong><\/p>\n<h3><strong>Q&amp;A Highlights:<\/strong><\/h3>\n<p><strong>Pritesh Vora &#8211; Mission Street India &#8211; Analyst<\/strong><\/p>\n<ul>\n<li>Total investment made in the biosimilar pipeline till now?<\/li>\n<\/ul>\n<p><strong>Ramesh Swaminathan &#8212; Executive Director, Global CFO<\/strong><\/p>\n<ul>\n<li>A lot of LUPIN\u2019s biosimilars is under partner programs.\n<ul>\n<li>The risk of development is borne by the financial partner.<\/li>\n<\/ul>\n<\/li>\n<li>Total investment is of two kinds, which is minimal overall, INR250-300 crore together.\n<ul>\n<li>Investment on developmental pipeline<\/li>\n<li>Investments for infrastructure.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p><strong>Nilesh D Gupta &#8211; Managing Director<\/strong><\/p>\n<ul>\n<li>Total biosimilar spend would be $15-20 million per annum. Additionally there is funding for the key programs.<\/li>\n<\/ul>\n<p><strong>\u00a0<\/strong><\/p>\n<p><strong>Pritesh Vora &#8211; Mission Street India &#8211; Analyst<\/strong><\/p>\n<ul>\n<li>When revenue starts coming in biosimilar pipeline, what\u2019s the US and Rest of World revenue split.<\/li>\n<\/ul>\n<p><strong>Vinita Gupta &#8211; Chief Executive Officer<\/strong><\/p>\n<ul>\n<li>Currently it\u2019s all etanercept, and small.<\/li>\n<li>Going to be all ex-US currently.<\/li>\n<li>Next year, when pegfilgrastim is launched, a material shift will be seen to the US. Ranibizumab would also contribute.<\/li>\n<li>So more revenues will be seen in the US and partnered revenue ex-US.<\/li>\n<\/ul>\n<p><strong>\u00a0<\/strong><\/p>\n<p><strong>Kunal Randeria &#8211; Edelweiss &#8211; Analyst<\/strong><\/p>\n<ul>\n<li>Reasons for India business growth declining for past couple of quarters YonY.<\/li>\n<\/ul>\n<p><strong>Ramesh Swaminathan &#8211; Executive Director, Global CFO<\/strong><\/p>\n<ul>\n<li>India business includes tender business, which was lumpy. Prescription business had 13.9% growth YonY.<\/li>\n<li>Not seeing any concerns on growth with this business.<\/li>\n<li>Excluding tender business, India business was good.<\/li>\n<\/ul>\n<p><strong>\u00a0<\/strong><\/p>\n<p><strong>Kunal Randeria \u2013 Edelweiss &#8211; Analyst<\/strong><\/p>\n<ul>\n<li>On US price erosion, when does LUPIN see companies starting to withdraw from molecules?<\/li>\n<\/ul>\n<p><strong>Vinita Gupta &#8211; Chief Executive Officer<\/strong><\/p>\n<ul>\n<li>LUPIN is going to exit as is the other generic majors who see pressure on the industry.<\/li>\n<li>For the first time, put together an SOP for a very planned exit.<\/li>\n<\/ul>\n<p><strong>\u00a0<\/strong><\/p>\n<p><strong>Saion Mukherjee &#8211; Nomura Securities &#8211; Analyst<\/strong><\/p>\n<ul>\n<li>Color on LUPIN\u2019s 10-12% growth.<\/li>\n<\/ul>\n<p><strong>Nilesh Gupta &#8211; Managing Director \u00a0<\/strong><\/p>\n<ul>\n<li>The 10%, 12% is organic growth, which won\u2019t happen in FY23, but growth will be sub 10% this year.<\/li>\n<li>Normalizing for in-licensed product, there\u2019s higher growth.<\/li>\n<\/ul>\n<p><strong>\u00a0<\/strong><\/p>\n<p><strong>Saion Mukherjee &#8211; Nomura Securities &#8211; Analyst<\/strong><\/p>\n<ul>\n<li>What\u2019s company\u2019s M&amp;A plans?<\/li>\n<\/ul>\n<p><strong>Nilesh D Gupta &#8212; Managing Director<\/strong><\/p>\n<ul>\n<li>LUPIN is keen to acquire in India.<\/li>\n<li>When valuations go out of control of 7-8 year payback, LUPIN is not comfortable.<\/li>\n<\/ul>\n<p><strong>\u00a0<\/strong><\/p>\n<p><strong>Krishnendu Saha &#8211; Quantum Asset &#8211; Analyst<\/strong><\/p>\n<ul>\n<li>Number of products planned to be taken off the market in FY23 in US.<\/li>\n<\/ul>\n<p><strong>Vinita Gupta &#8211; Chief Executive Officer<\/strong><\/p>\n<ul>\n<li>LUPIN is putting the list together but currently there are 3-4 that have been identified.<\/li>\n<li>10 have been dropped so far from the current portfolio.<\/li>\n<\/ul>\n<p><strong>\u00a0<\/strong><\/p>\n<p><strong>Kunal Dhamija &#8211; Clifford Chance &#8211; Analyst<\/strong><\/p>\n<ul>\n<li>Status of Spiriva approval.<\/li>\n<\/ul>\n<p><strong>Vinita Gupta &#8211; Chief Executive Officer<\/strong><\/p>\n<ul>\n<li>Got feedback from FDA with everything on the filing being fine.<\/li>\n<li>Might re-inspect the facility before approval.<\/li>\n<\/ul>\n<p><strong>\u00a0<\/strong><\/p>\n<p><strong>Kunal Dhamija &#8211; Clifford Chance &#8211; Analyst<\/strong><\/p>\n<ul>\n<li>FTS impact in FY22?<\/li>\n<\/ul>\n<p><strong>Ramesh Swaminathan &#8211; Executive Director, Global CFO<\/strong><\/p>\n<ul>\n<li>Paid close to about $27 million during FY22.<\/li>\n<\/ul>\n<p><strong>\u00a0<\/strong><\/p>\n<p><strong>Hitesh Mahida &#8211; HDFC Standard &#8211; Analyst<\/strong><\/p>\n<ul>\n<li>With more than $2 billion in sales, why LUPIN is struggling with single digit margins. Ex of Spiriva and Suprep what margins is LUPIN looking at?<\/li>\n<\/ul>\n<p><strong>Vinita Gupta &#8211; Chief Executive Officer <\/strong><\/p>\n<ul>\n<li>Struggle is with oral solids.\n<ul>\n<li>Pricing pressure.<\/li>\n<li>Mounting costs.<\/li>\n<\/ul>\n<\/li>\n<li>On inhalation (albuterol, Brovana and the like) and partnered products, profitability is decent.<\/li>\n<\/ul>\n<p><strong>\u00a0<\/strong><\/p>\n<p><strong>Nithya Balasubramanian &#8211; Bernstein &#8211; Analyst <\/strong><\/p>\n<ul>\n<li>What\u2019s brand size of the target addressable market for Suprep? And for pegfilgrastim, the incremental cost related to the commercial infrastructure in FY23?<\/li>\n<\/ul>\n<p><strong>Vinita Gupta &#8211; Chief Executive Officer<\/strong><\/p>\n<ul>\n<li>Suprep, $200 million.<\/li>\n<li>On pegfilgrastim, it\u2019s marginal in FY23 and if it gets approved and launched, hope to be able to get enough product to the market paying for itself.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Key highlights from Lupin Ltd (LUPIN) Q4 FY22 Earnings Concall \u00a0 Q&amp;A Highlights: Pritesh Vora &#8211; Mission Street India &#8211; Analyst Total investment made in the biosimilar pipeline till now? Ramesh Swaminathan &#8212; Executive Director, Global CFO A lot of LUPIN\u2019s biosimilars is under partner programs. The risk of development is borne by the financial [&hellip;]<\/p>\n","protected":false},"author":1767,"featured_media":125416,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[9825,392,5747],"tags":[8157,1115],"class_list":["post-130692","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-earnings-call-highlights","category-earnings","category-healthcare-stocks","tag-healthcare","tag-pharmaceuticals"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg","jetpack_likes_enabled":false,"jetpack-related-posts":[{"id":172213,"url":"https:\/\/alphastreet.com\/india\/lupin-q2-fy26-earnings-results\/","url_meta":{"origin":130692,"position":0},"title":"Lupin Q2 FY26 Earnings Results","author":"Chirag Gupta","date":"November 7, 2025","format":false,"excerpt":"Lupin is an innovation-led transnational pharmaceutical company headquartered in Mumbai. 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