LUPIN 2020 Annual Report Takeaways!

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  • COVID stats:
    • At the peak of the disruption in April 2020, Lupin sites still delivered 90% of their formulations target and 120% of their API target.
    • <30% dependence on early raw materials and intermediates from China
    •  1st Indian pharma company to suspend field operations and introduce a Digital platform for customer engagement through which our field force could connect with doctors effectively
  • Indian Branded Formulations: up 13% YoY (faster than IPM: 6th largest)
    • 10 brands in the Top 300.
    • 4th position in the high growth chronic segment. The chronic segment: 62% of total revenues and the acute segment: balance 38%.
  • USA: up 3% YoY | 38% of rev
    • Price erosion in our legacy product portfolio was largely contained to mid-single digits.
    •  Generics: 174 products in the U.S. generics market out of which 63 are No. 1.
    •  #3 position in the U.S., accounting for 6.3% share of generics prescriptions dispensed | Leadership in chronic therapies.
    • Expect to continue our ramp-up of Levothyroxine and look forward to the launch of our first major inhalation product, Albuterol in the coming fiscal (pending FDA approval)
    •  filed 21 ANDAs, two of which were confirmed exclusive First-to-Files | Total ANDAs in the pipeline: 158 addressing the market cap size of $71.7B.
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  • API: 9% of rev | India: 36%, Exports: 64%
    • Both captive consumption as well as external sales across 70 countries.
  • R&D: 10.3% of rev
    • 43 First-to-File products pending launch, with an estimated market size of US$ 43.6B, and 14 of these are exclusive opportunities.
    • Advanced inhalation pipeline with the filing of another MDI with the U.S. FDA, and received tentative U.S. FDA approval for gBrovana | 5 major inhalation products in the developed markets, with collective sales of ~ US$ 6B.
    • Biosimilars: Received European approval for our Etanercept biosimilar (Already launched in H2FY20 in Japan in partnership with Yoshindo and Nichi-Iko) and expect to launch it in FY21 | On track for our Pegfilgrastim U.S. filing | Global trials ongoing for Ranibizumab.
    • Future opportunities in Biosimilars, Novel Drug Discovery & Development & Bioclinical research:
  • Capital Allocation: Selling Assets to pair off debt, Non-cash impairments due to weak business environment & decreasing CAPEX. (Not really a great sign)
  • Promoter decreased shareholding by 0.05% to 46.92%.
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JST Investments is a Mumbai-based investment firm that believes in long-term wealth creation. It's a brainchild of Aditya Kondawar, Aditya Shah, and Anish Moonka.
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