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Lupin Ltd - Stock Valuation and Financial Performance

BSE: 500257 | NSE: LUPIN | Pharmaceuticals & Drugs | Mid Cap

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Lupin Share Price

 ₹1,937.25 -14.75 -0.76%
as on 04-Mar'25 12:01

DeciZen - make an informed investing decision on Lupin

Overall Rating ⓘ
Bole Toh

1. Quality

Somewhat Good
Check detailed 10 Yrs performace

2. Valuation ⓘ

Somewhat overvalued
Check 10 Yrs Valuation charts

3. Price Trend

Weak
Check Price chart

upin stock performance -

PE Chart Key Ratios
P/E Ratio (CD):
31.07
Market Cap:
89,116.8 Cr.
52-wk low:
1,493.8
52-wk high:
2,403.5

Is Lupin Ltd an attractive stock to invest in?

1. Is Lupin Ltd a good quality company?

Past 10 year's financial track record analysis by Moneyworks4me indicates that Lupin Ltd is a average quality company.

2. Is Lupin Ltd undervalued or overvalued?

The key valuation ratios of Lupin Ltd's currently when compared to its past seem to suggest it is in the Somewhat overvalued zone.

3. Is Lupin Ltd a good buy now?

The Price Trend analysis by MoneyWorks4Me indicates it is Weak which suggest that the price of Lupin Ltd is likely to Fall in the short term. However, please check the rating on Quality and Valuation before investing.

10 Year X-Ray of Lupin:

Analysis of Financial Track Record

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end
Standalone Basis P Consolidated Basis P
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.

Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Lupin Ltd has performed well in some of the past ten years indicating its past ten year financial track record is somewhat good

Value Creation ⓘ

Value Creation Index Colour Code Guide ⓘ

Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24TTM
ROCE % ⓘ40.3%24.4%18.6%3.6%8%5.5%9.7%-7.1%6.1%16.2%-
Value Creation
Index ⓘ		2.61.20.7-0.7-0.3-0.5-0.1-1.6-0.50.4-

Growth Parameters ⓘ

Growth Parameters Colour Code Guide ⓘ

Sales ⓘ12,77014,13917,49415,80414,66515,37515,16316,40516,64220,01121,525
Sales YoY Gr.-10.7%23.7%-9.7%-7.2%4.8%-1.4%8.2%1.4%20.3%-
Adj EPS ⓘ53.249.257.95.18.8-11.728.2-34.67.942.162.8
YoY Gr.--7.6%17.7%-91.2%71.2%-234.1%NA-222.8%NA429.9%-
BVPS (₹) ⓘ196.2245.2295295.6298.9272300.1263.8270.7311.1361.4
Adj Net
Profit ⓘ		2,3922,2172,615231396-5311,280-1,5743611,9142,869
Cash Flow from Ops. ⓘ2,733-3824,1141,7511,6661,4691,8223671,8973,648-
Debt/CF from Ops. ⓘ0.2-18.81.94.15.14.32.610.52.20.7-

CAGR ⓘ

CAGR Colour Code Guide ⓘ

9 Years 5 Years 3 Years 1 Years
Sales ⓘ5.1%6.4%9.7%20.3%
Adj EPS ⓘ-2.6%36.9%14.3%429.9%
BVPSⓘ5.3%0.8%1.2%14.9%
Share Price 0.8% 23.9% 40.1% 16.1%

Key Financial Parameters ⓘ

Performance Ratio Colour Code Guide ⓘ

Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24TTM
Return on
Equity % ⓘ		30.322.121.21.72.9-49.7-12.12.914.318.7
Op. Profit
Mgn % ⓘ		29.426.326.219.917.515.317.51.310.31923
Net Profit
Mgn % ⓘ		19.115.7151.52.8-3.58.5-9.52.39.713.3
Debt to
Equity ⓘ		0.10.70.60.50.60.50.40.30.30.2-
Working Cap
Days ⓘ		163205209141153136138132145133123
Cash Conv.
Cycle ⓘ		741031034455435054524252

Recent Performance Summary

Return on Equity has increased versus last 3 years average to 18.70%

Net Profit is growing at healthy rate in last 3 years 14.26%

Sales growth is good in last 4 quarters at 12.80%

Sales growth has been subdued in last 3 years 9.69%

Latest Financials - Lupin Ltd.

Standalone Consolidated
TTM EPS (₹) 67.2 62.8
TTM Sales (₹ Cr.) 15,408 21,525
BVPS (₹.) ⓘ 503 361.4
Reserves (₹ Cr.) ⓘ 23,080 16,409
P/BV ⓘ 3.88 5.40
PE ⓘ 29.07 31.07
From the Market
52 Week Low / High (₹) 1493.75 / 2403.45
All Time Low / High (₹) 0.80 / 2403.45
Market Cap (₹ Cr.) 89,117
Equity (₹ Cr.) 91.3
Face Value (₹) 2
Industry PE ⓘ 36.5

Quarterly Results

Standalone Basis
Consolidated Basis
 Mar'24 YoY Gr. Rt. %Jun'24 YoY Gr. Rt. %Sep'24 YoY Gr. Rt. %Dec'24 YoY Gr. Rt. %
Sales (₹ Cr.)ⓘ 4,895 135,514 16.35,497 11.35,619 10.6
Adj EPS (₹) ⓘ 7.9 41.118.3 83.818.2 67.918.9 43
Op. Profit Mgn % ⓘ 20.36 641 bps23.33 527 bps23.80 511 bps24.31 419 bps
Net Profit Mgn % ⓘ 7.42 153 bps14.95 553 bps14.76 485 bps15.01 332 bps

Management X-Ray of Lupin:

Shareholding Pattern

JavaScript chart by amCharts 3.21.5
JavaScript chart by amCharts 3.21.5Promoters:46.95%Institutions:46.79%Non-Institutions:6.26%

Promoter's Holding & Share Pledging

JavaScript chart by amCharts 3.21.5Sep22Dec22Mar23Jun23Sep23Dec23Mar24Jun24Sep24Dec240%10%20%30%40%50%
Pledged *0.000.000.000.000.000.000.000.000.000.00
* Pledged shares as % of Promoter's holding (%)

Valuation of Lupin

MRP
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MOS
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DP
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Base EPS
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DPS
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MRP: ₹ 0
DP: ₹0
Base EPS ₹:
DPS ₹:
MOS (%):
Save my Valuation
Expected EPS Growth Rate:
0%
Base 0%
50%
Expected Rate of Return:
0%
Base 0%
50%
Future PE:
0
Base 0
200
YTD 1Y 3Y 5Y 10Y Max
YTD 1Y 3Y 5Y 10Y Max
YTD 1Y 3Y 5Y 10Y Max
YTD 1Y 3Y 5Y 10Y Max

Event Update

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Analyst's Notes

Sell Recommendation: Lupin Ltd. - 12 Dec 2024

Background: 
In our advisory note dated 31st March 2023, we recommended selling 50% of Lupin holdings at a price of Rs.647.85. This recommendation was driven by Lupin’s subdued operational performance and recurring challenges with the USFDA over a prolonged period. While the partial sell was aimed at mitigating portfolio risk, we refrained from a full exit to avoid booking significant losses and maintain optionality for improvements in the business which could lead to better selling prices for the remaining holdings.

Recent Developments:

Since our last recommendation, Lupin’s stock price has witnessed a remarkable uptrend, more than tripling to approximately Rs.2,117. This performance is attributed to improved operating metrics in the North American market, driving revenue and margin expansion during FY24 and FY25.

However, we now believe the current valuation overstates Lupin’s growth potential and profitability, rendering it an opportune time to exit the stock.

Rationale for Exit:

  1. Valuation Concerns:

Lupin is trading at elevated multiples of P/E 37x and P/B 6.3x, comparable to its larger peers:

  • Sun Pharmaceuticals: P/E 39x, P/B 6.3x

  • Cipla: P/E 26x, P/B 4.2x

Despite the similar multiples, Lupin’s business quality has been notably weaker, as evidenced by its inconsistent margin profile over the last five years compared to the mentioned peers. This premium valuation, in our view, is unwarranted given Lupin’s historical operational challenges. 

  1. Limited Growth Drivers:

While recent performance has been strong, we foresee limited potential for Lupin to sustain this growth trajectory due to weakness in the drug pipeline:

  • Revlimid: Key product launches such as Revlimid are delayed until 2026, following the exclusivity period. This highlights Lupin’s slower R&D pace compared to peers, which have already capitalized on such opportunities.

  • GLP Products: The company’s GLP (Glucagon-like-Peptide) pipeline for developed markets is unlikely to contribute meaningfully until 2030 or beyond. This timeline diminishes the ability of Lupin’s pipeline to justify its current valuation. The GLP market of nearly $50 billion is expected to be a huge tailwind for Indian generic pharmaceutical companies.

Lupin: Q1FY25 Update - 19 Aug 2024

Strong Growth in North America drives revenue and profitability growth.

Q1FY25 Concall Highlights:

  1. Growth Guidance: US business expected to grow in high single digits while overall business is expected to grow in double-digits.

  2. Product Launches: The launch of Tolvaptan (Market Size ~240mn USD), used to treat autosomal dominant polycystic kidney disease, is expected in Q1FY26 with 180 day exclusivity. Both Victoza and Saxenda, part of the Liraglutide class of drugs (Market Size ~3.4bn USD), used to treat type 2 diabetes, are expected to launch in FY26. 

  3. Market Share: Company maintains a 20% market share in Albuterol and 30% in generic Spiriva. Both drugs are a part of the respiratory portfolio.

  4. EBITDA Margin: Company aims to maintain a margin of 23% to 24% over the medium term.

  5. Price Erosion: Competition is low and portfolio wide price reduction is in the mid-single digits.

  6. R&D expenditure expected to be around Rs. 1,800 Crores for FY25, with a focus on complex generics and new product development.

  7. CapEx: The company incurred a capital expenditure of Rs. 112 crores in Q1FY25.

Lupin: Q4FY24 Quarterly Update - 14 May 2024

Lupin Ltd is committed to maintaining its positive momentum in the new fiscal year, aiming for strong growth across all regions, particularly in India following the expansion of the sales force (1,000 medical representatives added), and in the U.S. with several new product launches. It continues to pivot to more complex products and platforms while also focusing on cost. 

5 key takeaways from Lupin’s quarterly concall: 

  • Products 
    • Suprep remains a two-player market and the outlook is stable; during the year, it offset some volume decline of Albuterol (holding prices and market share of 20%+). 
    • Pipeline includes – Darunavir (June ’24), Cyanocobalamin (Aug ’24), Diazepam gel (July ’24), Doxycycline (targeted to launch in the next 12 months), Prolensa (ophthalmic product; to be launched post-FDA clearance). Six injectable products are in advanced stages. 
  • Manufacturing sites 
    • Substantial progress has been made on remediation efforts in Tarapur and Mandideep. Lupin is hoping to close all observations at Pithampur (unit 2) with the next update. 
    • The company is inspection-ready in Unit 3 for the FDA in case they come to inspect the site for Spiriva (big opportunity; gross $1 billion). 
  • R&D focus on complex generics 
    • Continue to drive the shift to complex generics with a focus on respiratory and injectable products. The company filed 19 products in the U.S. and 10 ex-U.S. Of the U.S. filings, four were injectable products and three were nasal sprays. 
    • R&D spend for the U.S. stood at $100 million. 
  • Recent acquisition of Medisol in France to accelerate the injectables franchise in Europe.
  • Improvement in EBITDA is primarily driven by optimization endeavors, lower other expenses, and PLI benefits. 

 

Lupin: Q1FY24 Result Update - 07 Aug 2023

Particulars

Q1FY24

YoY Trend

Comments

Revenue

4,814

+29%

Growth driven by strong performance in domestic and North America (on back of volume growth and new product sales) markets   

EBITDA

856

+269%

 

EBITDA Margin

17.78%

+1158 bps

Operating leverage benefits and low base quarter effect

PAT

453

NA

Loss of Rs 87 Cr in Q1FY23 vs profit in current quarter

Stellar performance across all parameter’s revenue growth, EBITDA margin and PAT.  

 

[Updated] Partial SELL: Repeated GMP observations at multiple facilities - 31 Mar 2023

Recommedation:  SELL 50% (updated)

Lupin currently has 162 ANDAs awaiting approval from the US FDA as of 1HFY23, but compliance issues at multiple sites and delays in execution are hindering many of these approvals.

US FDA has issued form 483 with 10 observations for the Pithampura plant which manufactures the Spiriva generic (a $700mn opportunity in terms of market size).

In November last year, USFDA had issued Form-483 with eight observations each for product and raw material production centres at Lupin's Mandideep-based manufacturing facility.

In October 2022, the drugmaker announced that the US health regulator has issued Form-483 with five observations following a pre-approval inspection of its Unit-2 injectable manufacturing facility at Nagpur.

Although strong execution and sustainable margin improvement were previously seen as key factors for the company's share price to react positively, in the absence of any other triggers, we had downgraded our MRP to 671 in our last update.

 

Lupin: Downgrading MRP - 14 Feb 2023

Lupin’s earnings are expected to increase over FY23-25E driven by certain limited competition launches in the US. If Lupin can obtain timely approvals and launch its products, it could see a boost in US revenues in the short-to-medium-term. However, as competition increases, revenue from these products may decline. Lupin currently has 162 ANDAs awaiting approval from the US FDA as of 1HFY23, but compliance issues at multiple sites and delays in execution are hindering many of these approvals.

Lupin's EBITDA margin of 7.5% for 1HFY23 is one of the lowest in its peer group, primarily due to underutilized plants for the US and US FDA compliance issues that have prevented new approvals. To improve margins, Lupin has identified opportunities such as operating leverage benefits from new approvals and cost control measures, which could raise its EBITDA margins to around 20% in FY24. Among the cost control initiatives, Lupin has mentioned measures such as NCE hiveoff, employee cost control, and avoiding penalties associated with product supply failures. However, we believe sustained margin improvement will require permanent cost savings measures, such as shutting down or hiving off redundant manufacturing plants like Somerset, which, in our view, is a drag on current profitability.

Lupin, ranked sixth in India, has a mix of 65-35 chronic-acute patients in India, with a focus on therapies such as cardiac and diabetes. However, Lupin's top 10 products in India are in-licensed, which are less profitable than the sales of their own products. In recent years, the growth of Lupin in India has been driven by in-licensed products. These products are at risk of being affected by deal cancellations, such as the case of Cidmus, a brand in-licensed by Lupin from Novartis, which was later acquired by Dr. Reddy's.

Strong execution along with sustainable margin improvement would be the key factors for the share price to react and we are currently looking for any evidences for that. In absence of any other triggers, we are downgrading the MRP.

Recommendation | HOLD

Click here for 10-year X-Ray

View All Notes

Key Ratios of Lupin

Standalone Basis Consolidated Basis

Adj EPS (Rs.)

Sales (Cr.)

ROE (%)

ROCE (%)

Peer Comparison

Company Name CMP(₹)
Change ₹(%)
Market Cap
Net Sales (₹ Cr.)
Latest EPS (₹)
Net Profit Margin %
Latest P/E
Latest P/BV
Lupin 1,937.3 -14.8 (-0.8%) Mid Cap 20,011 62.8 9.7 31.1 5.4
Glenmark Pharma 1,317 5.5 (0.4%) Mid Cap 11,813 -6.2 -10.2 - 4.2
Aurobindo Pharma 1,051.3 -10.1 (-1%) Mid Cap 10,646 33 17.2 32.2 3.1
Alkem Laboratories 4,587.1 -8 (-0.2%) Mid Cap 9,748 190.9 18.1 24.1 4.4
Mankind Pharma 2,290.1 -33.5 (-1.4%) Mid Cap 9,265 47.4 19.6 49 6.8
Ipca Laboratories 1,335.3 -17.9 (-1.3%) Mid Cap 6,124 30.8 9.7 44 4.9
Abbott India 31,578.7 390.9 (1.3%) Mid Cap 5,849 628 20.5 49.7 17.1
Glaxosmithkline Phar 2,647.5 132.6 (5.3%) Mid Cap 3,454 50.7 19 49.6 22.4
Biocon 313.1 8.2 (2.7%) Mid Cap 1,993 5 41.2 60.8 3.2

Profit And Loss

(All Figures are in Crores.)
Standalone Basis Consolidated Basis
PARTICULARSMar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24
Sales12,77014,13917,49415,80414,66515,37515,16316,40516,64220,011
Operating Expenses ⓘ 9,15010,45413,00112,65712,10413,02012,59616,19014,92116,222
Manufacturing Costs1,6832,1472,6482,5212,1742,2952,3602,6322,6563,231
Material Costs3,8063,8944,6614,7344,4374,9634,8545,7816,0245,645
Employee Cost 1,7472,1422,8502,8652,7702,9872,8262,9893,0873,495
Other Costs ⓘ 1,9142,2712,8432,5372,7232,7752,5564,7883,1543,851
Operating Profit ⓘ 3,6203,6854,4933,1482,5612,3552,5672151,7213,789
Operating Profit Margin (%) 28.3%26.1%25.7%19.9%17.5%15.3%16.9%1.3%10.3%18.9%
Other Income ⓘ 240185107150333484136214151142
Interest ⓘ 1059153204302363141143274312
Depreciation ⓘ 4354879121,0868469708871,6598811,197
Exceptional Items ⓘ 000-1,464-340-7520000
Profit Before Tax ⓘ 3,4153,3293,5435471,4097571,676-1,3727162,422
Tax ⓘ 9701,0599792888881,157449137269487
Profit After Tax 2,4442,2702,565258521-4001,228-1,5094481,936
PAT Margin (%) 19.1%16.1%14.7%1.6%3.6%-2.6%8.1%-9.2%2.7%9.7%
Adjusted EPS (₹)53.550.256.65.613.4-6.026.8-33.69.542.0
Dividend Payout Ratio (%)14%15%13%90%37%-101%24%-12%42%19%

Balance Sheet

(All Figures are in Crores.)
Standalone Basis Consolidated Basis
PARTICULARSMar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24

Equity and Liabilities

Shareholders Fund 8,81811,04913,32413,36613,52412,32213,61411,99212,31614,176
Share Capital ⓘ 90909090919191919191
Reserves ⓘ 8,72810,95913,23413,27513,43312,23113,52311,90112,22514,085
Minority Interest24323540474455697883
Debt4717,1197,9526,8768,2224,2863,0663,8444,2442,670
Long Term Debt1025,3745,6486,4256,6421,79316142280
Short Term Debt3691,7452,3044521,5802,4933,0493,7024,2172,670
Trade Payables1,9561,9892,5892,5752,4982,4122,0142,2832,5322,958
Others Liabilities ⓘ 1,7842,1002,2002,7312,9255,7454,6823,4643,6313,808
Total Liabilities ⓘ 13,05422,28926,10025,58927,21524,81023,43021,65122,80023,695

Fixed Assets

Gross Block6,6459,21212,39513,86015,73214,16114,72715,99018,07719,665
Accumulated Depreciation2,2764951,3623,4984,6456,2226,8468,6099,72210,654
Net Fixed Assetsⓘ 4,3688,71711,03310,36211,0877,9387,8817,3828,3559,011
CWIP ⓘ 5522,7022,1332,5981,6409401,0661,1461,238773
Investmentsⓘ 1,658162,1362622,2952,3742,4559005171,075
Inventories2,5043,2743,6423,6623,8373,4574,0924,6314,4924,954
Trade Receivables2,6574,5494,3075,1925,1505,4464,4744,2624,4814,692
Cash Equivalents 4818226981,4089872,4541,7421,0981,2931,203
Others Assetsⓘ 8342,2092,1502,1042,2202,2001,7202,2332,4251,988
Total Assets ⓘ 13,05422,28926,10025,58927,21524,81023,43021,65122,80023,695

Cash Flow

(All Figures are in Crores.)
Standalone Basis Consolidated Basis
PARTICULARSMar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24
Cash Flow From Operating Activity ⓘ 2,733-3824,1141,7511,6661,4691,8223671,8973,648
PBT ⓘ 3,4153,3293,5435471,5178771,676-1,3727162,422
Adjustment ⓘ 3575851,2152,7821,5881,5741,0331,7081,0971,467
Changes in Working Capital ⓘ -95-3126505-1019-500-471-192-1532786
Tax Paid ⓘ -944-1,170-1,149-558-939-511-69547-243-326
Cash Flow From Investing Activity ⓘ -1,055-6,962-2,527470-3,2821,107-1,2401,292-1,287-1,712
Capex -868-5,781-2,601-1,490-960-671-671-898-1,461-917
Net Investments 3701131,919-2,42756-6082,304105-842
Others ⓘ -557-1,18260411041,72240-1147046
Cash Flow From Financing Activityⓘ -1975,836433-1,492744-891-1,885-1,572-337-2,184
Net Proceeds from Shares ⓘ 41544315461116215
Net Proceeds from Borrowing ⓘ -695,233343972158-989-1,721126-113-28
Interest Paid ⓘ -11-58-151-204-280-356-152-124-227-283
Dividend Paid ⓘ -134-337-338-338-225-226-272-295-183-183
Others ⓘ -24945536-1,9371,088675249-1,295183-1,706
Net Cash Flow ⓘ 1,482-1,5082,019729-8721,685-1,30387273-248

Finance Ratio

Standalone Basis Consolidated Basis
PARTICULARSMar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24
Ratios
ROE (%)31.0922.8521.051.943.88-3.099.47-11.793.6814.61
ROCE (%)40.324.4218.573.567.975.459.71-7.116.0616.24
Asset Turnover Ratio1.110.810.731.0511.151.171.321.281.37
PAT to CFO Conversion(x)1.12-0.171.66.793.2N/A1.48N/A4.231.88
Working Capital Days
Receivable Days73929264716564545653
Inventory Days66747249524449545954
Payable Days146162161176179164162133144177

Lupin Ltd Stock News

Lupin Ltd FAQs

Company share prices are keep on changing according to the market conditions. The closing price of Lupin on 04-Mar-2025 12:01 is ₹1,937.3.
Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 04-Mar-2025 12:01 the market cap of Lupin stood at ₹89,116.8.
The latest P/E ratio of Lupin as of 04-Mar-2025 12:01 is 29.07.
The latest P/B ratio of Lupin as of 04-Mar-2025 12:01 is 3.88.
The 52-week high of Lupin is ₹2,403.5 and the 52-week low is ₹1,493.8.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Lupin is ₹15,408 ( Cr.) .

About Lupin Ltd

Lupin was founded on the auspicious ‘Guddi padwa’ Day in 1968 by Dr. Desh Bandhu Gupta - a visionary with a compelling mission to create a better world for people. DBG as he was fondly called, started the company with a dream - a dream to fight life-threatening, infectious diseases with affordable and high-quality drugs of the highest social priority. With his vision, inimitable commitment and passion, Dr. Gupta steered the organization to become one of the fastest-growing Generic pharmaceutical companies around the world.The name ‘Lupin’ was inspired by the flower Lupin which is known to nourish the soil it grows in.

The Lupin flower is also known to be tolerant of the infertile soils and capable of pioneering change in barren and poor climates. This inspiration is at the core of the company’s ethos as it relentlessly strives to build medical solutions to meet the unmet needs of the society not just for a few but for the many across the globe.

Lupin is recognised as one of the world's largest manufacturers of Tuberculosis drugs. The company have significant market share across multiple therapy areas such as Cardiovascular (prils and statins), Diabetology, Asthma, Paediatric, Central Nervous System (CNS), Gastro Intestinal (GI), Anti-Infective (AI) and Non-Steroidal Anti-Inflammatory Drugs (NSAIDs). To add to this, the company has proud to maintain over the years its global leadership positions in other therapy areas such as Anti-TB and Cephalosporin.

Business area of the company

Lupin is an innovation-led transnational pharmaceutical company headquartered in Mumbai, India.

Products and services offered by the company

  • Global Formulations
  • Active Pharmaceuticals Ingredients (API)
  • Biotech
  • Specialty Business
  • Over The Counter (OTC)
  • Global Manufacturing & Supply Chain

Awards

  • 2007: Cardinal Health Conferred Two Awards - The ‘Trade Representative Of The Year’ And The ‘Quality Supplier Award’ To Lupin Pharmaceuticals Inc.
  • 2007: Amerisource Bergen, One Of The Largest And Leading Wholesalers In The US Conferred The ‘Best New Manufacturer Of The Year, Generics Rx’ To Lupin Pharmaceuticals Inc.
  • 2008: ‘Walmart Supplier Award Of Excellence’ For Overall Commitment, Performance, On-Time Shipping, Innovative Programs And Overall Partnership.
  • 2009: International Excellence Award by Institute Of Economic Studies.
  • 2009: Outstanding Export Performance Award by Pharmexcil (Pharmaceuticals Export Promotion Council Of India).
  • 2010: Indian Pharmaceutical Company Of The Year 2010 By Frost & Sullivan India Excellence In Healthcare Awards 2010.
  • 2010: Best Drug Development Company, Asia by The New Economy Pharmaceutical & Healthcare Awards 2010.
  • 2010: Lupin Wins 'The Most Promising Entrant Into The Big League' by CNBC India Business Leader Awards 2010.
  • 2011: Healthcare Distribution Management Association (HDMA) Honors Lupin With DIANA Award For Best Overall Generic Product Manufacturer.
  • 2011: Top Indian Pharma Company under The 'Pharmaceuticals' Sector For The Dun & Bradstreet Rolta Corporate Awards 2010.
  • 2011: Lupin Ranked Amongst India's Top 3 'Best Companies To Work For' In Healthcare And Pharma Sector.
  • 2011: Hall Of Fame Award By Chemtech Foundation (Leadership And Excellence Awards).
  • 2011: IMM (Institute Of Marketing And Management) Award For Excellence As Top Organisation.
  • 2011: Lupin Ranked 2nd Amongst India's ‘Best Companies To Work For’ In The Biotechnology And Pharmaceutical Sector.
  • 2012: Lupin Bags ‘Niryat Shree’ Gold Trophy for ‘Outstanding Export Performance’ In The Category Of Chemicals, Drugs, Pharma And Allied Products, During The Year 2009-2010, By FIEO (Federation Of Indian Export Organisations).
  • 2012: The Economic Times 500 ‘India’s 10 Most Resilient Companies 2012’
  • 2012: Dr Desh Bandhu Gupta (Founder & Chairman) has won the ‘Ernst & Young Entrepreneur of the Year 2011’ Award In The Life Sciences And Healthcare Sector.
  • 2012: Lupin Has Won The NDTV Business Leadership Awards, 2011: Indian Pharmaceutical Company Of The Year
  • 2012: Mrs Vinita Gupta Won The Business Today ’30 Most Powerful Women In Business’ Award.
  • 2012: Mr Ramesh Swaminathan Won The Business Today Yes Bank ‘Best CFO Award - Best Leverage Management - Large Companies’.
  • 2013: Mr Ramesh Swaminathan Bags The CNBC ‘Best CFO’ Award For Pharmaceutical Sector 2012
  • 2013: Dr Kamal Sharma Bags The Business Today Best CEO Awards 2013
  • 2013: Dr Desh Bandhu Gupta (Founder And Chairman) Won The Frost & Sullivan - Lifetime Achievement Award
  • 2013: Ms Vinita Gupta, CEO, Lupin Pharmaceuticals, Bagged The Ernst & Young US 2012 ‘Family Business Award’
  • 2013: Ms Vinita Gupta, CEO, Lupin Pharmaceuticals, Bagged The Ernt & Young ‘Entrepreneur Of The Year 2012 Award’ In Maryland.
  • 2014: Ms Vinita Gupta - Forbes Asia Businesswomen - Power 50
  • 2015: Ms Vinita Gupta, CEO amongst the Most Powerful Business Women 2015 By Business Today.
  • 2015: The Best CFO Award By FinanceAsia - Mr Ramesh Swaminathan.
  • 2015: Lupin #1 In Pharma In ‘Best At Investor Relations’ By FinanceAsia; 5th In Overall Ranking.
  • 2015: Risk Management Firm of The Year (Pharma) At CNBC TV18 India Risk Management Awards.
  • 2015: ICAI (Institute Of Chartered Accountants Of India) Awards For Excellence In Financial Reporting For The Year 2013-14.
  • 2015: ‘Outstanding Company Of The Year’ - CNBC-TV18 India Business Leadership Awards, 2014-15.
  • 2016: ‘Entrepreneur Of The Year’ - Forbes India Leadership Awards 2016 – Ms Vinita Gupta, CEO And Mr Nilesh Gupta, MD
  • 2016: Outstanding Company Of The Year By CNBC-TV18
  • 2016: Outstanding Woman Business Leader Of The Year -CNBC India Business Leadership Awards - Ms Vinita Gupta, CEO
  • 2016: Lupin In AON Best Employers India 2016
  • 2016: Lupin In Forbes World’s Most Powerful Public Companies
  • 2016: Golden Peacock Award for Excellence In Corporate Governance
  • 2016: Lupin Ranked 15th in The Great Places To Work ‘Best Companies To Work For In Asia’
  • 2016: Ernst & Young ‘Entrepreneur Of The Year Award’ - Ms Vinita Gupta, CEO and Mr Nilesh Gupta, MD.
  • 2017: Lupin Ranked No.1 In The Biotech And Pharma, And No. 4 Amongst Large Organisations In The List Of Top 100 - Great Place To Work 2017.
  • 2017: Business World - Best CFO Award.
  • 2017: Forbes Global 2000, FY 2017.
  • 2017: BEST Award from ATD.
  • 2017: Cardinal Supply Chain Excellence Award For 2017.
  • 2017: Vinita Gupta - Hall Of Fame - The Most Powerful Business Women 2017 By Business Today.
  • 2017: Walmart Supplier Of The Year Award For 2017.
  • 2017: Lupin Ranked No.1 in The Biotech And Pharma, And No. 4 Amongst Large Organisations In The List Of Top 100 Great Place To Work.
  • 2017: Business World - Best CFO Award.
  • 2017: Dun & Bradstreet Corporate Award.
  • 2017: Thomson Reuters India Innovation Award For Research & Development.
  • 2018: Vinita Gupta: Vogue And IBM Businesswoman Of The Year 2018.
  • 2018: Vinita Gupta Selected Women Of Worth 2018 By Outlook Business.
  • 2018: Vinita Gupta Listed In Top 50 Most Powerful Women In Business 2018 By Fortune India.
  • 2018: Crystal Globe Recognition Award In Oct 2018, Second Time In A Row.
  • 2018: Dr D B Gupta Inducted Into ‘Hall Of Fame’ - CNBC TV18 India Business Leader Awards 2018.
  • 2018: Lupin Receives The Prestigious Annual ‘Innovator Award’ From BioNJ, New Jersey.
  • 2018: India Pharma Bulk Drug Company Of The Year 2018 - Department Of Pharmaceuticals, Government Of India.
  • 2018: ‘BEST Award 2018’ From ATD.
  • 2019: India Pharma Innovation Of The Year Award 2019 - Department Of Pharmaceuticals, Govt. Of India.
  • 2019: Silver Awards for Quality By Design From ASQ (American Society Of Quality).
  • 2019: Silver Award for Lean Six Sigma Project from QCFI (Quality Circle Forum Of India).
  • 2019: McKesson Supplier Of The Year Award For 2019 In US.
  • 2019: Three Of its Manufacturing Sites (Ankleshwar, Mandideep And Tarapur) Are At Level 7 Of ISRS 8th Edition - The Highest Safety Rating To Be Achieved By A Pharmaceutical Organisation.
  • 2019: Lupin Won First Prize In CII National Six Sigma Award For Operational Excellence In Manufacturing.
  • 2019: Lupin Won 2nd Prize in CII Kaizen Competition Held at Chandigarh (Restorative Kaizen).
  • 2020: Lupin’s Ankleshwar Facility Wins Gold Award From American Society For Quality.
  • 2020: Par Excellence Award by The Quality Circle Forum Of India (QCFI).
  • 2020: Indian Drug Manufacturers’ Association (IDMA) Corporate Citizen Award 2019 to Lupin Foundation.
  • 2020: India Pharma Leader Award -India Pharma Leader Award.

Milestones

  • 1968: Lupin commences business.
  • 1972: Lupin Laboratories Pvt. Ltd. is incorporated.
  • 1979: Commissions first formulations plant and an R&D center at Aurangabad.
  • 1981: Commences the production of Ethambutol.
  • 1987: The Cephalexin Plant at mandideep and 7 ADCA plants at Ankleshwar go on stream.
  • 1988: The Lupin Human Welfare And Research Foundation (LHWRF) is founded By Dr. Desh Bandhu Gupta.
  • 1989: Gets into a joint venture in Thailand and Lupin Chemicals (Thailand) is established receives US FDA approvals for Ankleshwar and Mandideep plants.
  • 1991: Initiates production of injectable Cephalosporin (Bulk And Dosages) at Mandideep
  • 1992: Establishes a Fermentation Plant Of Lupin Chemicals Tarapur, Maharashtra Commissions a sterile plant for injectable Cephalosporins (Bulk) at Mandideep.
  • 1993: Lupin Laboratories and Lupin Chemicals raise money through IPOs.
  • 1997: Receives USFDA approvals for three plants - Cefaclor at Mandideep, 7 ACCA at Ankleshwar and Rifampicin at Tarapur.
  • 1998: Receives UK MCA approval for the injectable Cephalosporin Dosages plant at Mandideep.
  • 1999: Receives UK MCA approval for the Injectable Cephalosporin Bulk active plant at Mandideep.
  • 2000: Receives USFDA approval for the Cefotaxime facility at Mandideep.
  • 2001: State-of-the-art R&D Centre, Lupin Research Park at Pune is commissioned.
  • 2001: Commences supply of Cephalosporin Bulk actives to its alliance partners in the US
  • 2001: Lupin Laboratories is amalgamated with Lupin Chemicals and Retitled to Lupin.
  • 2001: Becomes the only Asian pharmaceutical company to receive US FDA approvals for its Sterile Cephalosporin Facility.
  • 2001: A State-Of-The-Art US FDA approved Oral Cephalosporin Bulk Active plant is commissioned at Mandideep.
  • 2002: Exports To The Advanced Markets Cross ` 1000 Million; Rising Trend Of Exports As A % Of Total Revenue Which Went Up 33% Year-Over-Year.
  • 2002: Patent filings cross 100.
  • 2002: First five ANDAs filed.
  • 2002: Filed five ANDAs.
  • 2002: New Anti-TB facility commissioned at Aurangabad.
  • 2002: Rablet rated by ORG-Marg as the second best launch of FY 2002-03.
  • 2003: Receives WHO approval for State-Of-The-Art formulation plant, Aurangabad.
  • 2003: Successfully implements SAP ERP across the company to unify all business functions and processes.
  • 2003: Introduced collaborative messaging and workflow solution on the intranet.
  • 2003: Receives US FDA approval for the Oral Cephalosporin Plant at Mandideep.
  • 2003: Lupin Pharmaceuticals Inc. USA, was formed for trading, marketing and developmental activities in the US.
  • 2004: Commences its US brands business with the launch Of Suprax.
  • 2005: Receives USFDA approval for new Lovastatin plant at Tarapur.
  • 2005: Receives the USFDA approval for Goa.
  • 2005: Launches its generics business in the US with four products.
  • 2005: Implements maiden employees stock option plan.
  • 2006: Receives The MHRA (UK) and WHO approval for Goa
  • 2006: Maiden Bonus Shares issued in the ratio of 1:1
  • 2006: Maiden issue of Foreign Currency Convertible Bonds (FCCB) aggregating $100 Million, listed on The Singapore Stock Exchange.
  • 2007: Acquires Kyowa Pharmaceutical Industry Company Ltd., a leading generics company In Japan.
  • 2007: Acquires Vadodara Based Rubamin Laboratories Ltd. (Rechristened To Novodigm Ltd.)
  • 2007: Starts commercial production at the new finished dosage facility At Jammu.
  • 2008: Sets up a Biotech facility at Pune.
  • 2008: Expands its product basket in Japan-Kyowa and receives approvals for ten products from the Ministry Of Health & Labour Welfare, Japan.
  • 2008: Acquires Hormosan Pharma GmbH in Germany.
  • 2008: Acquires a stake in Generic Health Pty Ltd., Australia.
  • 2008: Acquires a majority stake in pharma dynamics, South Africa.
  • 2009: Acquires the US Rights for Antara.
  • 2009: Acquires majority stake in MultiCare Pharmaceuticals Philippines Inc.
  • 2010: Emerges the 5th Largest Generic Player in the US.
  • 2011: Starts commercial production at the New Oral Solid Dosage facility at Pithampur.
  • 2011: Acquires I’rom Pharmaceuticals in Japan.
  • 2011: Enters into a joint development agreement with Medicis.
  • 2011: Acquires Worldwide Rights for the goanna brand.
  • 2012: Enters the NIFTY 50 index
  • 2013: Expands its branded play with exclusive US Rights to Alinia for oral suspensions.
  • 2014: Inks strategic joint venture agreement with Yoshindo Inc. in Japan.
  • 2014: Acquires Laboratorios Grin S.A. De C.V., Mexico, Specialty Ophthalmic Company and with this enters the Latin American Market.
  • 2014: Acquires Nanomi B.V., enters Complex Injectables Space
  • 2015: The Center Of Excellence For Inhalation Research In Coral Springs, Florida is inaugurated.
  • 2015: Acquires the specialty product portfolio of Temmler Pharma GmbH & Co. in Germany.
  • 2015: Acquires Medquimica Industria Farmaceutica S.A. In Brazil.
  • 2015: Completes the acquisition of Pharma Dynamics in South Africa.
  • 2016: Commissions a new plant at Tottori, Japan.
  • 2016: Bolsters the US Brands Portfolio with Methergine Oral Tablets.
  • 2016: Acquires branded product portfolio from Shionogi & Co. Ltd. in Japan.
  • 2016: Acquires Gavis Pharma in New Jersey.
  • 2016: Inaugurates a new plant at Visakhapatnam.
  • 2017: Acquires Symbiomix Therapeutics, LLC in New Jersey
  • 2017: Forays into the OTC segment with pan india launch of Softovac
  • 2017: Inaugurates a new plant at Sikkim
  • 2018: Commissions injectables facility at Nagpur
  • 2018: Files a new drug application for Etanercept Biosimilar in Japan
  • 2019: Divestment of Kyowa Pharmaceutical Industry Co.
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