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Dolat Capital Report
Lupin Ltd. reported poor Q1 adjusted for the one-time milestone income of $50 million from Boehringer Ingelheim for a cancer drug.
Adjusted sales grew 11% YoY aided by domestic formulations, adjusted Ebitda margin at 14% versus our expectation of 19% margins for base business.
Factors such as pricing pressure in base portfolio including famotidine, phasing out of albuterol from spot buys to long term contracts and supply chain issues impacted U.S. sales at $172 million.
Bucking the trend of past six quarters of margin improvement, Q1 saw a sharp dip due to subdued U.S.
Lupin's management lowered Ebitda margin guidance from 18-20% to 16-17% for FY22E with recovery expected from Q3.
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