Dolat Capital: Lupin Posts In-Line Q2, Albuterol Ramp Up Delayed To Q4
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Dolat Capital Report
Lupin Ltd. reported an in-line Q2 with U.S. sales at $180 million (up $23 million QoQ) being the only bright spot in an otherwise muted revenue base.
U.S. sales includes Albuterol and relaunch of Metformin as base generics remained muted.
Management denied of channel filling of Albuterol in Q2, but it did benefit from Perrigo’s recall in the U.S.
Importantly, Lupin indicated that ramp up of Albuterol will take some time and maximum benefits shall accrue in Q4, implying that Q3 will be largely led by seasonality.
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