Lupin Delivers Operationally Strong Q3, Sustenance Remains Key: Dolat Capital
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Dolat Capital Report
Lupin Ltd.’s Ebitda margin recovered to 18% in Q3 (versus our expectation of 17%) post a full blown quarter sales of gAlbuterol in the U.S.
U.S. sales at $188 million (up $8 million QoQ) was largely led by gAlbuterol (gained approximately 8% Rx share) offsetting the lower seasonality in base portfolio.
The company remains on track to ramp up Proair volumes to more than 10 million units in the next few months.
We expect absence of Perrigo to persist in the near term providing further opportunity to gain market share.
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