Lupin Q1 Review - FY22 Begins On Weak Note, Led By Competitive Pressures In U.S.: Motilal Oswal
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Motilal Oswal Report
Lupin Ltd. delivered a significant miss on Q1 FY22 core earnings, weighed by lower margins in the U.S. segment.
This was offset, to some extent, by a milestone payment of $50 million on the clinical progress of the MEK inhibitor from Boehringer Ingelheim.
Lupin continues to build a complex product pipeline in the inhalers/injectables space and is also exploring a potential spin-off of the new chemical entity business.
We cut our FY22E/FY23E earnings per share by 22%/14%, factoring in-
increased competition in g-Famotidine,
the failure to supply products due to supply disruption on account of Covid-19,
the deferral of sales of certain products, and
reduced operating leverage.
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