Lupin’s revenue beat our estimates (+3.1%) due to better-than-expected revenue in North America and India. EBITDA beat our estimates due to better-than-expected gross profit and lower-than-expected other expenses. Adj. PAT beat our estimates due to lower-than-expected depreciation expense.

Lupin Ltd. has an average target of 2329.44 from 9 brokers.

Lupin Ltd.

13 Feb 2025

1991.85

1.19%

Lupin (BUY): High-margin US region to have growth visibility till FY27

Buy: Lupin Ltd.

Target

BOB Capital Markets Ltd.

US sales cc quarterly run rate at its highest-ever level of US$ 235mn, expect to inch up to US$ 250mn in FY26E and US$ 280mn in FY27E

Geojit BNP Paribas increased Hold price target of Lupin Ltd. to 2132.0 on 13 Mar, 2025.

Lupin Ltd.

30 Dec 2024

1991.85

1.19%

Delay in approval for Amneal's gProAir an unexpected positive

Buy: Lupin Ltd.

Emkay

In Teva’s litigation with Amneal which blocked Amneal’s launch of gProAir, the US Court of Appeals had recently asked Teva to delist its patents in contention. While the ruling was expected to clear the way for Amneal’s launch of gProAir, Teva has now filed a petition seeking an en banc rehearing.

Lupin Ltd. has an average target of 2329.44 from 9 brokers.

Lupin Ltd.

16 Dec 2024

1991.85

1.19%

Lupin (BUY): Reduction in in-licence portfolio to increase margins

Buy: Lupin Ltd.

BOB Capital Markets Ltd.

LPC's domestic region in-licence portfolio fell from 15% in Q2FY24 to 12% in Q2FY25 and is expected to reduce further to ~10% by FY26

Lupin Ltd. is trading below all available SMAs

Lupin Ltd.

12 Nov 2024

1991.85

1.19%

Focus on complex portfolio to drive growth

Buy: Lupin Ltd.

Target

KRChoksey

Lupin’s revenue was largely in-line with our estimates (+2.3%). EBITDA and Adj. PAT beat our estimates significantly due to lower-than-expected COGS and lower than expected other expenses.
We increase our FY2E6 EPS estimates to INR 79.7 (previously: 78.8) as we anticipate expanding respiratory portfolio in Europe, upcoming injectable launches include glucagon and dalbavancin, and GLP-1 launch in India in 2026E will drive growth.