Lupin posts 42% jump in Q3 net; announces acquisition of Nanomi
Indian drug-maker Lupin Ltd on Monday reported better-than-expected third quarter net profit, and confirmed its latest acquisition - Nanomi B. V., which has patented technologies to develop complex injectable medicines.
The Asian country's No. 2 pharmaceutical firm by market value announced that its net profit grew 42 per cent year-on-year to Rs 4.8 billion in the October-December quarter of 2013. Analysts had projected the company's December quarter net profit at Rs 4.3 billion.
Revenue jumped 21 per cent year-on-year to Rs 3,022 crore, while domestic formulations business increased 14 per cent to Rs 650.4 crore. Revenue from its key U. S. market grew 30.6 per cent year-on-year to settle at Rs 1,356.7 crore.
Lupin attributed the impressive increase in net profit to the launch of new drugs in the United States, including the generic version of Eli Lilly & Co's Cymbalta that is used to treat major depressive disorder.
The company also announced the acquisition of Nanomi in the Netherlands. Lupin CEO Vinita Gupta said that the acquisition would enable the company to make significant in-roads into the area of complex injectables.
Speaking about the acquisition, "Vinita Gupta, chief executive officer, Lupin, said, "With Nanomi's proprietary technology platform, Lupin would be able to make significant in-roads into the niche area of complex injectables."
He added that the company would likely maintain its current pace of launch of 4-5 generic drugs each quarter in the U. S., which accounted for nearly 45 per cent of its sales.
Following the announcement of the Q3 results, Lupin shares gained as much as 4.9 per cent on the Bombay Stock Exchange.