Lupin Ltd

ESG Rating Disclosure

• ESG rating of 60 assigned to Lupin, category Adequate, by ESG Risk Assessments & Insights Limited.
• Lupin did not engage the firm; rating prepared from Lupin's public-domain data.
• Disclosure for information and dissemination.

Exclusive license for YUVEZZI in Europe

• Exclusive license to commercialize YUVEZZI in EU, UK, Switzerland, Norway, Iceland.
• Parties: Lupin's VISUfarma B.V. and Visus Therapeutics, Inc. (Tenpoint subsidiary).
• Initial term 20 years from first commercial sale per country; renewals possible in five-year steps.
• Total potential consideration up to €75 million (up to €20m SAFE investment; up to €55m milestones).
• Milestones include regulatory and commercial payments; royalties based on net sales.
• Not a related-party transaction; no promoter interest in the arrangement.
• Strategic expansion strengthens Lupin's ophthalmology portfolio in Europe and growth opportunities.

Demise of Senior Management Personnel

• Dr. Sofia Mumtaz, President, Legal & Compliance for Canada, ANZ & NEA, died on August 17, 2026.
• Cessation of her Senior Management Personnel role due to demise.

FDA approval

• US FDA grants final approval for Pitolisant Tablets, 4.45 mg and 17.8 mg.
• Bioequivalent to Wakix® for indications in the approved labeling.

Regulatory approval

• FDA grants final approval for Pitolisant tablets, 4.45 mg and 17.8 mg.
• Approved as bioequivalent to Wakix® per the approved labeling.
• Approval obtained via Lupin's Abbreviated New Drug Application (ANDA).

Financial Performance

• Q1 FY27 revenue from operations: INR 8,277 crores; EBITDA ex-forex/other income: INR 2,464 crores.
• Revenue grew 32% YoY; EBITDA grew 50% YoY; 16th consecutive YoY growth.
• Gross margin at 74.6% in Q1; up 330 bps vs Q1 FY26.
• EBITDA margin was 30% in Q1; full-year target around 25%.
• R&D spend 7.4% of sales; INR 608 crores.
• Other operating income: INR 60 crores; down 43% YoY due to lower export benefits.
• Operating working capital: INR 8,260 crores; 90 days of net working capital.
• Net cash: INR 2,831 crores as of 30 June 2026; 4,636 crores as of 31 March 2026.
• ROCE: 29.5%; FY26 was 28.4%.
• ESG progress: 41% GHG reduction, 45% water recycling; TIME sustainability list recognition.

Geography & Segments

• U.S. sales: USD 366 million in Q1; CC growth 30% YoY.
• FY27 U.S. revenue target: USD 1.1–1.2 billion.
• India sales: INR 2,380 crores; 13.9% YoY; core prescription growth 15.1%.
• Volume growth in India: 6.1%; chronic share ~67% of portfolio.
• Other Developed Markets: INR 1,149 crores; 14% of sales; YoY +48%; Europe +83%.
• Emerging Markets: INR 990 crores; YoY +52%; Brazil +117% local currency.

Pipeline & Product Launches

• Pegfilgrastim launch expected in H2 FY27; 505(b)(2) Dalbavancin in pipeline.
• Nasal Fluticasone spray; Epinephrine nasal spray; Raltegravir; Eribulin; Diazepam nasal spray in FY27.
• FY28: Apixaban 505(b)(2); Diazepam nasal; Epinephrine nasal; iron sucrose; Saxenda; Ivacaftor FTF.
• FY29: Spiriva Respimat filing; Etanercept; potential P4-related timing.
• Xywav is a FY33 product; MDI capacity is fungible across products.

Guidance & Outlook

• Near-term US headwinds from Tolvaptan and Mirabegron; growth moderates.
• FY27 US revenue guidance anchored at USD 1.1–1.2 billion.
• Full-year EBITDA margins expected around 25%.
• R&D spend 7.4% of sales; ETR expected 27–28%.
• US growth to resume from FY28; 50+ US products in pipeline.

Risks & Watchpoints

• US competition in Tolvaptan and Mirabegron could pressure margins.
• Geopolitical headwinds and FX volatility remain risk factors.
• Export benefits under PLI schemes declined; impact on Other Operating Income.
• FDA EIRs received for Ankleshwar and Somerset; Pithampur remediation ongoing.

Regulatory approval

• US FDA approves Lupin's Sodium Zirconium Cyclosilicate for Oral Suspension, 5 g and 10 g packets.
• Bioequivalent to Lokelma® for oral suspension; indicated for treatment of hyperkalemia in adults.
• Lokelma® (RLD) had estimated US annual sales of USD 568 million (IQVIA MAT Jun 2026).

Meetings

• Aug 13, 2026 – Equirus Annual India Conference, in-person group meet; times not disclosed; purpose: analyst/institutional investor discussions.
• Aug 14, 2026 – Emkay Confluence 2026 – India: Full Throttle Ahead, in-person group meet; purpose: analyst/institutional discussions.
• Aug 18, 2026 – Motilal Oswal 22nd Annual Global Investor Conference, in-person group meet; purpose: analyst/institutional discussions.
• Aug 25, 2026 – Antique Healthcare Investor Conference, in-person group meet; purpose: analyst/institutional discussions.
• Sept 1, 2026 – Ashwamedh Elara India Dialogue 2026, in-person group meet; purpose: analyst/institutional discussions.
• Presentations at events will follow Lupin’s existing material on company/stock exchange websites.