The international brokerage added that the US business continues to be a key growth driver for Lupin, with sales of $315 million in the quarter — the highest since Q3FY17. Growth was supported by new launches such as Glucagon and Liraglutide, along with a strong performance from Tolvaptan, Spiriva, and Mirabegron, which helped offset competition in the base business, including Albuterol. The company plans to file over 15 products in FY26, about two-thirds of which will be in complex generics, and expects US sales to remain in the $275–300 million range over the next two quarters.
For FY26, Lupin has raised its EBITDA margin guidance by 1% to the 25–26% range and expects to close the year with US revenue exceeding US$1 billion. Despite several moving parts for key products, the company aims to sustain $1 billion in US sales for FY27, projecting marginal top-line growth with EBITDA margins in the 24–25% range as R&D expenses normalise.
Looking ahead to 2028, Lupin is targeting 20 complex product launches across inhalation, injectables, and ophthalmic segments. It also plans to complete three biosimilar filings in regulated markets and introduce 10 novel complex pipeline products in India.
Lupin’s strong US pipeline for FY26 positions the company for healthy growth momentum in the coming quarters. While FY27 could see some variability depending on the competitive landscape for key US products, management’s guidance remains encouraging. Reflecting this optimism, estimates for FY26 and FY27 EPS have been raised by 7% and 5%, respectively, Jefferies said in a note dated November 8.
Lupin reported a 73.34% year-on-year increase in net profit to Rs 1,478 crore for the quarter ended September 2025, compared with Rs 852.6 crore in the same period last year.Revenue from operations grew 24.2% year-on-year to Rs 7,047.5 crore, surpassing the Rs 5,672.7 crore it reported in Q2 FY25. Earnings before interest, tax, depreciation, and amortisation (EBITDA) rose 74.7% to Rs 2,341.7 crore, against Rs 1,340.5 crore a year ago. The company’s EBITDA margin stood at 33.2%, up from 23.6% in the corresponding quarter of the previous year.Also read | Tata Motors Commercial Vehicles stock likely to list on D-Street this month. Here’s what to expect
At about 12:15 pm, shares of the company were trading at Rs 2,024, higher by 2.6% from the last close on the NSE. Lupin shares are down 15% on a year-to-date basis.
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