Lupin (LPC IN) Buy: Launch pipeline gaining momentum

研报英文原文证据摘录

Lupin (LPC IN) Buy: Launch pipeline gaining momentum

11 May 2026

Lupin (LPC IN) EquitiesPharmaceuticals

Buy: Launch pipeline gaining momentum India

◆ Record US sales of USD371m in 4QFY26 (vs USD350m in

MAINTAIN BUY

3Q) on higher mirabegron sales and new launches

◆ Tolvaptan and mirabegron sales should remain notable in the TARGET PRICE (INR) PREVIOUS TARGET (INR)

near term, in our view; VISUfarma expands presence in Europe 2,700.00 2,700.00

◆ Maintain Buy and TP of INR2,700; Lupin guides for high single- SHARE PRICE (INR) UPSIDE/DOWNSIDE

digit revenue growth and mid-20s EBITDA margins for FY27 2,379.50 +13.5%

(as of 08 May 2026)

New highs for US sales: Lupin’s 4Q results were ahead of our and consensus

estimates, helped by traction in tolvaptan and mirabegron sales as well as new MARKET DATA

Market cap (INRm) 1,087,945 Free float 53%

launches in the US. Lupin gained incremental market share in mirabegron after a Market cap (USDm) 11,520 BBG LPC IN

patent settlement with the innovator in February 2026. As a result, it recorded US 3m ADTV (USDm) 27 RIC LUPN.BO

sales of USD371m in 4QFY26 vs USD350m in 3Q. After recording US sales of FINANCIALS AND RATIOS (INR)

USD1.3bn in FY26, Lupin expects to sustain US sales of cUSD1bn in FY27e, Year to 03/2026a 03/2027e 03/2028e 03/2029e

HSBC EPS 115.53 99.56 104.23 106.18assuming competition in tolvaptan and mirabegron. Despite competition, it sees room HSBC EPS (prev) 113.17 101.08 104.18 na

to gain more market share in mirabegron and tolvaptan, where 50%/40% of the Change (%) 2.1 -1.5 0.0 na

Consensus EPS 111.25 98.61 101.72 116.67respective market is still available for generics. Overall, 4Q revenue at INR74.7bn PE (x) 20.6 23.9 22.8 22.4

grew 31.9% y-o-y and 4.3% q-o-q, driven by US sales. EBITDA margin (incl.