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Lupin, the Indian pharmaceutical major registered a 41.5 per cent decline in its consolidated net profit at Rs 266 crore for the quarter ended September due to the fall in sales in the US market. The drug-maker had earlier recorded a net profit of Rs 455 crore for the corresponding quarter of previous fiscal 2017-18.
The total revenue of the company, for the quarter, rose insignificantly to Rs 3,890.9 crores as compared to Rs 3,874.2 crore in the corresponding period last fiscal. Lupin said in a regulatory filing, that the North American sales declined by 8.25 per cent to Rs 1,248.7 crores, from Rs 1,361.1 crores in the same quarter period of the last fiscal.
The Lupin India formulations sales during the said July-September quarter stood at Rs 1,203.2 crores, up by 3.8 per cent as compared to Rs 1,159.3 crores in the second quarter of 2017-18.
NaMuscla, Lupin Managing Director Nilesh Gupta said. “Aided by forex and markets like the US starting to stabilise, we are now getting back on the growth mode.” He added that the quarter witnessed some promising developments on the speciality front with the Solosec launch in full swing and a positive CHMP.
Gupta also said, “Our growth will be fueled by new product launches in the near term and meaningful evolution of products in the complex generic, biosimilar and speciality space in the mid to long-term.”
