Pharma Major Lupin Limited reported its financial performance for the fourth quarter and fiscal year ending March 31, 2018. These audited results were taken on record by the board of directors at a meeting held in Mumbai.

Key Financial and Performance Highlights 

  • Sales for FY2018 were 155,598 million compared to 171,198 million in FY2017
  • Sales for Q4 FY2018 increased by 2.0 percent compared to 39,004 million in Q3 FY2018
  • Sales for Q4 FY2018 were 39,785 million compared to 41,619 million in Q4 FY2017
  • Earnings before Interest, Tax, Depreciation and Amortization (EBITDA) for FY2018 was 32,979 million (21.2 percent of sales) compared to 45,997 million in FY2017
  • EBITDA for Q4 FY2018 increased by 19.1 percent to 8536 million (21.5 percent of sales) compared to 7168 million (18.4 percent of sales) in Q3 FY2018
  • EBITDA for Q4 FY2018 increased by 3.3 percent to 8536 million (21.5 percent of sales) compared to 8267 million (19.9 percent of sales) in Q4 FY2017
  • et profit before exceptional items for FY2018 was 13,934 million compared to 25,575 million in FY2017
  • Net profits before exceptional item for Q4 FY2018 was 3,586 million compared to 2,217 million in Q3 FY2018 and 3802 million in Q4 FY2017
  • et profit after exceptional items for FY2018 was 2513 million

The exceptional item represents impairment provision of 14,644 million (USD 227.2 million) on certain intangible assets acquired as part of the Gavis group acquisition (Gavis). Deferred tax for Q4 FY2018 and FY2018 includes deferred tax assets of 3223 million created on difference between tax and book value of certain intangible assets of Gavis.

Net profit also includes negative impact of 766 million for FY2018 on account of re-measurement of deferred tax assets / liabilities pertaining to US operations based on enactment of the new tax regime in the US:

  • Q4 FY2018 – 405 million
  • Q3 FY2018 – 361 million
  • Investment in Research for the year was 18,510 million, representing 11.9 percent of sales
  • Investment in Research for the quarter was 4015 million, 10.1 percent of sales
  • lans on Warning letter resolution on track
  • Board recommends dividend of 250 percent

Commenting on the results, Nilesh Gupta, Managing Director, Lupin Limited, said “We ended the year on a positive note with growth across all our key markets. We took a one-time impairment on the Gavis acquisition in line with the changed market conditions, in particular with the opioids in the US. We have made meaningful strides in our complex generics pipeline, made progress on the Specialty build across US, Europe, and Japan and have had strong growth in the Emerging Markets, especially India. Our near-term priorities are resolution of the Warning Letter on Goa and Indore Unit 2,  successful commercialization of Solosec in the US and executing on meaningful product launches”. – Medical Buyer Bureau


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