Result Presentation for March 31, 2016 [Result]

May

19,

2016

Lu

pin

Lim

ite

d

FY

2015

-16 In

vesto

r P

resen

tati

on

Safe

Harb

or

Sta

tem

ent

Mate

rials

an

din

form

ation

pro

vid

ed

during

this

pre

sen

tation

ma

yconta

in‘forw

ard

-lookin

gsta

tem

ents

’.T

hese

sta

tem

en

tsare

based

on

curr

ent

expecta

tions,

fore

casts

an

dassum

ptions

tha

tare

subje

ct

torisks

an

duncert

ain

ties

whic

hco

uld

cause

actu

al

outc

om

es

an

dre

sults

todiffe

rm

ate

rially

from

these

sta

tem

ents

.

Ris

ks

an

duncert

ain

ties

inclu

de

genera

lin

dustr

ya

nd

ma

rket

cond

itio

ns,

an

dgenera

ldom

estic

an

din

tern

ationaleconom

icconditio

ns

such

as

inte

rest

rate

an

dcurr

ency

exchange

fluctu

ations.

Ris

ks

an

duncert

ain

ties

part

icula

rly

apply

with

respect

top

roduct-

rela

ted

forw

ard

-lookin

gsta

tem

ents

.P

roduct

risks

an

duncert

ain

ties

inclu

de,

bu

tare

no

tlim

ited

to,

technolo

gic

al

advances

an

dpate

nts

obta

ined

by

com

petito

rs.

Challe

nges

inhere

nt

inn

ew

pro

duct

develo

pm

en

t,in

clu

din

gcom

ple

tion

of

clin

ical

tria

ls;

cla

ims

an

dconcern

sa

bo

ut

pro

duct

safe

tya

nd

eff

icacy;

ob

tain

ing

regula

tory

appro

va

ls;

dom

estic

an

dfo

reig

nhealthcare

refo

rms;

trends

tow

ard

manag

ed

care

an

dhealth

care

cost

conta

inm

ent;

an

dgovern

men

tal

law

sa

nd

regula

tions

aff

ecting

dom

estic

an

dfo

reig

nopera

tions.

Als

o,

for

pro

ducts

tha

ta

reappro

ved,

the

rea

rem

anufa

ctu

ring

an

dm

ark

eting

risks

an

duncert

ain

ties,

wh

ich

inclu

de,

bu

tare

no

tlim

ited

to,

inabili

tyto

build

pro

duction

capacity

tom

eet

dem

and,

unavaila

bili

tyo

fra

wm

ate

rials

,a

nd

failu

reto

gain

mark

et

accepta

nce

.

The

Com

pan

ydis

cla

ims

an

yin

tention

or

oblig

ation

tou

pd

ate

or

revis

ean

yfo

rwa

rd-lookin

gsta

tem

ents

wheth

er

as

are

sult

of

ne

win

form

ation,

futu

reevents

,o

roth

erw

ise

.

22

•P

rice E

rosio

n d

ue t

o c

hannel consolid

ation

•G

DU

FA

goals

–F

DA

appro

ved r

ecord

AN

DA

s in 2

015

•R

ecord

M&

A (

$500bn in last

2.5

years

) fo

r generics a

nd s

pecia

lty

•E

g. Teva -

Alle

rgan G

x,

Myl

an –

Meda, A

cta

vis

-A

llerg

an

•D

evelo

ped m

ark

ets

path

way

em

erg

ing

•U

S F

DA

appro

vin

g a

nd r

ecom

mendin

g b

iosim

ilars

•R

egula

tory

penaltie

s p

eaked in 2

015 in f

orm

of

483’s

and w

arn

ing

lett

ers

by

US

FD

A

•G

ovt

targ

et

of

Gx

penetr

ation f

or

mid

-2017:

70%

; 2020

: 80%

•N

HI

price r

evis

ions for

3 y

ears

in a

row

for

2016

-18

•P

olic

y changes c

reating

uncert

ain

ty in t

he m

ark

et

•E

xpandin

g N

LE

M lis

t and irr

ational F

DC

bans

US

M&

A

Bio

sim

ilars

Co

mp

lia

nc

e

Ind

ia Jap

an

Glo

bal G

enerics:

Industr

y T

rends

3

Sourc

e;

IMS

Use o

f M

edic

ines t

ill 2

020,

Morg

an S

tanle

y R

esearc

h

•G

x p

enetr

ation e

xpecte

d t

o r

ise f

rom

88%

to 9

2%

by

2020

•2016-2

0:

pate

nt

exp

irie

s o

f $92bn

•G

enerics s

till

underp

enetr

ate

d in

altern

ative d

osage f

orm

s

•G

enerics s

till

fragm

ente

d in U

S: Top 5

share

goin

g d

ow

n d

espite

consolid

ation

Gx w

ill see f

urt

her

pen

etr

ati

on

in

th

e U

S..

Teva

, 23%

Teva

, 22%

Myl

an,

11%

Myl

an

, 11

%

Acta

vis, 7%

Sandoz, 9%

Sandoz, 7%

Endo / P

ar,

6%

Pfizer,

5%

Pfizer,

5%

2009

2015

US

Gx M

ark

et

Sh

are

Evo

luti

on

55%

51%

US

Generics –

Drivers

4

·70%

of

gen

eri

cs m

ark

et

($68b

n)

is o

ral so

lid

s a

nd

liq

uid

s

·M

ajo

rity

of

co

mp

an

ies lack c

riti

cal m

ass in

alt

ern

ati

ve d

osag

e f

orm

s

–D

erm

ato

logy

and in

jecta

ble

s h

ave

17 a

nd 1

4 la

rge p

laye

rs, siz

ed a

t $6bn a

nd $

8bn, re

spective

ly

–R

est of th

e a

reas a

re s

mall

($1-2

bn),

but are

hig

hly

conce

ntr

ate

d w

ith f

ew

er

pla

yers

Com

ple

x G

enerics O

pport

unity

Sourc

e;

IMS

MA

T S

ep 2

015 a

nd M

org

an S

tanle

y R

esearc

h

Co

mp

lex

gen

eri

cs s

till p

resen

t an

un

tap

ped

op

po

rtu

nit

y

US

Gx

Penetr

ation

(by

TR

x)

# o

f pla

yers

(>$100m

m)

47

17

14

66

25

3

Mark

et S

ize

($bn)

45.0

8.4

5.9

1.9

1.5

1.7

1.3

0.5

77

%

18

%

71

%8

4%

23

%3

7%

51

%6

8%

Ora

l S

olid

sIn

jecta

ble

sD

erm

ato

log

yL

iqu

ids

Patc

hes

Inh

ala

nts

Oph

tha

lmic

sN

asals

5

•F

ocus o

n c

om

ple

x g

enerics

•B

uild

specia

lty

inte

rnally

and v

ia a

cquis

itio

ns/p

art

ne

rship

s

•F

ocus o

n B

rands a

nd S

pecia

lty

acquis

itio

n•

Targ

et

Nic

he technolo

gy

pla

tform

s

•E

nhanced R

&D

investm

ents

in c

om

ple

x g

eneri

cs,

specia

lty

and

bio

logic

s

•C

ontinued f

ocus o

n o

pera

tional excelle

nce to a

chie

ve

cost

leaders

hip

•H

igh q

ualit

y and c

om

plia

nce s

tandard

s

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trate

gic

part

ners

hip

s w

ith k

ey

constitu

ents

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apacity

expansio

n t

o s

erv

e t

he f

urt

her

genericiz

ation

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cre

ase t

he p

rescriber

base a

nd p

enetr

ation

•N

ew

alli

ances to

help

accele

rate

gro

wth

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M&

A

R&

D

Execu

tio

n

Ind

ia Jap

an

What

does t

his

mean f

or

Lupin

?

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Our

Str

ate

gic

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2016

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rim

arily

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eneric /

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eneric

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ess

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trong g

eogra

phie

s

2018

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g g

enerics p

laye

r w

ith a

larg

er

com

ple

x generics a

nd s

pecia

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busin

ess

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tronger

geogra

phic

spre

ad

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enerics p

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sig

nific

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LU

PIN

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20

16

*

667bn

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23bn

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A J

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CA

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CA

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CA

GR

31%

9

*All

figure

s in IN

R; “m

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dic

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s m

illio

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bn”

indic

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larg

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ark

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om

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reat

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ork

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r in

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plo

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dia

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orb

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orld’s

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ublic

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panie

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irm

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r o

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am

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13

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09

FY

10

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11

FY

12

FY

13

FY

14

FY

15

FY

16

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150

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08

FY

09

FY

10

FY

11

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12

FY

13

FY

14

FY

15

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16

Str

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rack R

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om

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16 R

&D

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al t

rials

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FY

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ngs; D

ev

ongoin

g

Co

ntr

oll

ed

Su

bst.

Gavi

s 9

pdts

in m

ark

et;

12 fili

ngs; F

urt

her

Dev

ongoin

g

1.23

.1

3.04.1

0.3 1

.82.7

7.8

12.8

17.219.1

Develo

pm

ent

File

d

Targ

et $73bn

1

Mark

et

Siz

e

targ

ete

d (

$b

n)1

Note

: 1

. U

S I

MS

MA

T D

ec 2

01

5 B

ran

ds +

Gx

da

ta

Com

ple

x G

x /

Specia

lty U

pdate

16

Mexi

co C

ity,

Mexi

co

Min

as G

erias, B

razi

l

Nagpu

r

Som

ers

et,

NJ

Lupin

Glo

bal C

apabili

ties F

ootp

rint

Man

ufa

ctu

rin

g s

ites:

11 i

n I

nd

ia;

1 i

n U

S;

2 i

n J

ap

an

an

d 2

in

LatA

m

Cora

l S

pring

s, F

L

Old

enza

al, N

eth

erlands

Viz

ag

17

US

FD

A C

om

plia

nce R

ecord

: G

oa U

pdate

Mo

nth

Sit

e o

f In

sp

ecti

on

Ou

tco

me

Jan

-15

Pitham

pu

r (I

ndore

), U

nit-2

48

3 w

ith 6

observ

ations

Mar-

15

Pitham

pu

r (I

ndore

), U

nit-3

No o

bserv

ations

Mar-

15

Nagpur

No o

bserv

ations

Apr-

15

Aura

ngabad

48

3 w

ith 2

observ

ations

Jun

-15

DS

RM

, M

um

bai

No o

bserv

ations

Jul-

15

Goa

48

3 w

ith 9

observ

ations

Aug

-15

Pitham

pur

(Indore

), U

nit-1

No o

bserv

ations

Aug

-15

Tara

pur

No o

bserv

ations

Aug

-15

LB

C,

Pune

No o

bserv

ations

Jan

-16

Aura

ngabad

48

3 w

ith 3

observ

ations

Feb-1

6M

andid

eep U

nit-1

483 w

ith 4

observ

ations

Mar-

16

Goa

48

3 w

ith 9

observ

ations

•R

esponded t

o t

he G

oa o

bserv

ations

•P

rovid

ed u

pdate

there

aft

er

•W

ork

ing o

n h

olis

tic q

ualit

y tr

ansfo

rmation

18

BU

SIN

ES

S U

PD

AT

E

19

P&

L H

ighlig

hts

–Q

4F

Y16 Y

oY

Part

icu

lars

(IN

Rm

m)

Q4F

Y16

% o

f n

et

sale

sQ

4F

Y15

% o

f n

et

sale

s

Yo

Y

gro

wth

Q

3F

Y16

% o

f n

et

sale

s

Qo

Q

gro

wth

Net

sale

s40,9

13

100.0

%30,5

40

100.0

%34.0

%33,5

77

100.0

%21.9

%

Oth

er

opera

ting in

com

e899

241

1,9

81

To

tal re

ven

ue

41,8

12

30,7

81

35.8

%35,5

58

17.6

%

Gro

ss m

arg

in(e

xcl. o

ther

op

era

ting incom

e)

30,1

76

73.8

%20,9

77

68.7

%43.9

%22,3

47

66.6

%35.0

%

EB

ITD

A13,9

29

34.0

%8,0

66

26.4

%72.7

%9,4

25

28.1

%47.8

%

EB

IT12,4

82

30.5

%6,9

95

22.9

%78.4

%8,3

1124.7

%50.2

%

Net

pro

fit

8,0

71

19.7

%5,4

70

17.9

%47.5

%5,2

98

15.8

%52.4

%

Cro

ssed 4

,000 C

r in

sale

s a

nd 8

00 C

r in

pro

fits

for

the f

irst tim

e in a

quart

er

20

P&

L H

ighlig

hts

–F

Y16

Part

icu

lars

(R

s m

n)

FY

16

% o

f n

et

sale

sF

Y15

% o

f n

et

sale

sG

row

th

Net

sale

s137,0

16

100.0

%125,9

97

100.0

%8.7

%

Oth

er

opera

ting in

com

e5,0

69

1,7

03

To

tal re

ven

ue

142,0

85

127,7

00

11.3

%

Gro

ss m

arg

in(e

xcl. o

ther

op

era

ting incom

e)

93,9

22

68.5

%84,4

27

67.0

%11.2

%

EB

ITD

A39,4

12

28.8

%38,5

93

30.6

%2.1

%

EB

IT34,7

77

25.4

%34,2

46

27.2

%1.5

%

PB

T34,3

30

25.1

%34,1

48

27.1

%0.5

%

Net

pro

fit

22,7

07

16.6

%24,0

32

19.1

%(5

.5%

)

PB

T m

ain

tain

ed a

t pre

vio

us y

ears

’ le

vel despite c

halle

ngin

g f

irst

half a

nd

enhanced R

&D

investm

ents

21

208

325

Q3'1

6Q

4'1

6

US

•U

S b

usin

ess g

rew

YoY

by

59%

in IN

R term

s

to R

s. 21,8

71 m

m (

inclu

din

g IP

) in

Q4F

Y16

•Q

oQ

gro

wth

was 5

6%

•L

up

in n

ow

has 5

.6%

Rx s

hare

an

d r

eta

ins

5th

ran

k1

•39 a

ppro

vals

in F

Y16

•9 n

ew

pro

duct la

unches d

uring the q

uart

er

•L

up

in s

up

pli

es f

ou

r o

f th

e T

op

10 m

ost

co

mm

on

ly d

isp

en

sed

med

icin

es in

US

•P

ort

foli

o o

f 124

2 p

rod

ucts

(28 S

om

ers

et)

•U

S M

ark

et

Sh

are

: N

o. 1 i

n 4

4 &

to

p 3

in

79 p

rod

ucts

3

•To

tal o

f 343

2A

ND

A f

ilings till

date

(102

Som

ers

et)

, of w

hic

h 1

80

2(4

4 S

om

ers

et)

have

been a

ppro

ved

Note

:1 IM

S M

AT

Sep 2

015

2 A

s o

f 31

-Mar-

16

3 IM

S M

AT

Mar

2016

Co

mm

en

tary

891

887

FY

15

FY

16

(US$mm)

211

325

Q4'1

5Q

4'1

6

(US$mm)

22

India

Note

:1 IM

S M

AT

Mar

2016

•In

dia

busin

ess g

row

th o

f 14%

to R

s.

33,9

16 m

m

•R

anked 8

thin

the IP

M1

•A

dded 1

,000 r

eps in

FY

15; Tota

l

sale

s forc

e >

6,6

00

•Launched 5

new

div

isio

ns to c

ate

r to

hig

h g

row

th thera

pie

s

•C

limbed to #

3 r

ankin

g in

Respirato

ry

•Launched 1

9 b

rands in

FY

16

•C

hro

nic

: 58%

; S

em

i-chro

nic

: 29%

of

sale

s in

FY

16

Co

mm

en

tary

Q4'1

5Q

4'1

6

(INRmm)

Q3'1

6Q

4'1

6

29,6

79

33,9

16

FY

15

FY

16

(INRmm)

6,6

37

7,6

15

8,7

12

7,6

15

23

Japan

•Japan b

usin

ess g

rew

YoY

by

3%

to

Rs.1

3,6

46 m

m

•9

thla

rgest generic c

om

pany

Str

ong

pre

sence in

Centr

al N

erv

ous S

yste

m,

Card

iova

scula

r, G

astr

oente

rolo

gy

&

Inje

cta

ble

s

•A

new

dedic

ate

d m

anufa

ctu

ring s

ite

for

ora

l solid

s

•N

ew

inje

cta

ble

line in

KC

C

•S

trate

gic

part

ners

hip

with n

ational

dis

trib

uto

r

¥ g

row

th: K

yow

a:

6%

, K

CC

: 2%

INR

gro

wth

: 17%

Co

mm

en

tary

¥ g

row

th: K

yow

a:

6%

, K

CC

: 4%

INR

gro

wth

: 3%

Q4'1

5Q

4'1

6

(¥mm)

Q3'1

6Q

4'1

6

5,6

45

5,9

18

6,8

90

5,9

18

¥ g

row

th: K

yow

a:

(18%

), K

CC

: flat

INR

gro

wth

: (8

%)

23,7

09

25,0

62

FY

15

FY

16

(•¥mm)

1 IM

S M

AT

Mar

16 –

Peer

com

panie

s u

niv

ers

e

24

Rest

of

Busin

ess

Note

:1

SA

IM

S M

AT

Ma

r 1

62

Ph

ilip

pin

es IM

S M

AT

Ma

r 1

63

Me

xico

IM

S M

ar

16

•Y

oY

gro

wth

of 42%

in

PH

P

•M

ultic

are

IM

S g

row

th

of 44%

2vs

industr

y

gro

wth

of 9%

2

•R

ank: 22

2

•Y

oY

gro

wth

of 10%

in

ZA

R

•4

thla

rgest generic

com

pany1

& #

1 C

VS

pla

yer1

So

uth

Afr

ica

Ph

ilip

pin

es

•M

exic

o:

2nd

larg

est

ophth

al (

by

volu

me);

IMS

gro

wth

of 18%

vs

5%

mark

et gro

wth

3

•B

razil

: IM

S g

row

th o

f

15%

vs m

ark

et gro

wth

of 8%

4LatA

m

Co

mm

en

tary

•A

ll busin

esses g

row

ing

str

ongly

•F

ora

y in

to B

randed /

Specia

lty

segm

ent w

ith

the a

cquis

itio

n o

f

Tem

mle

rport

folio

in

Germ

any

Eu

rop

e

4 B

razil

IMS

MA

T D

ec 1

55

Rest o

f B

usin

ess: In

clu

de

s E

uro

pe

, R

OW

(S

ou

th

Afr

ica

, P

hili

pp

ine

s, M

exi

co

, A

ustr

alia

an

d B

razil)

Q4'1

5Q

4'1

6

(INRmm)

Q3'1

6Q

4'1

6

4,1

06

5,1

46

4,3

17

5,1

46

14,5

62

17,9

72

FY

15

FY

16

(INRmm)

25

AP

I

1%

Co

mm

en

tary

•A

PI busin

ess fla

t Y

oY

at R

s. 12,0

74m

m

•E

nhanced focus o

n p

ipelin

e o

f com

ple

x and

firs

t-to

-file

AP

Is

•172 U

S D

MF

s w

ith 1

6 fili

ngs in

FY

16

Q4'1

5Q

4'1

6

(INRmm)

Q3'1

6Q

4'1

6

3,0

75

2,8

38

2,7

60

2,8

38

11,9

41

12,0

74

FY

15

FY

16

(INRmm)

26

R&

D E

xpenses

1.

IMS

MA

T S

ep

20

15

2.

As o

f 3

1-M

ar-

16

·R

&D

expenses f

or

Q4F

Y16 w

ere

Rs.

5,1

13 m

m,

at

12.5

% o

f n

et

sale

s v

s 3

,096 m

m,

10.1

% o

f net

sale

s in Q

4F

Y15

·T

ale

nt

pool of

1,7

00+

scie

ntists

at

R&

D c

ente

rs a

cro

ss t

he g

lobe

·F

TF

s -

45 f

ilings till

date

(U

S$ 1

1.9

bn

1)

with 3

5 e

xclu

siv

es (

US

$ 4

.4 b

n1)

·T

ota

l o

f 343

2A

ND

A fili

ngs till

date

(102 G

avis

), o

f w

hic

h 1

80

2(4

4 G

avis

) have b

een

appro

ved (

25 L

upin

+ 1

4 G

avis

appro

vals

in F

Y16)

27

5.2

7.1

9.3

11.0

16

.0

7.5

%7

.5%

8.4

%

8.7

%11.7

%

0.0

%

3.0

%

6.0

%

9.0

%

12.0

%

15.0

%

05

10

15

20

201

2201

3201

4201

5201

6

(INRbn)

R&

D E

xpen

se%

of

Sale

s

2017 E

xpecta

tions S

trong O

rganic

Gro

wth

in K

ey M

ark

ets

Generi

cs

•G

row

US

and J

apan b

y new

launches a

nd g

row

base b

usin

ess

•In

cre

ase p

enetr

ation in e

merg

ing m

ark

ets

Co

ntinu

eE

ffort

s to B

uild

Specia

lty

Specia

lty

•A

dd s

pecia

lty

via

acquis

itions o

f assets

, bra

nds a

nd c

om

panie

s•

Cre

ate

specia

lty

pip

elin

e (

File

ND

As,

505b2)

Glo

ba

l R&

D c

ente

rsR

&D

•D

eliv

er

on t

he p

ipelin

e b

y filin

g a

cro

ss g

eogra

phie

s•

Evolv

e c

om

ple

x generics a

nd s

pecia

lty

pip

elin

e

Glo

bal O

pera

tions

Op. E

x.•

Focus o

n o

pera

tional exc

elle

nce t

o a

chie

ve c

ost

leaders

hip

Hig

h thru

st on c

om

plia

nce

Co

mplia

nce

28

Result Presentation for March 31, 2016 [Result]

Documents