Lupin: Q2 unimpressive, more triggers required to drive stock

US growth has picked up as anticipated, but India and a few other markets still lag

Lupin’s lower-than-expected performance in the September quarter (Q2) saw its stock close 0.91 per cent lower on a day when the Sensex ended 1.78 per cent higher. While the pharma major saw sequential rebound in sales in most of its target markets, the year-on-year performance was a mixed bag.

The US market, as anticipated, saw improvement led by launch of respiratory Albuterol generics and contribution of other products. Contributing 37 per cent to top line, US sales grew 15 per cent sequentially and 5.6 per cent YoY. However, India, with similar contribution (35 per cent to top line) grew by 3.6