Weak US sales pull down Lupin show

Operating performance in the March quarter also impacted by one-offs

Sales in the US market and regulatory concerns were  weak points for the Indian pharmaceuticals sector in the March quarter; Lupin was no exception. The stock could see some weakness on Thursday, both on weak March quarter results and adverse observations from the US regulator for its Indore facility. Pricing pressure in key products, absence of meaningful launches and rupee appreciation added to its woes. The company’s sales in the world’s largest pharma market declined 13.2 per cent year-on-year (yoy) and 12.6 per cent over the December 2016 quarter. Thus, despite a strong showing in most other places, declining US