Lupin to boost complex generics in US, EU; eyes chronic growth in India

Lupin plans to expand complex generics in developed markets and grow its chronic drug portfolio in India, with over 200 product launches and M&A on the radar

Lupin, which plans to develop the specialty business, is eyeing higher revenue share from its complex generics portfolios in the US and Europe.

 

Moreover, with a pipeline of over 200 products over the next five years, it expects the share from complex generic drugs to touch 62 per cent of overall revenues by FY30. The share in FY26 is estimated to be 21 per cent.

 

Complex generics include products like inhalers, injectables, transdermal patches and ophthalmic solutions, among others, which contain more complex active ingredients.

 

Generics are copies of innovator drugs which have gone off-patent. Complex generics are more high-value and high-margin products compared to simple generics.   

 

 

The company said it expects the contribution of complex generics in Lupin’s US revenues to rise from 34 per cent in 2024-25 (FY25) to 55 per cent in FY30. On the other hand, revenue share in Europe is guided to grow from 9 per cent now to 67 per cent in FY30 (for this category). 

 

At the moment, US revenues are around $925 million for FY25, which is a 13.5 per cent year-on-year (Y-o-Y) growth.

 

Lupin reported revenues of $195 billion from the EU in FY25. Lupin's consolidated revenues were ₹22,192 crore in the financial year.

 

Managing Director Nilesh Gupta said — in a post results analyst call — that key drivers for complex generics growth in the US would include a new product pipeline (NPL) of over 100 products. “In the US, the key imperative other than to move into complex generics would be to build the specialty business through our own portfolio and mergers and acquisitions,” he added. 

Lupin is the third largest pharmaceuticals player in the US generics market by prescription. 

 

Lupin has a pipeline of over 50 new products between FY26 to FY30 in the EU market. “Going forward, we are also looking at expanding our complex generics portfolio in Canada, led by inhalation products,” Gupta had said.

 

The company is targeting an overall increase in revenues from complex generics — it has over 200 products to be launched in developed countries in the next five years.

 

Lupin's focus on complex generics comes at a time when the overall dynamics of drug sales in the US is undergoing a shift.