Lupin other developed-market sales rise 45.7% in Q2 FY2027

Lupin Limited reported a 45.7% year-on-year increase in other developed-markets sales to Rs 1,182.3 crore in the second quarter (Q2) of fiscal year (FY) 2027, the fastest growth among its formulation geographies. The segment grew faster than India at 14.7% and the U.S. at 9.3%, and represented 15% of global sales for the quarter ended September 30, 2026.

How fast did Lupin’s other developed markets grow?

Lupin’s other developed-markets sales grew 45.7% year on year to Rs 1,182.3 crore in Q2 FY2027 from Rs 811.7 crore in Q2 FY2026. The Rs 370.6 crore increase was the highest reported annual growth rate across the company’s four formulation geographies.

The segment also rose 2.9% sequentially from Rs 1,149.4 crore in Q1 FY2027. Its 15% share of global sales placed it behind the U.S., at 39%, and India, at 31%, while exceeding the 11% share of emerging markets and the 4% contribution from active pharmaceutical ingredients (API).

Lupin did not disclose country-level sales or a specific operational reason for the growth in other developed markets. The filing identifies the segment’s revenue movement, but does not separate its contribution by product, launch or market within the category.

Which Lupin markets grew and which declined in Q2 FY2027?

Lupin recorded year-on-year sales growth in the U.S., India and other developed markets, while emerging-markets sales declined 3.5%. Total formulations sales increased 13.7% to Rs 7,476.9 crore, and API sales rose 20.2% to Rs 308.6 crore.

India remained Lupin’s second-largest sales geography at Rs 2,383.6 crore, accounting for 31% of global sales. India-region formulation sales rose 13.8%, and Lupin launched five brands across therapies during the quarter. The company said it was eighth in the Indian Pharmaceutical Market, citing IQVIA moving annual total data for September 2026.

The U.S. remained the largest geography, producing Rs 3,020.2 crore and 39% of global sales. Its 9.3% annual growth was below both total product-sales growth of 14.0% and the 45.7% increase in other developed markets. Emerging-markets sales of Rs 890.8 crore were lower than Rs 922.8 crore a year earlier, making it the only formulation geography to report a year-on-year decline.

Why did Lupin’s sales fall sequentially despite annual growth?

Lupin’s total product sales fell 5.3% sequentially to Rs 7,785.5 crore in Q2 FY2027 from Rs 8,217.2 crore in Q1 FY2027, despite rising 14.0% from Q2 FY2026. The largest disclosed regional reduction was in the U.S., where sales fell 12.1% from Rs 3,434.8 crore.

Emerging-markets sales also declined 10.0% sequentially to Rs 890.8 crore from Rs 989.7 crore. Total formulations sales fell 6.0% to Rs 7,476.9 crore, as the U.S. and emerging-markets reductions exceeded a 2.9% increase in other developed markets and a 0.2% increase in India.

API sales rose 17.0% sequentially to Rs 308.6 crore from Rs 263.7 crore. Lupin did not provide a market-specific explanation for the quarter-on-quarter decline in U.S. or emerging-markets revenue, so the filing supports the reported sales movements rather than a stated cause.

What did Lupin report about its U.S. business and pipeline?

Lupin’s U.S. sales were Rs 3,020.2 crore, or US$317 million, in Q2 FY2027, compared with Rs 2,762.4 crore, or US$314 million, in Q2 FY2026. The business accounted for 39% of global sales, despite its 12.1% sequential revenue decline.

During the quarter, Lupin received four abbreviated new drug application (ANDA) approvals and one new drug application under the 505(b)(2) pathway from the U.S. Food and Drug Administration (FDA). It launched one U.S. product and reported 149 generic products in that market.

Cumulative U.S. FDA filings stood at 429 ANDAs as of September 30, 2026, with 353 approvals received to date. Lupin also reported 48 first-to-file filings, including 21 exclusive first-to-file opportunities, and 94 cumulative U.S. drug master file filings. Citing IQVIA data for the September 2026 quarter, Lupin said it ranked third in both the U.S. generic and total pharmaceutical markets by prescriptions.

How did Lupin’s sales growth affect quarterly earnings?

Lupin’s Q2 FY2027 product sales rose 14.0% year on year, but earnings before interest, tax, depreciation and amortisation (EBITDA) fell 10.7% to Rs 2,171.2 crore. EBITDA margin declined by 770 basis points to 27.9% from 35.6%, with one basis point equal to one-hundredth of a percentage point.

Gross profit rose 15.4% to Rs 5,777.4 crore and gross margin increased to 74.2% from 73.3%. However, personnel cost increased 28.8% to Rs 1,423.6 crore, manufacturing and other expenses rose 23.2% to Rs 2,438.1 crore, and depreciation, amortisation and impairment expense increased 53.4% to Rs 485.9 crore.

Profit after tax fell 22.2% year on year to Rs 1,155.3 crore from Rs 1,484.8 crore, and declined 18.5% from Rs 1,417 crore in Q1 FY2027. Research and development (R&D) investment was Rs 618.1 crore, or 7.9% of sales, compared with Rs 522.2 crore, or 7.6% of sales, in Q2 FY2026.

Conclusion

Lupin’s Q2 FY2027 geographic performance was led by other developed markets, where sales rose 45.7% to Rs 1,182.3 crore. India also delivered 14.7% growth, but the larger U.S. business grew 9.3% year on year and fell 12.1% sequentially, while emerging markets declined on both comparisons. These movements accompanied a 14.0% annual increase in product sales and a 22.2% reduction in profit after tax.

The next disclosed items to watch are the progression of Lupin’s U.S. pipeline, including 21 exclusive first-to-file opportunities, and its 429 cumulative ANDA filings, of which 353 had been approved as of September 30, 2026. Management said its long-term growth prospects are supported by its portfolio, continued R&D investment and commercial capabilities after Q2 R&D spending of Rs 618.1 crore.