Pharmaceutical Sales: 100% (2025)

TOP 3 Markets:

1. USA: approx. 40%
2. India: approx. 25%
3. Japan: approx. 15%

Lupin Limited is a leading company in the pharmaceutical industry, focusing mainly on the manufacturing and distribution of generics and specialty medications. The majority of sales come from the sale of these products.

The USA is the largest market for Lupin, attributed to the high demand for generics and the company's strong presence in this sector. India, as the home market, also remains a significant revenue contributor, followed by Japan, where Lupin has strengthened its market position through strategic partnerships and acquisitions.

Production Sites of Lupin Limited:

Lupin Limited operates production facilities in several countries, with the majority of production taking place in India. The key production sites include:

• India: Multiple plants, including those in Goa, Maharashtra, Madhya Pradesh, and Andhra Pradesh.
• USA: Production facilities in Somerset, New Jersey.
• Japan: Production plants operated by the subsidiary Kyowa Pharmaceutical.
• Mexico: Production site in Tlalnepantla.

These sites enable Lupin to manufacture a wide range of pharmaceutical products, including generics, specialty drugs, and biotechnological products. The strategic distribution of production facilities supports the company's global supply chain and market expansion.

Revenue Growth: Estimated 10-12% annually (2025) Focus on R&D Investments: Increase by 15% (2025)

Lupin Limited pursues a growth strategy that is heavily focused on research and development (R&D). The company has increased its investments in R&D by about 15% to develop innovative drugs and generic products. This is intended to strengthen the product pipeline and enhance the market position in various therapeutic areas.

Another strategic focus is on geographical expansion, particularly in the USA and other international markets. Lupin aims to expand its presence in these markets through strategic partnerships and acquisitions.

Additionally, the company is focusing on optimizing its production processes and cost efficiency to improve margins and remain competitive. This includes the implementation of new technologies and digital solutions in production and sales.

Main raw materials: Active Pharmaceutical Ingredients (APIs), excipients

Main importing countries: China, India, USA

Lupin Limited mainly imports Active Pharmaceutical Ingredients (APIs) and excipients that are necessary for the production of their pharmaceutical products. A large portion of these raw materials is sourced from China, which is considered one of the world's largest producers of APIs.

In addition, Lupin also sources materials from India, where they operate their own production facilities to optimize the supply chain. The USA is also an important partner, especially for specialized chemical compounds and technologies needed in pharmaceutical production.

These import strategies enable Lupin to optimize production costs and ensure the quality of their products by relying on a diversified and reliable supply chain.

Market share in the generic sector: 4.2% (2024)
R&D expenses: 9.5% of revenue (2024)
EBITDA margin: 18.7% (2024)

Lupin Limited has established itself as one of the leading manufacturers in the generic sector. With a market share of 4.2% in 2024, the company demonstrates a strong presence in a fiercely competitive market. Lupin's competitive advantage lies primarily in its extensive product pipeline and its ability to cost-effectively produce high-quality generics.

Another key factor is the investment in research and development, accounting for 9.5% of revenue. These investments enable Lupin to develop innovative products and differentiate itself from the competition. Furthermore, the EBITDA margin of 18.7% indicates that the company operates efficiently and is able to optimize its cost structure.

In summary, Lupin Limited possesses a solid competitive advantage supported by its market position, innovation capabilities, and operational efficiency.

Institutional Investor Share: Approximately 30% (estimated for 2025 based on historical data)

Insider Buys/Sells: No significant changes in the last year (2024)

The institutional investor share in Lupin Limited traditionally accounts for about one-third of the total share ownership. These investors are often pension funds, investment funds, and other large financial institutions that pursue long-term investment strategies.

In 2024, there were no significant insider transactions that could indicate a change in management's confidence in the company's future development. This suggests that management expects a stable corporate development.

Market share of Lupin Limited: Estimated 3-4% (2025)

Top competitors and their market shares:

1. Sun Pharmaceutical Industries: Estimated 8-10%
2. Cipla Limited: Estimated 6-8%
3. Dr. Reddy's Laboratories: Estimated 5-7%
4. Aurobindo Pharma: Estimated 4-6%
5. Lupin Limited: Estimated 3-4%
6. Zydus Lifesciences: Estimated 3-4%
7. Torrent Pharmaceuticals: Estimated 2-3%
8. Biocon Limited: Estimated 2-3%
9. Glenmark Pharmaceuticals: Estimated 2-3%
10. Alkem Laboratories: Estimated 2-3%

Moat of Lupin Limited:

Lupin Limited has a moderate moat, mainly characterized by its strong presence in the USA and India, as well as its focus on generics and specialty pharmaceuticals. The company has invested in research and development in the past to strengthen its product pipeline.

However, compared to its competitors, Lupin does not have a significantly stronger moat. Companies like Sun Pharmaceutical and Dr. Reddy's Laboratories also have strong market positions and extensive product portfolios that give them competitive advantages.

Sun Pharmaceutical has a more robust moat due to strategic acquisitions and a broad geographic presence. Cipla and Dr. Reddy's Laboratories benefit from their innovation capabilities and strong brand recognition, which also gives them advantages.

Overall, competition in the pharmaceutical industry is intense, and while Lupin Limited is well positioned to thrive in this environment, its moat is less pronounced compared to some of its larger competitors.

Revenue Growth: 8.5% (2024) Research and Development Investments: 12% of revenue (2024) Market Share in the USA: 5% (2024)

Lupin Limited recorded a revenue growth of 8.5% in 2024, indicating solid demand for their products and an effective market strategy. The company continues to invest heavily in research and development, at 12% of revenue, signaling a long-term growth strategy and a focus on innovations.

The 5% market share in the USA shows that Lupin is well positioned in one of the largest pharmaceutical markets in the world. This presence offers potential for further growth, especially if the company successfully introduces new products and expands existing market shares.

Overall, these factors suggest that Lupin Limited could be a promising investment, especially for investors interested in long-term growth. However, it is important to also consider other factors such as regulatory risks and general market developments.

Dividend Yield: 1.5% (2024)

Lupin Limited recorded a dividend yield of approximately 1.5% in 2024. The company has been regularly paying dividends in recent years, indicating a certain level of reliability.

However, the stability of dividend payments depends on the financial health of the company, including revenue growth and profit margins. Lupin Limited has demonstrated solid financial performance in the past, suggesting that the dividend policy could continue in the future, provided there are no significant negative market changes.