Nos revived in Q2FY23 vs Q1, but are still flat on YOY basis. Management sounded very confident of revival in H2 with a spate of new launches in USA. Concall notes below.
FY23Q2
- US revenues came at $159mn, growth over last quarter was due to albuterol + suprep and a stable base business. Expect strong flu season in H2FY23
- Tarapur: got warning letters due to impurity in certain products (lactosamine, nitrosamine). No meaningful filings from Tarapur, current products not impacted
- US oral solid: price erosion in high single digit currently
- Acquired 2 inhalation brands (Xopenex HFA, Brovana) for $75mn
- Expected US launches: gSpiriva, , Nascobal nasal spray, Darunavir, Diazepam gel, Varenicline, Pegfilgrastim, Dulera, Glucagon
- gDulera: received CRL for which they have filed a response
- gSuprep was launched in September, so majority of growth will come in Q3
- Albuterol market share: 21.3%
- gSpiriva IMS revenues are still around $1bn and Lupin expects to be the sole generic (along with a probable authorised generic that might be launched by innovator)
- India business growth (2.6%) was impacted due to loss of exclusivity in diabetes (cidmus brand, genericization of gliptins)
- Will add 850 MRs in India in FY23
- API: demand for cephalosporin is still muted
- Oncology R&D: have 5 development assets, reduced manpower and will only spend on clinical trials. Tough markets to raise capital in this division
Disclosure: Not invested (no transactions in last-30 days)
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