Lupin Reports 26% Revenue Growth in Q3 FY26, Receives FDA Approval for Biosimilar Pegfilgrastim

Lupin Limited announced robust performance for the Third Quarter of Fiscal Year 2026 (Q3 FY26), concluding on December 31, 2025, with Total Sales reaching ₹71,005 million, marking a significant 26% Year-over-Year growth. EBITDA surged by 62% YoY to ₹22,095 million, translating to a strong margin of 31.1%, while Net Income increased 38% YoY to ₹11,756 million.

The company received US FDA approval for its pegfilgrastim biosimilar Armlupeg™, which is yet to be launched. Lupin also received FDA approval and launched Brivaracetam Oral Solution in the United States, with estimated U.S. sales of $135 million. Additionally, the company launched gRisperdal Consta® Injection & gravicti® (AG) in the US during the quarter.

The company demonstrated growth across all major geographies. North America led with ₹32,183 million in sales, growing 52% YoY, while the US business achieved its highest quarterly sales recorded, totaling US$ 350 million in Q3 FY26. A sharp beat was driven by strong US gJynarque and gMyrbetriq sales. LATAM showed the highest growth rate at 70% YoY, with sales of ₹3,267 million. India contributed ₹20,387 million, marking 6% YoY growth.

In the sales mix for Q3 FY26, the United States constituted the largest segment at 44% (₹31,132 million), followed by India at 29% (₹20,387 million). Other Developed Markets accounted for 11%, Emerging Markets for 13%, and API for 3%.

FY26 EBITDA margin guidance was raised to 27-28%, while FY27 margin is still seen at 24–25%. The company noted that gMyrbetriq, gJynarque and gSpiriva generic sales peak out are seen in FY26.

For the first nine months of FY26, Net Sales grew 20.8% YoY to ₹200,956 million. EBITDA saw substantial growth of 50.3% YoY to ₹59,885 million, with the margin reaching 29.8%. Net Income increased by 54.3% YoY to ₹38,725 million.

The company secured an exclusive US partnership with Valorum Biologics for the pegfilgrastim biosimilar and an exclusive partnership with Gan & Lee (China) for Bofanglutide (GLP-1) for the Indian market. Positive outcomes were noted in compliance, including VAI (EIR received) for multiple units like Nagpur Unit-II and Aurangabad.

Leadership in the US Gx TRx volume share remains strong at 4.8%. The company is focused on investments in complex Gx & 505(b)(2) products, planning to file 10-15 ANDAs in FY26, including two 505(b)(2)s. The pipeline includes 45+ Injectables and 20+ inhalation products.

In India, the chronic share reached approximately 67%. Key therapeutic segments like Cardiology, Respiratory, GI, and Pain grew faster than the overall market during 9MFY26.

R&D spend for Q3 FY26 was ₹5,352 million, representing 7.5% of Sales. Capex for the quarter stood at ₹2,007 million, or 2.8% of Sales. The Net Debt to Equity ratio stood at (0.14) in Q3 FY26.

The company secured a new benchmark in the S&P Global ESG Rating for 2025, achieving 91/100, cementing its Global No.1 ranking in the pharma industry. Key ESG highlights for Q3 FY26 include a Double 'A' Rating in Climate Change and Water Security from CDP, and formal approval of GHG emission reduction goals via the Science Based Targets initiative (SBTI).