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Lupin acquires Dutch injectables firm Nanomi

Tuesday, 4 February 2014 - 9:29am IST | Place: Mumbai | Agency: DNA

Lupin Ltd has forayed into the technology intensive complex injectables space with the acquisition of Nanomi B.V. in the Netherlands.

Lupin said Nanomi’s patented technology platforms will help it develop complex injectable products. Financial details were not disclosed.

Vinita Gupta, chief executive officer, Lupin, said, “With Nanomi’s proprietary technology platform, Lupin would be able to make significant in‐roads into the niche area of complex injectables.”

The company also announced its third-quarter results for fiscal 2014, wherein its net profit increased 42% year on year at Rs476.2 crore and was in line with market estimates of Rs462.3 crore. Its revenues rose 21% yoy to Rs3,022 crore, while domestic formulations grew 14% yoy to Rs650.4 crore. US revenues grew 30.6% yoy at Rs1,356.7 crore.

Rahul Sharma, pharma analyst, Karvy Stock Broking, said Japan sales continued to grow at a dismal 2% yoy to Rs372 crore while South Africa showed 18% growth at Rs98.3 crore in line with expectations.

Operating profit (Ebitda) margins at 25.6% increased marginally as compared with market expectations of 25.1% in Q3 and was higher than 24.1% reported in the same period last year. Higher Ebitda was on account of lower other expenses to sales during the quarter compared to the corresponding quarter in FY13.

Materials cost in the December 2013 quarter decreased by 0.3% to 37.6% of net sales at Rs1,121 crore as compared with Rs935.7 crore in the same quarter last year.

Manufacturing and other expenses decreased 0.9% to 25.1% of net sales at Rs749 crore in the quarter under review versus Rs640.6 crore in the previous year. Personnel cost decreased 0.3% to 12.7% of net sales, at Rs378.7 crore in the reporting quarter as against Rs319.8 crore a year ago.

R&D expenditure stood at 9.1% of net sales at Rs271 crore in the reporting quarter as compared with Rs238.2 in the December quarter of fiscal 2013.

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