Lupin Strengthens US Portfolio as Q1 FY27 Delivers Strong Growth

Lupin Ltd has received US FDA approval for its Sodium Zirconium Cyclosilicate Oral Suspension in 5 g/packet and 10 g/packet strengths, a generic equivalent to AstraZeneca’s Lokelma, indicated for treating hyperkalemia in adults. The product had estimated annual US sales of $568 million as per IQVIA MAT June 2026 data, creating a meaningful opportunity for Lupin in the US generics market. The approval comes alongside a strong start to FY27, with Q1 net profit rising 16.1% YoY to ₹1,415 crore from ₹1,219 crore, while revenue increased 33.3% to ₹8,217 crore from ₹6,164 crore. EBITDA grew 47.3% to ₹2,390 crore from ₹1,623 crore, with EBITDA margin improving to 29.1% from 26.3%, a 280-basis-point expansion. The US business remained the largest contributor, with revenue increasing to $366 million from $282 million, while India sales rose 14% to ₹2,379.6 crore and other developed markets grew 48.3% to ₹1,149.4 crore. Emerging markets also recorded strong growth of 51.7%, reaching ₹989.7 crore. During the quarter, Lupin invested ₹607.7 crore, equivalent to 7.4% of sales, in R&D, while capital expenditure stood at ₹278.6 crore. Overall, the combination of a new US FDA-approved product, broad-based geographic growth and improving operating profitability provides positive business momentum, although the eventual commercial impact of the new product will depend on market launch, pricing and competitive conditions. Macquarie maintained an ‘Outperform’ rating with a ₹2,750 price target, noting that Q1 revenue, EBITDA and PAT were 7%, 23% and 17% above its estimates, respectively. $LUPIN Disclaimer: This post is for informational purposes only and not a recommendation to buy or sell any securities. I, or my family, associates, or relatives, may have a financial interest in the securities mentioned.