Lupin Targets $500 Mn Biosimilar Opportunity

is significantly stepping up its focus on biosimilars, targeting key global markets. The company expects biosimilar turnover to approach $500 million over the next five years, making the portfolio an important future growth engine. Portfolio and market launches: Lupin plans to bring biosimilars of Nivolumab, Dinuzumab and Pertuzumab to India, while Ranibizumab is lined up for launches across the US, Europe and Japan. Pegfilgrastim has already received USFDA approval, while Etanercept is being pursued through global partnerships. ₹500 Cr investment and capacity expansion: To support the biosimilar push, Lupin plans to invest around ₹500 crore in biosimilar manufacturing capacity, with total investment potentially rising to ₹700 crore. Existing microbial capacity of around 11,000 litres, along with 100 litres of mammalian capacity, is being expanded. Flexible commercialisation strategy: Rather than relying on a fixed model, Lupin plans to use a combination of partnerships, third-party distribution and its own sales force, depending on the product and market. It has already partnered with Sandoz and Biogaran for European distribution. US growth remains key: Lupin expects its India business to grow 25–30% CAGR above the market rate in FY27. In the US, some products face near-term pressure, including the generic version of Mirabegron, but new launches such as Apixaban are expected to support growth. Overall, Lupin sees around 10% US CAGR over the next five years. Funding and innovation ambitions: Lupin is exploring external funding for its oncology-focused Kaveli Therapeutics spin-off, while intending to remain the majority shareholder. The company believes its pipeline has substantial potential but acknowledges the associated development risks. Longer term, successful molecules could potentially develop into multi-billion-dollar businesses.