Transcript of Q2 FY2027 Earnings Conference Call.

November 06, 2026 National Stock Exchange of India Limited BSE Limited Exchange Plaza, P. J. Towers, Dalal Street, Bandra Kurla Complex, Mumbai Samachar Marg, Bandra (East), Mumbai - 400 001 Mumbai - 400 051 Symbol: LUPIN Scrip Code: Equity - 500257 Subject: Transcript of Q2 FY2027 Earnings Conference Call Dear Sir/Madam, In continuation to our letters dated October 19, 2026 & November 04, 2026 and pursuant to Regulation 30 read with Schedule III of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, we are pleased to enclose a copy of the Transcript of the Earnings Conference Call Q2 FY2027 held on November 04, 2026. The said Transcript is available on the website of the Company at www.lupin.com. The above is for your information and dissemination. Thanking you, For LUPIN LIMITED AMIT KUMAR GUPTA COMPANY SECRETARY & COMPLIANCE OFFICER (ACS -15754) Encl: a/a. LUPIN LIMITED Registered Office: 3rd Floor, Kalpataru Inspire, Off W. E. Highway, Santacruz (East), Mumbai - 400 055 India. Tel: (91-22) 6640 2323. Corporate Identity Number: L24100MH1983PLC029442 info@lupin.com | www.lupin.com November 4, 2026 “Lupin Limited Q2 FY2027 Earnings Conference Call” November 04, 2026 MANAGEMENT: • MS. VINITA GUPTA – CEO, LUPIN LIMITED • MR. NILESH GUPTA – MANAGING DIRECTOR, LUPIN LIMITED • MR. RAMESH SWAMINATHAN – EXECUTIVE DIRECTOR, GLOBAL CFO & HEAD OF IT AND API PLUS SBU, LUPIN LIMITED • MR. RAVI AGRAWAL – M&A AND INVESTOR RELATIONS, LUPIN LIMITED Page 1 of 15 November 4, 2026 Moderator: Hello, good evening, welcome to Lupin Limited's Q2 FY27 Earnings Conference Call. Thank you for your participation in the call today. Please note that all participants' line will be in listen-only mode, and there will be an opportunity for you to ask questions after the opening remarks. Please also note that this conference is being recorded. I now hand over the conference to the management. Thank you, and over to you. Vinita Gupta: Hello friends, welcome to our Q2 FY27 earnings call. Joining me here are Nilesh, our Managing Director; Ramesh, our Chief Financial Officer; and Ravi, our Head of Investor Relations. We are pleased to share our performance for the second quarter, the progress we are making on our strategic priorities, and our outlook for the remainder of the fiscal year. We delivered another quarter of steady performance, supported by sustained momentum across most of our major geographies. Our organic revenue growth remained in double digits, driven by strong performance in India and Other Developed Markets. Importantly, this growth reflects the increasing strength and diversification of our business, with multiple markets contributing meaningfully to our overall performance. We expect this momentum to continue into the second half of the year, with organic growth of around 20% excluding U.S. On profitability, we delivered EBIDTA margins of around 25% during the quarter, despite increased investments in R&D and a challenging geopolitical and operating environment. We remain committed to our FY27 margin guidance of around 24–25%, while recognizing that margins are likely to moderate in the coming quarters. This reflects intensifying competition in some of our key U.S. products, increased investment in our R&D pipeline, and higher input costs arising from the challenging macroeconomic environment in the Middle East. Turning to individual business segments. Our U.S. business continued to navigate an evolving competitive environment during the quarter. As anticipated, competition in Tolvaptan intensified with the entry of two additional generic players. While our base portfolio benefited from higher volumes and contributions from seasonal products, these gains were offset by pricing pressures in certain products, particularly Tolvaptan. We expect competitive intensity in Tolvaptan to increase further, with the possibility of additional entrants over the coming quarters. For FY27, we continue to expect U.S. revenues in the range of USD 1.1 billion to USD 1.2 billion. Growth in our base business, new injectable launches, and contributions from Pegfilgrastim are expected to help offset the impact of increasing competition in key products. More importantly, our mid to long-term plan for the U.S. remains on track. Our priority is to double the share of complex products in our U.S. portfolio, with respiratory products, complex injectables, and biosimilars serving as key growth drivers. We are on track to file more than 15 products during the current fiscal. Over the next three years, we expect to launch more than 60 Page 2 of 15 November 4, 2026 products in the U.S., including approximately 25 injectable and respiratory products, 5 biosimilars, and 2 – 3 505(b)(2) products. This pipeline represents an important step in reshaping our U.S. business toward higher-complexity products, creating a more sustainable growth platform over time. Turning to India, our business delivered 14.7% YoY growth this quarter, with the core prescription business growing 13.8% aided by volume growth of 6%. For the first half, our prescription business grew 14.4%, compared with 14.3% growth in the IPM. Our chronic segment grew 19.5%, ahead of the IPM’s 17.2% growth. Chronic therapies now account for around 66% of our portfolio, up from around 65% in FY26, and we aim to increase this share to 70% over the next five years. Most of our key therapy areas outpaced their respective markets. In the first half, our Anti-Diabetes and Cardiac segments grew at 1.5x and 1.1x their respective category growth rates. Our Diabetes segment was a particular highlight, delivering 25% plus YoY growth this quarter— our third consecutive quarter of 20% plus growth. This performance was led by our market leadership in Huminsulin® and the successful launch of Semaglutide injection. The IPM market growth reached a six-quarter high of 14.7% in Q2. We are well positioned to capitalize on this momentum and remain confident that our India formulations business will grow at 1.2x to 1.3x the IPM growth rate, supported by our prescription sales force of nearly 11,400 people and a pipeline of more than 80 new product launches over the coming years. Looking further ahead, our target is for novel proprietary products to contribute one third of our India revenues within the next 10 years. We will build this portfolio through in-house development and in-licensing, drawing on our partnership track record and our brand-building, development, regulatory and clinical capabilities. We were very pleased to get approved for the first green propellant MDI in India this past week. Our Other Developed Markets—Europe, Canada, and Australia—delivered 46% YoY sales growth this quarter and accounted for 15% of our revenues, compared with 11% in FY26 and 14% in Q1FY27. Within this, our European business sustained strong momentum, with 45% YoY growth. During the quarter, we entered an exclusive licensing partnership with Tenpoint Therapeutics to commercialize Yuvezzi ™ in Europe. This once-daily, dual-agent eye drop for presbyopia advances our ophthalmology portfolio and builds on our strategy to expand specialty care through innovative therapies that address significant unmet patient needs. Europe remains an under-indexed market for us, with a clear pathway for growth across complex generics, biosimilars, and specialty. We are very pleased with the strong foundation we are building in Europe on the Ophthalmology front through the recent acquisition of VISUfarma and the addition of Yuvezzi ™ in the near future. R&D remains central to our growth strategy, with investment at 7.9% of sales this quarter focused on complex and specialty platforms. The tentative Page 3 of 15 November 4, 2026 approval of our novel Apixaban Oral Suspension through the 505(b)(2) pathway during the quarter underscores the strength of our R&D capabilities. Our pipeline includes more than 55 injectable and respirator [Showing first 8,000 characters — download PDF for full document]