Transcript of Q1 FY2027 Earnings Conference Call

August 12, 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 Q1 FY2027 Earnings Conference Call Dear Sir/Madam, In continuation to our letters dated July 22, 2026 & August 07, 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 Q1 FY2027 held on August 07, 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 August 7, 2026 “Lupin Limited Q1 FY2027 Earnings Conference Call” August 07, 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 17 August 7, 2026 Moderator: Hello, good evening, and welcome to Lupin Limited Q1FY27 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, ma'am. Vinita Gupta: Good afternoon, friends. I'm very pleased to welcome you to our Q1FY27 earnings call. I have with me our MD, Nilesh; and our CFO, Ramesh; and our Head of Investor Relations, Ravi. We look forward to sharing with you our highlights for the quarter as well as the outlook for FY27. We are delighted to announce a record quarter with total revenues from operations and EBITDA exceeding INR 8,000 crores and INR 2,400 crores, respectively, for the first time in our history. This quarter also marks a record 16th consecutive quarter of YoY growth for the company. While the U.S. has obviously had an exceptional contribution to this performance, I would like to highlight that the ex-U.S. organic revenue growth for the company has been a strong 20% plus YoY and a strong double-digit growth in all our key markets, including India, Other Developed Markets, and Other Emerging Markets. This geographically diversified business model combined with our unwavering focus on operational excellence creates a sustainable foundation for future growth, even as we navigate the increased competition in some of our key generic products in the U.S. this year. Turning to individual business segments. Our U.S. business sustained its positive momentum and delivered another quarter of robust sales performance. While we benefited from the higher volumes in base portfolio and growth in products like Tolvaptan, this was offset by increased competition in products like Mirabegron. For the full year, we expect the U.S. business to be in the USD 1.1 billion to USD 1.2 billion range, aided by growth in base business, our injectable launches, and contribution from Pegfilgrastim offsetting the additional competition in products like Mirabegron and Tolvaptan during the year. Going ahead, we remain focused on doubling the share of our complex products in our U.S. business, led by respiratory and complex injectables, and augmented by biosimilars. In the next three years, we expect to launch 50 plus products in the U.S. with 10 exclusive first-to-files, five biosimilars, as well as two to three 505(b)(2)s. We are planning to file more than 15 products this year, including at least seven in the Respiratory segment. We believe that all these initiatives should help in the U.S. getting back to its growth trajectory from FY28 onwards. Coming to India, our India business has grown 13.9% YoY in the quarter with the core prescription business growing 15.1%, representing a 1.1x growth against IPM. Volume growth was strong at 6.1% during the quarter. The Chronic segment accounts for around 67% of our portfolio, up from around 65% in FY26, and we have set ourselves a target to increase the share to 70% in the next five years. Page 2 of 17 August 7, 2026 Most of our key therapy areas outperformed the respective market growth with Anti-Diabetes segment and Cardiac segment growing 1.8x and 1.2x the category growth. I would specifically like to mention Diabetes segment, which grew at 31.8% YoY, a second consecutive quarter of 20% plus growth, led by market leadership in Huminsulin® and successful launch of Semaglutide injection. This segment is poised for continued healthy growth with the expected launch of vial and oral dosage forms of Semaglutide in the second half of this fiscal year. We remain confident that our India formulations business will continue to outperform IPM by 1.2x to 1.3x, supported by our strong India prescription sales force of nearly 11,300 people and pipeline of more than 80 new product launches over the coming years. We have set ourselves a target of novel proprietary products contributing one third of our India revenues in the next 10-year timeframe. This innovative portfolio for India will come from in-house development as well as in-licensed products, leveraging our strong partnership track record, brand building, development, regulatory and clinical capabilities. Our Other Developed Markets, Europe, Canada, and Australia, accounted for 14% of our revenues in this quarter, up from 11% in FY26. Sales grew 48% YoY in the quarter. Our European business continued a strong momentum with 83% growth YoY. We believe that we are under-indexed in Europe and have set a clear pathway to grow this business with our complex generics, biosimilars portfolio, as well as specialty acquisitions, such as VISUfarma. Emerging Markets delivered an impressive 52% YoY growth, led by Brazil, South Africa, and Philippines. Brazil continued the strong momentum of the last four quarters, growing 117% YoY in local currency during Q1, driven by successful commercialization of Dapagliflozin and launch of Empagliflozin. As mentioned earlier, we are starting to establish a presence in the diabetes metabolic space in the emerging markets, with Dapagliflozin serving as a strong start, and the launch of Empagliflozin in Brazil and South Africa, as well as Semaglutide in South Africa later this year. Turning to R&D, our spend was 7.4% of sales this quarter, with continued focus on complex and specialty platforms. We have over 50 active products in the pipeline with near-term emphasis on respiratory, complex injectables, and biosimilars. We've also evolved a strong 505(b)(2) pipeline in the last couple of years, and we'll start seeing product launches this fiscal year and ramping up in the next two years. We're also strengthening our India innovation portfolio through both in-house development and in-licensing of late-stage assets, as I mentioned earlier. Switching to compliance, we received EIRs for Ankleshwar and Somerset with VAI status from U.S. FDA for both sites during the quarter. With regards to Pithampur Unit Il facility, we have submitted our responses and remain on track with our remediation efforts. We are fully committed to maintaining the highest standards of quality and compliance across all our sites globally. Page 3 of 17 August 7, 2026 In conclusion, while we have started the year on a strong note, as indicated earlier, we anticipate some moderation [Showing first 8,000 characters — download PDF for full document]