Indian generic drugmaker Lupin reported a bigger-than-expected rise in second-quarter profit on Thursday, driven by strong demand for its respiratory and diabetes management drugs.
Consolidated net profit of the company, which makes biosimilars and active pharmaceutical ingredients, rose to 8.53 billion rupees (about $101 million) for the quarter ended Sept. 30, up about 74% from a year earlier and higher than analysts' estimates of 7.29 billion rupees, as per data compiled by LSEG.
Revenue from operations grew 11.3% to 54.97 billion rupees.
Indian generic drugmakers earn a significant share of their revenue from the U.S., which is the world's biggest pharmaceutical market.
Larger rivals Cipla and Sun Pharma beat their second-quarter profit estimates on strong demand in the U.S.
However, generic drugmakers have also been grappling with lower prices of their drugs amid stiff competition.
Consolidated net profit of the company, which makes biosimilars and active pharmaceutical ingredients, rose to 8.53 billion rupees (about $101 million) for the quarter ended Sept. 30, up about 74% from a year earlier and higher than analysts' estimates of 7.29 billion rupees, as per data compiled by LSEG.
Revenue from operations grew 11.3% to 54.97 billion rupees.
Indian generic drugmakers earn a significant share of their revenue from the U.S., which is the world's biggest pharmaceutical market.
Larger rivals Cipla and Sun Pharma beat their second-quarter profit estimates on strong demand in the U.S.
However, generic drugmakers have also been grappling with lower prices of their drugs amid stiff competition.
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