Lupin Limited delivered robust financial performance in Q3 FY26, demonstrating strong growth momentum across key business segments. The pharmaceutical major reported consolidated sales of ₹71,005 million for the quarter ended December 31, 2025, marking a significant 26.4% increase from ₹56,186 million in the corresponding quarter of the previous fiscal year.

Financial Performance Overview

The company's operational efficiency showed marked improvement with EBITDA surging 68.6% to ₹23,766 million compared to ₹14,098 million in Q3 FY25. EBITDA margins expanded substantially to 33.5% from 25.1% in the previous year, reflecting enhanced profitability. Net profit after tax grew 37.4% to ₹11,805 million from ₹8,589 million in Q3 FY25.

Regional Performance Analysis

The US market emerged as the standout performer, generating sales of ₹31,132 million, representing a substantial 54% year-over-year growth from ₹20,221 million in Q3 FY25. This segment now accounts for 44% of Lupin's global sales, reinforcing the company's strong position in the world's largest pharmaceutical market.

India operations contributed ₹20,387 million, showing steady growth of 5.6% compared to ₹19,305 million in the previous year quarter. The domestic market represents 29% of total global sales, with India Region Formulation sales growing 10.9% during the quarter.

Operational Highlights and Market Position

Lupin maintains its leadership position as the 3rd largest pharmaceutical player in both US generic market and US total market by prescriptions according to IQVIA data. The company leads in 55 of its marketed generics in the US and ranks among the top 3 in 116 of its marketed products.

During Q3 FY26, the company received 1 ANDA approval from the US FDA and launched 3 products in the quarter, bringing its total generic products in the US market to 149. In India, Lupin launched 3 brands across various therapies and holds the 8th position in the Indian Pharmaceutical Market.

Research and Development Investment

The company continued its focus on innovation with R&D investment of ₹5,352 million, representing 7.5% of sales for the quarter. Cumulative ANDA filings with the US FDA stand at 431 as of December 31, 2025, with 341 approvals received to date. The company maintains 52 First-to-File filings including 22 exclusive FTF opportunities.

Balance Sheet Strength

Lupin demonstrated strong financial health with operating working capital of ₹79,481 million as of December 31, 2025. The company maintained a net cash position with net debt of ₹-28,793 million, resulting in a net debt-to-equity ratio of -0.14. Capital expenditure for the quarter was ₹2,007 million, reflecting continued investment in operational capabilities.

Investor Presentation Highlights

According to the latest investor presentation released on February 12, 2026, Lupin showcased consistent improvement in margins with EBITDA margin trajectory showing steady growth from 24.3% in Q3 FY25 to 31.1% in Q3 FY26. The company successfully launched gRisperdal Consta® Injection and gRavicti® (AG) in the US market, while receiving US FDA approval for Pegfilgrastim (Armlupeg™) biosimilar.

Commenting on the results, Mr. Nilesh Gupta, Managing Director, stated the company was pleased to deliver strong growth led by highest ever quarterly sales in the US and double-digit growth across India and other regions, positioning them well for a strong close to FY26.

Source:

Lupin Limited has successfully resolved its patent infringement dispute with Astellas Pharma through a comprehensive settlement agreement worth USD 90 million. The pharmaceutical company disclosed this development to stock exchanges on February 10, 2026, pursuant to regulatory requirements under SEBI Listing Regulations.

Settlement Agreement Details

The Settlement and License Agreement involves Lupin Limited and its wholly owned subsidiary Lupin Pharmaceuticals, Inc., USA, along with Astellas Pharma, Inc., Astellas Ireland Co., Ltd., and Astellas Pharma Global Development, Inc. The dispute centered around Lupin's Mirabegron product, which had been subject to patent infringement claims.

Financial and Operational Impact

Under the agreement terms, Lupin will make the substantial USD 90 million payment, which includes the USD 75 million prepaid option payment as the primary component. Additionally, the company will pay a prepaid per unit license fee for each unit of Lupin's Mirabegron product sold from the settlement date through September 2027.

The settlement provides significant operational benefits for Lupin by allowing the company to continue selling its Mirabegron product without further legal complications. This resolution eliminates the uncertainty and potential costs associated with prolonged patent litigation.

Background and Resolution

This settlement concludes the patent infringement dispute that Lupin had previously disclosed to exchanges in April 2025. The litigation involved multiple Astellas entities and posed potential risks to Lupin's ability to market its Mirabegron product in relevant jurisdictions.

The confidential nature of the settlement terms suggests both parties found mutually acceptable conditions that balance Lupin's commercial interests with Astellas' patent rights. The agreement structure, incorporating both upfront payments and ongoing per-unit fees, provides a framework for continued product commercialization while respecting intellectual property considerations.

Strategic Implications

The resolution allows Lupin to maintain its market position for the Mirabegron product while providing certainty for future operations through September 2027. The settlement eliminates litigation risks and associated legal costs, enabling the company to focus on commercial execution and market development for this therapeutic product.