Lupin

What Lupin does

Lupin Limited is a publicly listed Indian pharmaceutical company founded in 1968 by Dr. Desh Bandhu Gupta and headquartered in Mumbai. The company operates as a vertically integrated pharmaceutical business with capabilities spanning active pharmaceutical ingredients (APIs), generic formulations, branded products, complex generics, and biosimilars, supported by 15 manufacturing sites globally (13 in India, 1 in the US, and 2 in Latin America) and 7 research centers. With more than 24,000 employees and commercial presence in over 100 markets, Lupin serves patients and healthcare providers across chronic disease categories including respiratory, cardiovascular, anti-diabetic, oncology, gastrointestinal, ophthalmology, and central nervous system conditions.

The product portfolio includes US generic drugs across cardiovascular (Azilsartan Medoxomil, Enzalutamide), oncology (Eribulin Mesylate Injection), gastrointestinal (Famotidine Injection, Glycerol Phenylbutyrate Oral Liquid), respiratory (Luforbec pMDI, Revefenacin Inhalation Solution), anti-infective (Oseltamivir Phosphate), and colonoscopy preparation (Sulfate Tablets); specialty respiratory products such as Luforbec delivered via pressurized metered dose inhaler; the interchangeable biosimilar Ranluspec (ranibizumab-hkdz) referencing Genentech's Lucentis; and a 60+ branded ophthalmology product portfolio acquired through VISUfarma. The pipeline includes the fortnightly GLP-1 receptor agonist Bofanglutide licensed from Gan & Lee for the Indian market and the novel SOS1 inhibitor LNP8701 in Phase 1 oncology development. Lupin holds 52 first-to-file ANDA opportunities and has secured multiple 180-day exclusivities in FY26.

Lupin's revenue model combines one-time licensing revenue from generic ANDA approvals (including 180-day exclusivity periods), recurring revenue from branded products in India and emerging markets, and higher-margin recurring streams from specialty and biosimilar franchises. The company employs a hybrid go-to-market strategy with direct sales operations in India, the US, and the UK, complemented by regional channel partnerships for emerging geographies — including Yabao Pharmaceuticals for China, Laboratorios ERN for Spain, and Neopharmed Gentili for the Philippines and Brazil. In FY26, Lupin reported consolidated revenue of ₹27,487.5 crore (approximately $3.29 billion USD), representing 23.9% year-over-year growth, with US markets growing 56.90% in Q4 FY26 and EBITDA margins expanding by 1,070 basis points to 35.5%.

Name

Lupin

Legal name

Lupin Limited

Website

https://www.lupin.com

Company type

Public

Founded year

1968

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

Lupin Limited is a vertically integrated Indian pharmaceutical company manufacturing generic drugs, biosimilars, complex generics, and APIs across 15 production facilities, serving patients in over 100 markets through direct subsidiaries and regional distribution partnerships.

Ownership category

akta.pro rank

Headquarters

HQ city

Mumbai

HQ country

India

HQ region

Asia

Offices17 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Operations, Personnel, Technology or R&D, Supply Chain, Marketing or Sales, Others

Revenue model

1. Generic Formulations: Generic pharmaceutical formulations sold in regulated markets including US, Europe, and emerging markets. Revenue generated through ANDA approvals and generic drug launches with 180-day exclusivity periods for first-to-file applications.
2. Branded Products: Branded pharmaceutical products marketed in India and emerging markets through established commercial infrastructure and local partnerships.
3. Active Pharmaceutical Ingredients (API): API manufacturing and sales including captive consumption for captive formulations business and external sales. API business facing 18% decline due to pricing pressure and Chinese supply dependency.
4. Specialty and Biosimilars: Higher-value specialty medicines, complex generics, injectables, respiratory therapies, and biosimilars targeting differentiated market segments with improved margin profile.

Pricing tiers

Go-to-market motion2 records

Distribution channels4 records

Marketing channels6 records

Core offering

Lupin is a vertically integrated global pharmaceutical company that develops, manufactures, and markets generic formulations, biosimilars, complex generics, branded products, and active pharmaceutical ingredients (APIs) across more than 100 markets. Operations span oral solid dosage, injectables, respiratory pMDIs, ophthalmology, and biotech/biosimilars, supported by 15 manufacturing facilities (13 in India, 1 USA, 2 LATAM) and 7 research centers.

Product overview

Lupin is a global pharmaceutical company offering a diversified portfolio of generic drugs, biosimilars, and specialty medicines. The product portfolio includes: (1) Biosimilars such as Ranluspec (ranibizumab) for ophthalmology; (2) Generic drugs spanning cardiovascular (Azilsartan Medoxomil, Enzalutamide), oncology (Eribulin Mesylate), gastrointestinal (Famotidine Injection, Glycerol Phenylbutyrate), respiratory (Luforbec pMDI, Revefenacin), anti-infective (Oseltamivir), and colonoscopy prep (Sodium/Magnesium/Potassium Sulfate) categories; (3) Pipeline candidates including Bofanglutide (GLP-1 for diabetes/obesity via Gan & Lee partnership) and LNP8701 (SOS1 inhibitor for solid tumors); (4) Acquired VISUfarma portfolio of 60+ ophthalmology products across Europe. The company operates 15 manufacturing sites globally and serves markets through subsidiaries and distribution partnerships.

Differentiator

Problem solved

Functional benefit

Brands

• VISUfarma: European ophthalmology specialty pharmaceutical brand with over 60 branded eye health products covering dry eye, glaucoma, retinal health, and other eye conditions
• Ranluspec
• Luforbec
• Lupin Diagnostics
• Lupin Digital Health
• Lupin Manufacturing Solutions

Products and services

• Ranluspec (ranibizumab-hkdz) Injection An interchangeable biosimilar referencing Genentech's Lucentis for treating neovascular age-related macular degeneration, macular edema following retinal vein occlusion, diabetic macular edema, diabetic retinopathy, and myopic choroidal neovascularization. Available in both vials and pre-filled syringes in 0.3 mg and 0.5 mg strengths. Sold to healthcare providers and distributors in the US market.
• Azilsartan Medoxomil Tablets Generic version of Azurity Pharmaceuticals' Edarbi for treating hypertension in adults, available in 40mg and 80mg strengths. Lupin holds exclusive first-to-file status with 180-day generic drug exclusivity. Sold to US wholesalers and distributors.
• Enzalutamide Tablets Generic version of Astellas Pharma's Xtandi for treating castration-resistant prostate cancer, available in four dosage strengths (40 mg, 80 mg, 120 mg, and 160 mg). Tentative FDA approval granted.
• Eribulin Mesylate Injection Generic equivalent to Eisai's Halaven Injection for metastatic breast cancer and unresectable or metastatic liposarcoma treatment, approved jointly with alliance partner Natco Pharma.
• Luforbec (beclometasone/formoterol) pMDI Fixed-dose combination inhaler combining beclometasone and formoterol via pressurized metered dose inhaler (pMDI) for adult asthma and chronic obstructive pulmonary disease (COPD) treatment. Launched in Spain via partnership with Laboratorios ERN, following successful introductions in UK and Germany.
• Oseltamivir Phosphate Oral Suspension Oral suspension (6 mg/mL) for treatment and prevention of influenza A and B in patients from 2 weeks of age. Lupin's first product entry into the Chinese pharmaceutical market through partnership with Yabao Pharmaceuticals.
• Sodium Sulfate, Magnesium Sulfate, and Potassium Chloride Tablets Colonoscopy preparation drug bioequivalent to Sutab tablets, indicated for colon cleansing prior to colonoscopy in adults. Manufactured at Lupin's Nagpur facility with 180-day exclusivity period.
• Famotidine Injection USP Generic equivalent to Merck Sharp & Dohme Corp's Pepcid Injection, available in 20 mg/2 mL single-dose vials for duodenal ulcers, gastric ulcers, GERD, and pathological hypersecretory conditions.
• Glycerol Phenylbutyrate Oral Liquid Generic equivalent to Horizon Therapeutics' Ravicti Oral Liquid for chronic management of patients with urea cycle disorders that cannot be managed through dietary protein restriction alone.
• Revefenacin Inhalation Solution Generic version of Mylan's Yupelri for COPD maintenance treatment, available as 175 mcg/3 mL unit-dose vials. Tentative FDA approval granted.
• VISUfarma Eye Health Products Portfolio Over 60 branded eye health products spanning dry eye, glaucoma, retinal health, eyelid hygiene, blepharitis, and specialty nutraceuticals acquired from GHO Capital Partners LLP. Generates EUR 53 million revenue. Sold to ophthalmologists, hospital eye departments, and pharmacies across Europe.
• Bofanglutide (GLP-1 Receptor Agonist) Novel fortnightly GLP-1 receptor agonist licensed from Gan & Lee Pharmaceuticals (China) for treating type 2 diabetes and weight management. Lupin holds exclusive rights for Indian market.
• Plasil (metoclopramide) Gastroenterology brand licensed from Neopharmed Gentili for marketing in Philippines and Brazil. Indicated for nausea, vomiting, and motility disorders.

Quantifiable outcome

• 87.72% YoY profit growth in Q4 FY26 with EBITDA margin expansion of 1,070 bps to 35.5%
• +4 more outcomes

Named customers2 records

Segments5 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Seven partnerships are on record, tiered core, major and supporting.

• Laboratorios ERN S.A.coreChannel Partner/ Reseller/ Distributor · 8 June 2026Strategic collaboration to launch Luforbec (beclometasone/formoterol) pMDI in Spain for adult asthma and COPD treatment. Partnership combines Lupin's respiratory manufacturing capabilities with ERN's national distribution network.
• Natco PharmacoreStrategic or Co-development Partner · 3 June 2026Alliance partnership for Eribulin Mesylate Injection ANDA approval. US FDA approved the generic equivalent of Eisai's Halaven Injection for metastatic breast cancer and liposarcoma treatment. Reference drug had estimated annual US sales of $43.7 million.
• Yabao Pharmaceutical Co.majorChannel Partner/ Reseller/ Distributor · 22 May 2026Partnership for Lupin's first product entry into Chinese pharmaceutical market. China's National Medical Products Administration approved Lupin's oseltamivir phosphate oral suspension (6 mg/mL) for pediatric treatment and prevention of influenza A and B.
• Eli LillycoreStrategic or Co-development Partner · 16 May 2026Expanded diabetes partnership adding rapid-acting insulin Lispro (brand name Eglucent) to Lupin's marketed portfolio in India. Eli Lilly supplies API and know-how; Lupin responsible for marketing the insulin product in India.
• Gan & Lee PharmaceuticalsmajorStrategic or Co-development Partner · 29 December 2025Exclusive License, Supply and Distribution agreement for Bofanglutide, a novel fortnightly GLP-1 receptor agonist for type 2 diabetes and weight management. Lupin receives exclusive rights to commercialize in India. Clinical data shows weight loss comparable or better than existing GLP-1 alternatives with fortnightly dosing.
• Neopharmed Gentili S.p.A.coreChannel Partner/ Reseller/ Distributor · 18 December 2025Exclusive licensing agreement for Gastroenterology brand Plasil (metoclopramide) marketing and promotional rights in Philippines (through Multicare) and Brazil (through MedQuimica). Neopharmed oversees product supply in Philippines; production shifted to MedQuimica facility in Brazil.
• KinaxissupportingTechnology or IntegrationSupply chain software partnership using Kinaxis Maestro platform for AI-led planning systems. Lupin received Kinaxis 2026 Impact Award recognizing supply chain innovation. Platform helps navigate demand volatility and supply chain disruptions.

Scale indicators14 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• Sun Pharmaceutical Industries: Largest Indian generic pharmaceutical company with comparable vertically integrated operations across formulations, API, and specialty, including a substantial US generics franchise and emerging specialty/biosimilars pipeline. Closest direct competitor to Lupin in scale, geographic footprint, and business model.
• Dr. Reddy's Laboratories: Indian pharmaceutical major with a globally diversified generics portfolio, strong US ANDA pipeline, and growing biosimilars/specialty focus. Highly comparable to Lupin in regulatory strategy, US market exposure, and product mix across therapeutic categories.
• Cipla: Indian pharma leader with overlapping respiratory franchise (where Lupin's Luforbec pMDI competes), strong India domestic business, and growing US/south Africa presence. Directly comparable in respiratory inhalation technology and emerging markets commercial model.
• Aurobindo Pharma: Indian generic pharmaceutical manufacturer with similar vertical integration from API to formulations, large US generics franchise, and growing injectable/specialty presence. Comparable scale and US-market dependence make it a close peer.
• Zydus Lifesciences: Indian pharmaceutical company with a diversified portfolio spanning generics, biosimilars (including their own approved biosimilars), API, and specialty. Comparable to Lupin in the biosimilar and specialty ambitions and India/US dual-market exposure.
• Teva Pharmaceutical Industries: Global generic pharmaceutical leader with significant US generics share, large biosimilars portfolio, and specialty franchise. Directly comparable to Lupin in respiratory (pMDI), central nervous system, and complex generics categories.
• Viatris: Global generics and specialty pharmaceutical company formed from Mylan/Upjohn combination, with broad US generics presence, biosimilars, and established respiratory franchise. Comparable to Lupin across complex generics, injectables, and global commercial scale.

Emerging players

• Biocon Limited: Indian biopharmaceutical company with a strong biosimilars franchise and emerging global specialty footprint. Closely comparable to Lupin's biosimilars ambitions (Ranluspec), though smaller in scale and more focused on biologics than small-molecule generics.

Regional players

• Torrent Pharmaceuticals: Indian pharmaceutical company with strength in India domestic market and growing international presence, particularly in branded generics across therapeutic areas. Comparable to Lupin's India formulations business and emerging markets strategy.
• Glenmark Pharmaceuticals: Indian pharma company with a strong respiratory franchise and US generics presence. Comparable to Lupin in inhalation/respiratory focus, though smaller scale and more concentrated in select therapeutic areas.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/lupinlimited
• YouTubeyoutube.com/c/LupinGlobal
• Facebookfacebook.com/LupinWorld
• LinkedInlinkedin.com/company/lupin
• Instagraminstagram.com/lupinglobal

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Subsidiaries10 records

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A12 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Lupin