Swaminathan said the shift is natural for Indian pharma. “It’s basically a question of evolution,” he noted, adding that Indian companies began with generics and now want IP-driven products. Lupin supplies to the US, Europe and emerging markets, and sees opportunities in multiple regions.
Currently, specialty products contribute around $80 million to Lupin’s revenue. The company expects this to rise as its ophthalmology business expands. Its VISUfarma acquisition is expected to close in December and add momentum.
There has been market speculation about Lupin studying a potential deal for Vitabiotics in the UK. Swaminathan said Lupin evaluates many proposals but “nothing like that at this stage.”
He acknowledged that Lupin may explore parts of the business but called the full asset less aligned with the company’s priorities.
Swaminathan said Lupin is diversifying beyond the US market. He called Europe stable and said India remains a priority. The company is open to deals in multiple regions within a defined borrowing limit.
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He said total leverage would not exceed twice earnings before interest, taxes, depreciation, and amortisation (EBITDA), allowing capacity of 1.5-2 billion. The preferred deal size is about $250-300 million.
The CFO said INR weakness helps export revenue and supports operating profitability. The company is targeting full-year margin of about 26% and aims to step up on the margins over time.
On USFDA observations at two plants, Swaminathan said Lupin is working with authorities to resolve issues and expects closure soon.
Lupin shares have been steady over the past year, with the company valued at ₹95,349 crore on the market.
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