Lupin Eyes Specialty Growth, Mid-Sized Acquisitions: CFO Swaminathan

• Lupin plans to scale its specialty medicines business as a long-term strategy beyond generics, with current specialty products contributing $80 million to revenue.
• The company is open to mid-sized acquisitions, with a preferred deal size of $250-300 million and a borrowing capacity of $1.5-2 billion.
• Lupin is diversifying its market focus beyond the US, prioritizing Europe and India, and is evaluating deals in multiple regions.
• The VISUfarma acquisition is expected to close in December, boosting its ophthalmology business and contributing to specialty revenue growth.
• Lupin is working with USFDA to resolve observations at two plants and expects a quick resolution, while targeting a full-year margin of approximately 26%.

Why It Matters: Lupin's strategic shift to specialty drugs and acquisitions could redefine its market.