Lupin Cuts Forecast Despite Etanercept Launch
Firm Sees Trump 'Buy American' Order As Near-Term Opportunity
Despite plans to launch a biosimilar to Enbrel in August and a generic to ProAir in September, Lupin cut its FY21 EBITDA forecast to 17% from 19-20%, as first-quarter revenues were hit by COVID-19 and a recall of metformin in the US. Meanwhile, it sees the US “Buy American” order for some essential medicines as a near-term opportunity.
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Indian major Lupin is continuing to further efforts on its three main growth drivers: biosimilars, inhalation products and long-acting injectables, management told the virtual J.P. Morgan Healthcare Conference in San Francisco.
As the global generics industry had predicted, the unexpected growth seen in the first quarter of 2020 due to forward buying caused by COVID-19 levelled off in the second quarter. However, a few companies managed to report a “mixed” second quarter or a positive first half for 2020, even after experiencing challenges, such as operational interruptions, posed by the pandemic.
In partnership with Lupin, Mylan introduces Nepexto (etanercept) to the German market. After adalimumab, Nepexto is Mylan’s second immunology product in Germany.