Lupin Targets $500M Biosimilars Revenue, Expands Manufacturing and Launches Oncology Spin-Off Funding
核心洞察
Lupin expects biosimilar turnover of close to $500 million over the next five years, anchored by its recently approved pegfilgrastim biosimilar and upcoming ranibizumab launches.
The company has invested about ₹500 crore in biosimilar manufacturing capacity and plans to raise total investment to roughly ₹700 crore.
Lupin has begun raising external funding for Kaveri Therapeutics (搜索), its oncology-focused spin-off housing two specialised oncology programmes, while intending to remain majority shareholder.
Lupin is scaling up its biosimilars business and expects turnover from the segment to reach close to $500 million over the next five years, Executive Director and Global Chief Financial Officer Ramesh Swaminathan told Business Standard. The push follows the company's first US Food and Drug Administration (搜索) approval in December 2025 to market its biosimilar of the cancer drug pegfilgrastim.
"Pegfilgrastim is set to enter the United States (US) market, while ophthalmic drug Ranibizumab is lined up for launches across the US, Europe and Japan," Swaminathan said.
Oncology Biosimilars and India Launches
Beyond pegfilgrastim and ranibizumab, Lupin plans to bring biosimilars of the cancer drugs nivolumab, dinutuzumab and pertuzumab to India. The company already markets a biosimilar of the autoimmune condition drug etanercept in Europe and Japan through partnerships.
Lupin previously partnered with US-based Viatris for promotion of etanercept in global markets, a mandate that later shifted to Biocon Biologics (搜索) after it acquired Viatris's global biosimilar business. The company also works with Sandoz and Biogaran for distribution in the European Union market.
Swaminathan said Lupin has no fixed commercialisation model for the portfolio and intends to use a mix of partnerships, third-party distribution and its own sales force depending on the product and market.
Manufacturing Investment and Capacity
To support the expansion, Lupin has invested about ₹500 crore in biosimilar manufacturing capacity so far and plans to increase its total investment to around ₹700 crore. "We currently have about 11,000 litres of mammalian and 100 litres of microbial capacity, both of which are being expanded," Swaminathan said.
Generics Business and US Pressure
The biosimilars push comes as Lupin seeks additional growth engines around its established generics business. Swaminathan said the company expects its India business to grow 25-30 per cent above the market rate in 2026-27.
In the US, Lupin anticipates near-term pressure from products including its generic version of the bladder disorder drug mirabegron, which was the subject of a patent dispute with innovator company Astellas Pharma. Lupin later agreed to a $90 million settlement with Astellas, allowing it to continue selling the product in the US.
"We might actually see a little lowering of the turnover in America this year. However, new launches in the next year such as Apixaban are expected to support growth," Swaminathan said. The company sees scope for a compound annual growth rate of around 10 per cent in the US over the next five years.
In Africa, where Lupin has a presence in South Africa, the company is looking at tie-ups across various therapy areas. "We are already big in anti-tuberculosis and anti-rabies vaccines (ARVs), which are big markets for Africa," Swaminathan said.
Kaveri Therapeutics Funding Process Begins
Separately, Lupin has started the process of raising external funding for Kaveri Therapeutics (搜索), its oncology-focused spin-off housing two specialised oncology programmes. The move is aimed at bringing in outside capital for higher-risk drug development while allowing Lupin to conserve resources for its core pharmaceutical business.
"We believe in the potential of these molecules, but at the same time, we also recognise the risks associated with them," Swaminathan said.
Lupin will participate in the funding and intends to remain the majority shareholder in Kaveri, though the eventual stake will depend on the amount raised and the company's valuation. The funding process has already begun, with a partner on board seeking to bring in additional investors, but the company does not yet have a timeline for a Series A round.
Swaminathan said it was too early to discuss a potential future listing of Kaveri, adding that it could be considered if the company eventually develops into a multi-billion-dollar business with multiple successful molecules.