Lupin Launches Formoflo-G MDI, World's First Triple Combination COPD Inhaler in India

Key numbers

Market Cap	₹91,961 CrLarge Cap
P/E Ratio	16.63Sector 46.49
Revenue TTM	₹29,967 CrUp 23.9% YoY
Day RSI	29.12Oversold Zone

Key highlights

• World's first fixed-dose triple combination metered-dose inhaler approved by the DCGI
• Combines Glycopyrronium Bromide, Formoterol Fumarate, and Fluticasone Propionate in one device
• Lupin currently holds the number two rank in the Indian respiratory therapy segment
• Product is designed as a twice-daily single-strength dose for moderate to severe COPD
• Company reported a 29.6 percent operating profit margin in the most recent quarter

Lupin Expands Respiratory Portfolio with First-in-Class Inhaler

Lupin Limited has introduced Formoflo-G MDI, a first-of-its-kind triple therapy designed for the long-term management of moderate to severe chronic obstructive pulmonary disease. The device integrates three established active ingredients—Glycopyrronium Bromide, Formoterol Fumarate, and Fluticasone Propionate—into a single metered-dose inhaler. This launch is strategically significant as India is home to approximately 55 million COPD patients, a condition that remains a leading cause of mortality.

By providing a twice-daily fixed-dose combination, the company aims to simplify treatment regimens and improve patient adherence in a therapy segment where it already maintains a dominant market share.

Market Leadership and Competitive Standing

• Lupin is ranked number two in India's respiratory therapy segment as per IQVIA MAT March 2026 data
• The company operates 15 manufacturing facilities and 6 dedicated research centers globally
• Domestic revenue growth reached 32.04 percent year-on-year in the latest reported quarter
• Operating profit margins improved to 29.6 percent from 27.6 percent over the last four quarters
• Management has guided for full-year FY27 consolidated EBITDA margins of approximately 25 percent

Executive Perspective on Innovation and Accessibility

Formoflo-G MDI reflects our commitment to addressing unmet patient needs through differentiated, high-quality therapies. By combining innovation with accessibility, we aim to improve outcomes for patients living with respiratory diseases.

Global Pipeline and Recent Regulatory Milestones

The launch of Formoflo-G follows a series of regulatory successes for Lupin in 2026. In the months leading up to this launch, the company received final FDA approval for Modafinil Tablets on September 4 and tentative approval for Apixaban Oral Suspension on September 28. These milestones support the company's broader objective to achieve US sales between USD 1.1 billion and 1.2 billion for FY27.

With a cumulative pipeline of 430 US ANDA filings and 20 inhalation assets, Lupin is increasingly leveraging its research capabilities to introduce complex generics and specialty medicines across both Indian and international markets.

What to watch next

• Filing of 15 plus new ANDAs planned throughout the remainder of FY27
• Full-year FY27 EBITDA margin achievement against the 25 percent guidance target
• Commercial launch of Sugammadex Injection and Modafinil Tablets in the US market

“Formoflo-G MDI marks an important addition to our respiratory portfolio, bringing together three established therapies in a single inhaler. It strengthens Lupin’s respiratory portfolio and provides healthcare professionals with an important treatment option for appropriate COPD patients.”

Lupin · financial snapshot

Share price	₹2011
Market capitalisation	₹91,961.02 Cr
Revenue (annual)	₹27,958.03 Cr
Net profit (annual)	₹5,332.84 Cr
Revenue (latest quarter)	₹8,276.89 Cr+10.73% vs previous quarter
Net profit (latest quarter)	₹1,415.00 Cr-3.10% vs previous quarter
P/E (TTM)	16.63×Sector 46.49×
Promoter holding	46.85%-0.01% QoQ
FII holding	22.42%Current quarter

Reference market data from a third-party provider, as of the story. Not a valuation or a recommendation.