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Lupin delivered USD 2.7bn revenues and USD 625mn EBITDA in FY25, driven by a 13% YoY US business growth with 30% revenues from complex generics. India grew 14%, led by chronic therapies and expanded salesforce. Europe (USD 195mn, 14% CAGR) and Emerging Markets also posted solid growth. Margins improved to 23.7%, supported by cost optimization and a better product mix. R&D at 8% of sales focuses on complex generics, specialty, injectables, and 505(b)(2) candidates. Management is prioritizing quality, supply chain efficiency, and digital adoption. Specialty, India expansion, and biosimilars (focused on selective launches) are key growth drivers. US regulatory environment remains dynamic but growth outlook stays positive with robust pipeline and operational strength.