Lupin Achieves Dual Environmental Leadership with CDP Double ‘A’ Rating and Strategic GLP-1 Partnership

Mumbai-based pharmaceutical giant Lupin Limited has achieved a remarkable dual milestone in January 2026, earning the highest environmental leadership rating from Climate Disclosure Project while simultaneously expanding its global diabetes care footprint through a strategic partnership with Galenicum Health for injectable Semaglutide distribution.

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Environmental Excellence: CDP Double ‘A’ Leadership Rating

Lupin Limited has received the coveted ‘A’ leadership rating from Climate Disclosure Project for both Climate Change and Water Security categories in 2025, positioning the pharmaceutical company among an elite group of global corporations demonstrating exceptional environmental stewardship. This achievement represents a significant leap from the company’s previous performance, with Lupin advancing from an ‘A-‘ rating in 2024 and even more dramatically from a ‘B’ rating in Climate Change and ‘C’ rating in Water Security in 2023.

The Climate Disclosure Project operates the world’s only independent environmental disclosure system for companies, capital markets, cities, states and regions to manage their environmental impacts. Founded in 2000, CDP has grown from just 245 companies reporting on climate performance in its first year to over 24,800 companies disclosing across more than 100 countries in 2025, representing two-thirds of global market capitalization.

CDP’s rigorous scoring framework evaluates organizations on governance, strategy, risk management, and performance metrics related to climate and water, driving accountability and action across global markets. Companies are scored from ‘D-‘ to ‘A’, with those earning ‘A’ scores leading the way in performance on environmental impact disclosures and environmental stewardship. Only companies demonstrating best practices in accordance with frameworks such as the Task Force on Climate-related Financial Disclosures earn the leadership designation.

Progressive Year-Over-Year Environmental Performance

Lupin’s trajectory toward environmental excellence demonstrates consistent improvement across multiple assessment periods. The company’s climate rating progression from ‘B’ in 2023 to ‘A-‘ in 2024 and finally to ‘A’ in 2025 reflects systematic enhancements in carbon emission reduction strategies and renewable energy adoption. Similarly, the water security rating’s advancement from ‘C’ in 2023 to ‘A-‘ in 2024 and ‘A’ in 2025 underscores the company’s commitment to responsible water management across its global manufacturing operations.

Ramesh Swaminathan, Executive Director, Global CFO and Head – API Plus SBU at Lupin, emphasized the significance of this recognition. “As a global pharma leader, we have significantly advanced our efforts to reduce environmental impact through innovation, collaboration, and transparency. We are proud to have earned CDP’s Double ‘A’ rating. CDP’s strict framework has helped shape and accelerate our climate initiatives, fostering ongoing progress. We are committed to establishing new sustainability standards and generating lasting value for our communities and the planet.”

The company’s sustainability framework is integral to its business operations, prioritizing environmental stewardship, employee well-being, supply chain sustainability, and patient-centric innovation. Lupin has demonstrated significant progress in reducing its carbon footprint through various initiatives, including the implementation of energy-efficient technologies and increased use of renewable energy sources across its operations.

S&P Global ESG Score: Best-in-Class Achievement

Beyond the CDP achievement, Lupin has demonstrated excellence across multiple ESG evaluation platforms. The company achieved an impressive S&P Global ESG score of 91 in 2025, representing a best-in-class global achievement that positions Lupin among an elite group of companies worldwide surpassing the 90-point threshold. This remarkable increase from a score of 17 in 2021 ranks among the fastest improvements for pharmaceutical companies, with the 2025 score significantly exceeding the pharmaceutical industry average of 28.

The S&P Global ESG Score measures a company’s performance on and management of material ESG risks, opportunities, and impacts informed by a combination of company disclosures, media and stakeholder analysis, modeling approaches, and in-depth company engagement via the S&P Global Corporate Sustainability Assessment. The assessment covers over 13,000 companies globally and includes 62 industry-specific questionnaires that evaluate companies across environmental, social, and governance criteria.

Additionally, Lupin secured a place in the prestigious S&P Global Sustainability Yearbook 2025 for the second consecutive year, achieving Top 10% S&P Global CSA Score status. The company’s S&P Global CSA score improved significantly from 65 to 75 in 2024, with only 780 companies across 62 industries recognized from the 7,690 companies assessed in the 2024 Corporate Sustainability Assessment.

Comprehensive Sustainability Initiatives

Lupin has intensified its environmental efforts through multiple strategic initiatives. The company has substantially increased its use of renewable energy, successfully reduced carbon emissions across its manufacturing facilities, and achieved water-positive operations through innovative water management systems. On the environmental front, the pharmaceutical manufacturer has implemented advanced technologies for waste reduction and pollution control while establishing robust climate governance structures at the board level.

On the social dimension, Lupin has prioritized employee well-being by promoting diversity and inclusion across its workforce of over 24,000 professionals globally. The company has launched comprehensive community health programs and made significant contributions to societal healthcare through its various subsidiaries including Lupin Diagnostics, Lupin Digital Health, and Lupin Manufacturing Solutions. In terms of governance, the organization has enhanced transparency, upheld ethical business practices, fortified corporate governance frameworks, and instituted board-level oversight to address ESG-related risks and opportunities effectively.

Strategic GLP-1 Partnership with Galenicum Health

In a parallel strategic development announced on January 21, 2026, Lupin Limited has entered into a licensing and supply agreement through its subsidiary Lupin Atlantis Holdings SA (LAHSA) with Galenicum Health, S.L.U. for finished formulations of injectable Semaglutide, a GLP-1 receptor agonist. This partnership marks a significant expansion of the pharmaceutical company’s diabetes care portfolio across international markets.

Partnership Structure and Geographic Coverage

Under the agreement, Galenicum will oversee development, manufacturing and supply of the injectable Semaglutide formulations, while Lupin will handle regulatory submissions, approvals, and commercialization and distribution across 23 countries globally. The partnership encompasses key markets including Canada, Europe, Southeast Asia and Latin America, positioning Lupin to capitalize on growth opportunities in the rapidly expanding GLP-1 market.

Fabrice Egros, President, Corporate Development at Lupin, emphasized the partnership’s strategic significance: “Our partnership with Galenicum marks a strategic milestone in strengthening Lupin’s Semaglutide portfolio. As diabetes continues to escalate globally and obesity emerges as a major global health priority, Semaglutide stands out as a critical therapy. This collaboration enables us to capitalize on worldwide growth opportunities in the expanding GLP-1 market. With our extensive commercial presence across Canada, Europe, Southeast Asia, and Latin America we are positioned to scale access at the right moment – further reinforcing our commitment to delivering high-quality, cost-effective medicines and expanding access to Semaglutide for patients in these regions.”

The Expanding GLP-1 Receptor Agonist Market

The global GLP-1 receptor agonist market was valued at USD 62.83 billion in 2025 and is projected to reach USD 254.19 billion by 2034, exhibiting a robust compound annual growth rate of 16.80% during the forecast period. This explosive growth is driven by the increasing global prevalence of type 2 diabetes and obesity, along with the proven efficacy of GLP-1 receptor agonists in managing both conditions.

Alternative market analyses project even more aggressive growth trajectories. One comprehensive study estimates the market will expand from USD 70.08 billion in 2025 to USD 201.79 billion by 2033, growing at a CAGR of 12.78%. These medications have demonstrated remarkable clinical benefits, with some formulations showing weight loss of up to 22.9% in clinical trials while simultaneously improving glycemic control and reducing cardiovascular risks.

According to the NCD Risk Factor Collaboration study released in 2024, globally over 880 million adults and 159 million children and adolescents between the ages of 5 and 19 years are affected by obesity. Type 2 diabetes mellitus represents more than 85% of all diabetes cases globally, with more than 537 million adults living with the condition in 2024. In the United States alone, around 1.4 million new cases are diagnosed each year, creating substantial demand for effective therapeutic interventions.

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Semaglutide: Dual Therapeutic Applications

Semaglutide is a generic form of glucagon-like peptide-1 (GLP-1) that helps regulate blood sugar and appetite through multiple physiological mechanisms. The medication serves dual therapeutic purposes, addressing two major global health challenges simultaneously.

For diabetes management, Semaglutide is prescribed for adults with Type 2 Diabetes alongside diet and exercise modifications. The drug enhances insulin production and decreases glucagon release, improving blood sugar control while offering cardiovascular benefits that have been demonstrated in clinical trials. For weight management applications, it is used for long-term weight management in adults with obesity or overweight conditions, helping patients achieve sustainable weight loss through appetite regulation and metabolic optimization.

The parenteral segment led the GLP-1 receptor agonist industry, accounting for the largest share of 92.58% in 2025, and is expected to grow at the fastest CAGR from 2026 to 2033. This dominance can be attributed to the wide availability of GLP-1 agonists for treating patients with diabetes and their high advantages over other drug administrations, particularly in terms of efficacy and patient outcomes.

Market Leadership and Innovation Pipeline

The GLP-1 therapeutic space is currently dominated by major pharmaceutical companies investing heavily in research and development. Novo Nordisk and Eli Lilly represent the two primary players, with Eli Lilly holding approximately 57% of the GLP-1 market as of Q2 2025, overtaking Novo Nordisk earlier in the year. Novo Nordisk’s Ozempic achieved more than DKr120 billion (USD 18.59 billion) in global sales in 2024, becoming the company’s best-performing product.

The developmental pipeline for GLP-1 agonists is highly robust, with currently over 60+ GLP-1 agonist companies evaluating 65+ GLP-1 agonists in various stages of development. The anticipated acceptance of these products in the market would significantly increase market revenue in the next decade. Beyond diabetes and obesity, GLP-1 receptor agonists are being explored for other therapeutic indications including cardiovascular diseases, metabolic dysfunction-associated steatohepatitis (MASH), and neurodegenerative disorders.

Galenicum’s Strategic Positioning

Joaquim Domingo, co-founder of Galenicum, highlighted the partnership as central to the company’s global expansion strategy: “This partnership is a cornerstone of our strategy to scale high-impact volumes of Semaglutide globally. At Galenicum, we have invested heavily in our GLP-1 development pipeline to meet the surging demand for these life-changing therapies. Our goal is clear: to be a leader in the B2B GLP-1 space, providing our partners with the reliability, scale, competitiveness, and quality required to transform patient care worldwide.”

Galenicum Health, headquartered in Esplugues de Llobregat, Barcelona, Spain, specializes in the development, manufacturing, and commercialization of generic medicines and value-added generics. The company focuses on affordability and quality, serving patients and healthcare systems across more than 70 countries worldwide in Europe, Latin America, Asia, and Africa. Galenicum maintains a diversified portfolio across key therapeutic areas, including cardiovascular, central nervous system, pain management, and anti-infectives, with particular strength and significant developments in the field of diabetes care, especially groundbreaking work on GLP-1s.

The Barcelona-based company operates a state-of-the-art manufacturing facility and dedicated research and development centers, supported by a committed team focused on providing affordable and reliable therapeutic options to improve global patient health. Galenicum’s mission aligns closely with Lupin’s commitment to expanding access to essential medicines while maintaining the highest quality standards.

Lupin’s Global Pharmaceutical Leadership

Lupin Limited is a global pharmaceutical leader headquartered in Mumbai, India, with products distributed in over 100 markets worldwide. The company specializes in pharmaceutical products including branded and generic formulations, complex generics, biotechnology products, and active pharmaceutical ingredients. Trusted by healthcare professionals and consumers globally, Lupin enjoys a strong position in India and the United States across multiple therapy areas including respiratory, cardiovascular, anti-diabetic, anti-infective, gastrointestinal, central nervous system, and women’s health.

The pharmaceutical manufacturer maintains 15 state-of-the-art manufacturing sites and 7 research centers globally, supported by a dedicated workforce of over 24,000 professionals. Lupin is committed to improving patient health outcomes through its subsidiaries – Lupin Diagnostics, Lupin Digital Health, and Lupin Manufacturing Solutions – each contributing to the company’s comprehensive healthcare ecosystem.

Recent Strategic Developments

The Semaglutide partnership with Galenicum represents the latest in a series of strategic licensing agreements aimed at strengthening Lupin’s position in complex and high-growth therapeutic segments. In December 2025, Lupin signed an exclusive licensing agreement with Gan & Lee Pharmaceuticals for a novel GLP-1 receptor agonist, further expanding its diabetes care portfolio beyond India. The company also entered into licensing agreements with Neopharmed for the gastroenterology brand Plasil in the Philippines and Brazil, demonstrating its commitment to geographic expansion and therapeutic diversification.

In December 2025, Lupin received a positive CHMP (Committee for Medicinal Products for Human Use) opinion for biosimilar Ranibizumab Ranluspec, advancing its presence in the biosimilars market. The company also received US FDA EIR (Establishment Inspection Report) approval for its Nagpur injectable manufacturing plant in December 2025, validating its manufacturing quality standards and expanding its production capacity for injectable formulations including GLP-1 products.

Market Performance and Investor Outlook

Lupin’s stock has demonstrated resilience and growth potential across various time horizons. Over a five-year period, the company’s shares have delivered remarkable returns of 98.03%, significantly outperforming broader market indices and reflecting investor confidence in the company’s strategic direction and execution capabilities. The six-month return of 12.30% indicates sustained positive momentum, while the one-month gain of 0.51% suggests stable performance despite short-term market volatility.

The company’s strategic initiatives in both environmental sustainability and therapeutic expansion are expected to drive long-term value creation. The dual achievement of CDP Double ‘A’ rating and strategic GLP-1 partnership positions Lupin favorably among investors increasingly focused on environmental, social, and governance factors alongside traditional financial metrics. The expanding GLP-1 market opportunity, combined with Lupin’s established commercial presence across 23 countries covered by the Galenicum agreement, provides multiple growth avenues for revenue expansion.

Industry Context and Competitive Landscape

The pharmaceutical industry is experiencing a transformative period characterized by increasing emphasis on environmental sustainability alongside therapeutic innovation. Companies demonstrating leadership in both areas are positioned to capture market share, attract investment, and build long-term competitive advantages through enhanced brand reputation and stakeholder trust.

Within the GLP-1 space specifically, the market is characterized by intense innovation and competition. North America dominated the GLP-1 receptor agonist market with a 55.51% share in 2025, driven by high healthcare expenditure, strong prevalence of obesity and diabetes, and significant investments in research and development by key pharmaceutical players. The United States market benefits from high adoption rates, with approximately 16% of U.S. adults (1 in 8 individuals) having used GLP-1 drugs according to a 2024 American Medical Association poll.

Europe represents another lucrative region, benefiting from a sizable population base including an elderly demographic particularly vulnerable to diabetes and obesity. The region’s presence of leading pharmaceutical companies focused on developing new GLP-1 receptor agonist products and increasing research activities are fueling regional expansion. Asia-Pacific markets, particularly India and China, are experiencing critical expansion driven by rising prevalence of type 2 diabetes and obesity, coupled with improving healthcare infrastructure and growing awareness about advanced diabetes treatments.

Regulatory Environment and Market Access

The regulatory landscape for GLP-1 receptor agonists continues to evolve favorably, with health authorities recognizing the significant clinical benefits these medications provide for both diabetes management and obesity treatment. Multiple GLP-1 products have received approvals for expanded indications beyond their original diabetes treatment authorizations, including cardiovascular risk reduction and weight management applications.

Favorable reimbursement policies in many markets are enhancing patient access to these therapies despite their premium pricing. Government support for diabetes and obesity treatments, particularly in markets like India where Lupin maintains strong commercial presence, is boosting access to cost-effective medications and driving market expansion. The development of biosimilar and generic versions of established GLP-1 products, such as the Semaglutide covered in the Lupin-Galenicum partnership, is expected to further democratize access while maintaining quality standards.

Future Outlook and Strategic Implications

Lupin’s dual achievement in environmental leadership and strategic therapeutic expansion positions the company at the intersection of two major pharmaceutical industry trends: sustainability-driven corporate responsibility and innovation in metabolic disease management. The company’s progression from CDP ratings of ‘B’ and ‘C’ in 2023 to double ‘A’ ratings in 2025 demonstrates the feasibility of rapid environmental performance improvement when supported by systematic investment and management commitment.

The GLP-1 partnership with Galenicum provides Lupin with immediate access to one of the fastest-growing pharmaceutical markets globally, without the capital-intensive requirements of developing manufacturing capabilities in-house. By leveraging Galenicum’s manufacturing expertise and its own established regulatory and commercial infrastructure across 23 countries, Lupin can rapidly scale its presence in the diabetes and obesity treatment markets while maintaining capital efficiency.

Looking ahead, the convergence of environmental excellence and therapeutic innovation is likely to become increasingly important for pharmaceutical companies seeking to differentiate themselves in competitive global markets. Investors, regulators, healthcare providers, and patients are all placing greater emphasis on corporate sustainability performance alongside traditional measures of financial and operational success.

The expanding applications of GLP-1 receptor agonists beyond diabetes and obesity – including potential benefits in cardiovascular disease, metabolic dysfunction-associated steatohepatitis, and neurodegenerative disorders – suggest that early market entrants like Lupin may benefit from being well-positioned as these indications receive regulatory approval in coming years. The company’s investment in building capabilities across the GLP-1 value chain through partnerships like the Galenicum agreement provides strategic optionality for future therapeutic expansion.

Conclusion

Lupin Limited’s achievement of CDP Double ‘A’ ratings for Climate Change and Water Security, combined with an S&P Global ESG score of 91 and strategic expansion into the high-growth GLP-1 market through the Galenicum partnership, exemplifies how pharmaceutical companies can simultaneously advance environmental sustainability and therapeutic innovation. The company’s rapid progression in environmental performance metrics, from middling ratings just two years ago to global leadership status, demonstrates that substantive change is achievable with appropriate commitment and investment.

The strategic Semaglutide partnership positions Lupin to participate in one of the pharmaceutical industry’s most significant growth opportunities, addressing the global epidemics of diabetes and obesity that affect hundreds of millions of people worldwide. By combining environmental stewardship with therapeutic expansion, Lupin is establishing a comprehensive value proposition that addresses the evolving expectations of all stakeholders – from investors and regulators to healthcare providers and patients.

As the pharmaceutical industry continues to navigate the dual imperatives of sustainability and innovation, Lupin’s integrated approach provides a compelling model for how companies can create long-term value while contributing to both planetary health and human wellbeing. The company’s success in achieving environmental leadership while simultaneously expanding its therapeutic portfolio suggests that these objectives are not mutually exclusive but rather complementary elements of a forward-looking corporate strategy.

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By: Montel Kamau

Serrari Financial Analyst

28th January, 2026