Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>In Q4FY24, <a href="https://www.smartkarma.com/entities/cipla-ltd" target="_blank" data-smartkarma-citation="entities:3918:1" rel="noopener">Cipla Ltd (CIPLA IN)</a> posted 10% YoY revenue growth to INR61.6B. Despite surging R&amp;D expenditure, EBITDA increased 13% YoY to INR13B, leading to 54bps margin expansion to 21.4%.</li>
<li>New launches in U.S. and outperformance in the domestic market driven by chronic portfolio should drive the growth. For FY25, the company has guided for EBITDA margin of 24.5–25.5%.</li>
<li>Cipla shares soared 15% YTD. Last week, the promoters, Hamied family sold 2.5% stake in the company for ~INR26B, igniting a rally in share price.</li>
</ul>


In Q4FY24, Cipla Ltd (CIPLA IN) posted 10% YoY revenue growth to INR61.6B. Despite surging R&amp;D expenditure, EBITDA increased 13% YoY to INR13B, leading to 54bps margin expansion to 21.4%.
New launches in U.S. and outperformance in the domestic market driven by chronic portfolio should drive the growth. For FY25, the company has guided for EBITDA margin of 24.5–25.5%.
Cipla shares soared 15% YTD. Last week, the promoters, Hamied family sold 2.5% stake in the company for ~INR26B, igniting a rally in share price.


Cipla (CIPLA IN): Strong Q4 Performance; Future Growth Drivers Being Added; Promoter Stake Sale

External broker reports(aggregated public sources), Sharekhan

Sharekhan

External broker reports(aggregated public sources)

Sharekhan is India's leading broking house providing services from easy online trading, research to wide array of financial products. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Sharekhan's research report on Cipla We reiterate a Buy call with a higher PT due to buoyancy in the US, as price erosion pressures ease, volume growth due to drug shortages and focus on complex products.</li><li>Cipla’s growth in the IPM February 2024 stood at 8.1% (IPM growth of 9%) and 9.9% on MAT basis (IPM growth of 6.7% on a MAT basis).</li><li>We expect EBITDA margins to rise to 26% by FY26E driven by higher chronic share in the domestic business, new product launches in the complex generics in the US and completion of acquisition of Actor Pharma in South Africa.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Sharekhan's research report on Cipla We reiterate a Buy call with a higher PT due to buoyancy in the US, as price erosion pressures ease, volume growth due to drug shortages and focus on complex products.Cipla’s growth in the IPM February 2024 stood at 8.1% (IPM growth of 9%) and 9.9% on MAT basis (IPM growth of 6.7% on a MAT basis).We expect EBITDA margins to rise to 26% by FY26E driven by higher chronic share in the domestic business, new product launches in the complex generics in the US and completion of acquisition of Actor Pharma in South Africa.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Cipla Ltd - Complex Respiratory Portfolio Growth to Drive Margins

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

HD Hyundai Heavy Industries  / Equity Capital Markets

<ul>
<li>Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.</li>
<li>On the IPO front, Indian IPOs continued to do well, we also looked at two upcoming deals in Hong Kong.</li>
<li>On the placement front, last week ended up being one of the busiest ones so far this year with five deals live just on Thursday night alone. </li>
</ul>


Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
On the IPO front, Indian IPOs continued to do well, we also looked at two upcoming deals in Hong Kong.
On the placement front, last week ended up being one of the busiest ones so far this year with five deals live just on Thursday night alone. 


ECM Weekly (20th May 2024) -Lalatech, Go Digit, Aadhar, TBO Tek, Ecopro, Nexus, Modec, Hyundai Heavy

<ul>
<li>In Q3FY24, <a href="https://www.smartkarma.com/entities/cipla-ltd" target="_blank" data-smartkarma-citation="entities:3918:1" rel="noopener">Cipla Ltd (CIPLA IN)</a> recorded revenue of INR66B, up 14% YoY, and EBITDA margin of 24.2%, driven by double-digit growth across India, North America, and South Africa.</li>
<li>North America business reported highest ever revenue of $230M. India revenue is up 12% YoY, supported by growth across branded prescription, trade generics, and consumer health.</li>
<li>EBITDA margin for the full year is trending at a higher end of earlier guidance range of 23–24%. Peptide product launches in the U.S. should strengthen near-term growth prospect.</li>
</ul>


In Q3FY24, Cipla Ltd (CIPLA IN) recorded revenue of INR66B, up 14% YoY, and EBITDA margin of 24.2%, driven by double-digit growth across India, North America, and South Africa.
North America business reported highest ever revenue of $230M. India revenue is up 12% YoY, supported by growth across branded prescription, trade generics, and consumer health.
EBITDA margin for the full year is trending at a higher end of earlier guidance range of 23–24%. Peptide product launches in the U.S. should strengthen near-term growth prospect.


Cipla (CIPLA IN): Q3FY24 Result- Continued Growth Trajectory Across Key Markets; Positive Outlook

External broker reports(aggregated public sources), Axis Direct

Axis Direct

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>The company’s US revenue stood at $230 Mn (vs. exp $220 Mn) and was led by improvement in the base business pricing and higher MS in Lenotirade, while Albuterol has stable MS.</li><li>The Company has filed gSymbicort (MS $3.3 bn) and one other respiratory product. The revenue from gRevlimid is stable in the range of ~$35-$40 Mn. gLanreotide increased its market share (MS) to 20% while gAlbuterol maintained its MS of ~20%.</li><li>The company’s India business (ex-Covid) grew by 11% which was driven by chronic therapies that posted better-than-expected results. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

The company’s US revenue stood at $230 Mn (vs. exp $220 Mn) and was led by improvement in the base business pricing and higher MS in Lenotirade, while Albuterol has stable MS.The Company has filed gSymbicort (MS $3.3 bn) and one other respiratory product. The revenue from gRevlimid is stable in the range of ~$35-$40 Mn. gLanreotide increased its market share (MS) to 20% while gAlbuterol maintained its MS of ~20%.The company’s India business (ex-Covid) grew by 11% which was driven by chronic therapies that posted better-than-expected results. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

CIPLA Ltd - Healthy Performance on All Parameters

India

Cipla Limited manufactures and sells pharmaceutical and personal care products. The Company offers active pharmaceutical ingredients, and formulations in therapeutic areas, such as allergy, analgesic, anti malarial, anti-infectives, cardiology, dermatology and cosmeceuticals, diabetology, gastroenterology, steroids, iron chelators, nutritional products.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Cipla Ltd (CIPLA IN)

Cipla (CIPLA IN): Strong Q4 Performance; Future Growth Drivers Being Added; Promoter Stake Sale

Cipla reports double-digit revenue and EBITDA growth, and margin expansion in Q4, riding on US, India, and South Africa businesses. For FY25, the...

Tina Banerjee

Cipla Ltd - Complex Respiratory Portfolio Growth to Drive Margins

We reiterate a Buy call with a higher PT due to buoyancy in the US, as price erosion pressures ease, volume growth due to drug shortages and focus...

Sharekhan

ECM Weekly (20th May 2024) -Lalatech, Go Digit, Aadhar, TBO Tek, Ecopro, Nexus, Modec, Hyundai Heavy

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

Sumeet Singh

Cipla (CIPLA IN): Q3FY24 Result- Continued Growth Trajectory Across Key Markets; Positive Outlook

Cipla reports strong Q3FY24 result with 14% YoY sales growth and 24.2% EBITDA margin. US business achieves record high sales. Full-year EBITDA...

Tina Banerjee

CIPLA Ltd - Healthy Performance on All Parameters

The company’s US revenue stood at $230 Mn (vs. exp $220 Mn) and was led by improvement in the base business pricing and higher MS in Lenotirade,...

Axis Direct

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Cipla (CIPLA IN): Strong Q4 Performance; Future Growth Drivers Being Added; Promoter Stake Sale

​Cipla reports double-digit revenue and EBITDA growth, and margin expansion in Q4, riding on US, India, and South Africa businesses. For FY25, the...

Tina Banerjee

Cipla Ltd - Complex Respiratory Portfolio Growth to Drive Margins

We reiterate a Buy call with a higher PT due to buoyancy in the US, as price erosion pressures ease, volume growth due to drug shortages and focus...

Sharekhan

ECM Weekly (20th May 2024) -Lalatech, Go Digit, Aadhar, TBO Tek, Ecopro, Nexus, Modec, Hyundai Heavy

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

Sumeet Singh

Cipla (CIPLA IN): Q3FY24 Result- Continued Growth Trajectory Across Key Markets; Positive Outlook

​Cipla reports strong Q3FY24 result with 14% YoY sales growth and 24.2% EBITDA margin. US business achieves record high sales. Full-year EBITDA...

Tina Banerjee

CIPLA Ltd - Healthy Performance on All Parameters

The company’s US revenue stood at $230 Mn (vs. exp $220 Mn) and was led by improvement in the base business pricing and higher MS in Lenotirade,...

Axis Direct

Cipla reports double-digit revenue and EBITDA growth, and margin expansion in Q4, riding on US, India, and South Africa businesses. For FY25, the...

Cipla reports strong Q3FY24 result with 14% YoY sales growth and 24.2% EBITDA margin. US business achieves record high sales. Full-year EBITDA...