Cipla's US sales were up 6.2% QoQ to $172 million. Backed by launches of respiratory and peptide products, management continues to expect US sales to inch up to a run-rate of $250 mn by Q4 FY27. The company secured approvals for two key respiratory products, gVentolin and gAdvair, in H1 FY27, and approval for two more respiratory products and one peptide product is anticipated in H2 FY27.
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ICICI Securities Report
ICICI Securities has maintained its Buy rating on Cipla Ltd. after the pharma company posted its September-quarter results, with an unchanged target price of Rs 1,610, valuing the company at 24 times FY28E earnings per share, earlier 23 times FY28E EPS.
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The brokerage highlighted that Cipla's Q2 FY27 operating performance was in line with its expectation, although the high base of gRevlimid sales last year continued to weigh on reported performance.
US sales were up 6.2% QoQ to $172 million. Backed by launches of respiratory and peptide products, management continues to expect US sales to inch up to a run-rate of $250 mn by Q4 FY27.
The company secured approvals for two key respiratory products, gVentolin and gAdvair, in H1 FY27, and approval for two more respiratory products and one peptide product is anticipated in H2 FY27.
Led by an uptick in chronic therapies and GLP-1 products, growth in the branded portfolio continues to be robust (+15%, as per IQVIA), while the trade generic and consumer portfolios are expected to regain double-digit growth momentum.
Management believes margins would expand sequentially over the next two quarters and maintained its FY27 Ebitda margin guidance of 18.5-20%.
The brokerage has cut its FY27/28E EPS by ~12%/4% to factor in lower other income and US sales.
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