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Prabhudas Lilladher Report
Cipla Ltd.'s Q3 FY22 performance was broad based with strong show in domestic formulation and U.S. sales. We continue to remain positive on Cipla's growth across key segments including India and U.S. given-
strong traction in respiratory and other portfolio,
excluding Covid-19, Indian pharma market can grow 8-10% going forward with Cipla likely outpacing the market and
meaningful delta in U.S. revs are expected from FY23, backed by potential key launches.
We expect 15% earnings per share compound annual growth rate over FY21-24E from base business (ex Revlimid) given resilient earnings, improving visibility from U.S. and strong free cash flow generation.
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