Cipla Q2 Results Review - Encouraging Outlook Driven By Differentiated Products: Motilal Oswal

Beat on earnings was led by better traction in the U.S. portfolio and in the domestic formulation vertical.

<div class="paragraphs"><p>Tablets manufactured by Cipla Ltd. (Source: Company website)</p></div>
Tablets manufactured by Cipla Ltd. (Source: Company website)

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Motilal Oswal Report

Cipla Ltd. delivered a beat on Q2 FY23 earnings, led by better traction in the U.S. portfolio and in the domestic formulation vertical (prescription category and trade generics), driving superior profitability.

Cipla remains on track to further extend its launch pipeline of niche products in the U.S. market and maintain its steady outperformance in the DF segment.

We raise our FY23/FY24 earnings per share estimate by 7%/4.5% to factor in:

  1. enhanced prospects of limited competition products,

  2. outperformance in branded generics in the DF market, and

  3. increased operating leverage.

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Motilal Oswal Cipla Q2FY23 Results Update.pdf


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