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View Claim Ledger →Cipla Ltd — Q2 FY25
Cipla reported Q2 FY25 revenue of INR 7,051 crore (+9% YoY) and an EBITDA margin of 26.7% (highest ever, +70bps YoY), driven by strong profitability in India chronic therapies and Africa growth.
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Cipla reported Q2 FY25 revenue of INR 7,051 crore (+9% YoY) and an EBITDA margin of 26.7% (highest ever, +70bps YoY), driven by strong profitability in India chronic therapies and Africa growth. PAT stood at INR 1,303 crore (18.5% of sales). One India grew 5% YoY, impacted by weak acute season, but chronic therapies outpaced market. North America revenue was $237 million, with lanreotide franchise at 35% market share but facing supply issues expected to resolve by Q4. Africa grew 22% with South Africa private market ranking #2. Management maintained EBITDA margin guidance of 24.5%-25.5% for FY25. Key risks include lanreotide supply disruption, Goa FDA classification uncertainty, and potential pricing erosion in US generics.
सिप्ला ने दूसरी तिमाही में 7,051 करोड़ रुपये की कमाई की, जो पिछले साल से 9% ज्यादा है। कंपनी का मुनाफा 26.7% रहा, जो अब तक का सबसे अच्छा है। इसकी वजह भारत में पुरानी बीमारियों की दवाओं और अफ्रीका में अच्छी बिक्री है। कुल मुनाफा 1,303 करोड़ रुपये रहा। भारत में बिक्री 5% बढ़ी, लेकिन मौसमी बीमारियों की दवाएं कम बिकीं। अमेरिका में 237 मिलियन डॉलर की कमाई हुई, लेकिन एक दवा की आपूर्ति में दिक्कत है, जो साल के अंत तक ठीक हो जाएगी। अफ्रीका में 22% बढ़ोतरी हुई। कंपनी ने पूरे साल 24.5%-25.5% मुनाफा रहने का अनुमान लगाया है। जोखिमों में दवा आपूर्ति में रुकावट और अमेरिका में कीमतों में गिरावट शामिल है।
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Lanreotide supply disruption
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Read Transcript →Quarter Snapshot
Lanreotide franchise market share
35%
Up from prior quarter
Combined 505(b)(2) and ANDA assets reached 35% share in Q2, but supply issues will reduce Q3 sales.
India chronic therapy share
61.5%
+8pp YoY
Share of chronic therapies in India branded prescription business improved to 61.5% as per IQVIA.
Ibudilast market share
19%
Up from prior quarter
Ibudilast further enhanced its market share to 19% in Q2.
US price erosion (blended YoY)
10%
-10% YoY
Overall US portfolio price erosion of about 10% year-on-year, with QoQ low single digits.
What Changed vs Last Quarter
NEW
Generic Advair launch expected in H1 FY2026
Risking of generic Advair progressing as per expectations; launch targeted for first half of fiscal 2026.
NEW
Lanreotide supply issues to resolve by end of Q3, recovery in Q4
Supply challenges expected to be resolved by end of Q3, with sharp recovery in lanreotide franchise from Q4 FY25.
NEW
One India to outpace market growth on full-year basis
Management expects India business to revert to growth trajectory with respiratory uptick in Q3 and outpace market growth for the full year.
UPDATED
EBITDA margin guidance maintained at 24.5%-25.5% for FY25
Management reiterated full-year EBITDA margin guidance despite Q2 margin of 26.7%, expecting normalized Q3 and Q4.
DROPPED
U.S. sustainable quarterly run rate of $235-240 million
Expect U.S. business to settle at $235-240 million per quarter going forward, excluding one-time benefits.
DROPPED
Two peptide launches expected in H2 FY25
Two additional peptide products are expected to launch in Q3 and Q4 of FY25, with two more following in subsequent years.
DROPPED
Advair filing by end of 2024, potential launch in H1 CY2025
ANDA filing for Advair expected by December 2024 or January 2025, with potential launch in first half of calendar 2025.
NEW RISK
Lanreotide supply disruption
Supply issues at partner site will reduce Q3 lanreotide sales significantly; recovery depends on partner's production ramp-up.
NEW RISK
US generic pricing erosion
Blended US price erosion of ~10% YoY, with potential for further pressure from new competition in Albuterol and other products.
NEW RISK
India acute season weakness
Slow seasonal growth in acute category, especially anti-infectives, impacted India business; recovery dependent on respiratory season.
RISK GONE
Potential price erosion from new Albuterol entrants
New competitors entering the Albuterol inhalation market could lead to price erosion and market share loss, though management notes market expansion.
RISK GONE
Lanreotide supply constraints limiting ramp-up
Supply from partner is constrained, leading to gradual ramp-up for Lanreotide generic; capacity limitations may cap near-term revenue.
RISK GONE
Trade generic transition disruption
Transition to new distribution model caused temporary softness in trade generic business; recovery expected but execution risk remains.
🤫 Topics management stopped discussing
Mentioned in Q1 FY24, Q2 FY24, Q3 FY24
Filed generic Symbicort and one other inhalation asset; second site transfer to be added before approval.
Mentioned in Q1 FY24, Q2 FY24
Albuterol share is dependent on which variant the market buys; recovery to prior highs is not fully in Cipla's control.
Mentioned in Q1 FY24, Q4 FY24
As a two-player market, pricing may vary depending on competitor actions, though management aims to grow total value.
Mentioned in Q3 FY24, Q4 FY24
Goa plant reinspection expected around July-August 2024; Abraxane launch depends on inspection outcome and subsequent 90-day process.
Mentioned in Q1 FY24, Q1 FY25
Two additional peptide products are expected to launch in Q3 and Q4 of FY25, with two more following in subsequent years.
Fast read
Guidance and risk preview
Management reiterated full-year EBITDA margin guidance despite Q2 margin of 26.7%, expecting normalized Q3 and Q4.
Supply issues at partner site will reduce Q3 lanreotide sales significantly; recovery depends on partner's production ramp-up.
View Risks →