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 a...
neutral
medium
✓ Verified against BSE filing
Claim Ledger
Did management answer the analysts?
Every material analyst question, graded on whether management actually answered it — with the verbatim exchange and quantitative claims checked against filed numbers.
79%Questions answered1Evaded / deflected12Questions auditedMixedNumbers vs filing
Partial answer
High priority
Abraxane launch timeline if Goa clearance delayed
Asked by Damayanti Kerai, HSBC
Acknowledged dependency but gave no specific timeline or alternative plan.
no timeline givenconditional on FDA
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Question
in case we don't hear back favorably from the U.S. FDA regarding classification, et cetera, how far this product can be pushed in terms of launch in the market?
Umang Vohra, Managing Director and CEO
it depends on the clearance of Goa, right? And I think, from the time of the clearance, the clock starts pretty much for this product.
Answered
High priority
Lanreotide supply issues and resolution timeline
Asked by Damayanti Kerai, HSBC
Explained both capacity and demand issues, and gave Q4 confidence.
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Question
Is it purely the capacity constraint, or there are some other issues? And, are you remain confident about resolving this in a quarter?
Umang Vohra, Managing Director and CEO
I think there are two things that are happening. One is, as we are expanding capacity... Some part of it is also that, you know, that there was, there is more demand than we anticipated.
Answered
High priority
Confirmation that lanreotide supply issue is not external
Asked by Anubhav Agarwal, UBS
Clearly confirmed no external constraint, only partner production issue.
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Question
I'm just trying to reconfirm that at your partner, there is no external constraint because of which the supply has been impacted.
Umang Vohra, Managing Director and CEO
the issue is not a supply chain-related issue in terms of material or anything. The issue is linked completely to the partner's production.
Partial answer
High priority
Revenue impact of lanreotide supply issue in Q3
Asked by Anubhav Agarwal, UBS
Gave a ballpark (lower than 220) but not precise impact.
no exact number givenrange provided
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Question
What kind of impact would it be for Cipla and 3Q for this?
Umang Vohra, Managing Director and CEO
we are gonna see a fairly reduced number on lanreotide for quarter three. And I think, you know, yeah, it could be lower than the 220 mark.
Declined
Medium priority
Generic Revlimid QoQ sales comparison
Asked by Anubhav Agarwal, UBS
Explicitly declined to answer due to contract restrictions.
refused to disclose
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Question
was this quarter- on- quarter higher in September versus June quarter?
Ashish Adukia, CFO
We don't give guidance on lenalidomide sales because of the contract that we have with them.
Answered
Medium priority
Sustainability of Africa revenue run rate
Asked by Ameya Kalelkar, JM Financial
Confirmed base run rate and no degrowth expected.
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Question
So is it fair to say that INR 800 crore, the quarterly run rate is largely a new base, or we will see some movement in the tender cycle?
Ashish Adukia, CFO
No, we can assume this to be the base. There will be no degrowth, I would say.
Answered
High priority
Reason for sequential decline in US sales
Asked by Surya Narayan Patra, PhillipCapital
Attributed decline to Lanreotide and clarified trend line.
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Question
Could you clarify what would have impacted? Because sequentially, we have seen improvement on Albuterol...
Umang Vohra, Managing Director and CEO
One is definitely Lanreotide, right? ... the real trend line for the U.S. business was between 230 and 240.
Answered
High priority
Generic Advair filing timeline and inspection
Asked by Neha Manpuria, Bank of America
Confirmed timeline and batches underway.
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Question
on generic Advair, the filing timeline from the US facility was towards the end of this calendar year. Is that still on?
Ashish Adukia, CFO
Yes. The facility inspection will have to be triggered. I think our filing, batches are currently underway.
Answered
Medium priority
Gross margin improvement drivers
Asked by Neha Manpuria, Bank of America
Explained mix benefit and gave balanced view on costs.
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Question
What exactly happened? Is there anything else? Have we seen a better API pricing environment?
Ashish Adukia, CFO
The mix benefits that we've got... API cost has moderated overall, but there are other costs too in propellant that has gone up.
Answered
Medium priority
Pricing impact on Albuterol after new competition
Asked by Bino Pathiparampil, Elara Capital
Acknowledged erosion but said nothing major from latest entry.
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Question
have you seen any pricing impact in Albuterol after the recent competition entry?
Ashish Adukia, CFO
Albuterol, see, already there is multiple players out there and we see some. Because there is competition, we see some erosion in Albuterol.
Partial answer
High priority
September market share for Lanreotide
Asked by Shyam Srinivasan, Goldman Sachs
Gave directional but no precise share.
no specific numberdata not available
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Question
So where did, say, September market share for Lanreotide 505(b)(2) plus generic end up at?
Umang Vohra, Managing Director and CEO
It will be far lower. ... the full playthrough of what that share would be in September may not come out.
Answered
High priority
Capital allocation priorities with $1B cash
Asked by Shyam Srinivasan, Goldman Sachs
Clearly outlined priorities: India M&A, US differentiated assets, dividends.
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Question
how are we thinking about capital allocation, you know, either dividends or buybacks or even M&A.
Ashish Adukia, CFO
key market for us is India, where we would like to grow. ... followed by U.S. ... on the return of capital to the shareholders, we've talked about 30% dividend payout.
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| Lanreotide Q3 revenue could be lower than 220 | ₹220 cr | ₹7,051 cr | Understated vs filing |
| Africa quarterly run rate INR 800 crore base | ₹800 cr | ₹7,051 cr | Understated vs filing |
| EM-EU growth 18% in quarter | 18% | 9% | Overstated vs filing |
| EM-EU normalized growth under 10% | 10% | 9% | Matches filing |
| CHL growth 21% this quarter | 21% | 9% | Overstated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.