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View Claim Ledger →Cipla Ltd — Q4 FY25
Cipla delivered a solid Q4 FY25 with revenue of INR 6,730 crore (+9% YoY) and EBITDA margin of 22.8% (+150bps YoY), driven by strong performance across One India (+8% YoY), North America ($221M quarterly revenue), and EMU (+16% YoY).
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Cipla delivered a solid Q4 FY25 with revenue of INR 6,730 crore (+9% YoY) and EBITDA margin of 22.8% (+150bps YoY), driven by strong performance across One India (+8% YoY), North America ($221M quarterly revenue), and EMU (+16% YoY). PAT stood at INR 1,222 crore. The company guided FY26 EBITDA margin of 23.5%-24.5%, reflecting confidence despite generic Revlimid exclusivity loss. Key growth drivers include respiratory pipeline (Advair launch in FY26, six respiratory ANDAs filed), peptide launches (two to three in FY26), and Nano Paclitaxel/Nilotinib approvals. One India chronic mix improved to 61.5%. Risk: Generic Revlimid compression could pressure U.S. revenue and margins in coming quarters.
सिप्ला ने वित्त वर्ष 2025 की चौथी तिमाही में अच्छा प्रदर्शन किया। कंपनी की कमाई 6,730 करोड़ रुपये रही, जो पिछले साल से 9% ज्यादा है। मुनाफा 1,222 करोड़ रुपये रहा। कंपनी का परिचालन मुनाफा (EBITDA) 22.8% रहा, जो पिछले साल से 1.5% बेहतर है। भारत में बिक्री 8% बढ़ी, अमेरिका में 221 मिलियन डॉलर की कमाई हुई, और यूरोप-मध्य पूर्व-अफ्रीका में 16% बढ़ोतरी हुई। कंपनी को अगले साल 23.5% से 24.5% तक मुनाफा रहने की उम्मीद है। मुख्य वृद्धि सांस संबंधी दवाओं, पेप्टाइड दवाओं और कैंसर की दवाओं से होगी। भारत में पुरानी बीमारियों की दवाओं का हिस्सा 61.5% हो गया है। जोखिम: अमेरिका में रेवलिमिड जेनेरिक दवा की कीमत गिरने से आने वाले समय में कमाई और मुनाफा कम हो सकता है।
Promises0 met · 2 missedRisks4 trackedTranscriptfull text
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Risk Intelligence
Generic Revlimid exclusivity loss
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Read Transcript →Quarter Snapshot
One India Revenue (FY25)
INR 11,000 crore
+7% YoY
One India business surpassed INR 11,000 crore for the full year, reflecting strong domestic market presence.
North America Annual Revenue (FY25)
$934 million
All-time high
North America achieved record annual revenue of $934 million, propelled by differentiated portfolio and base business.
Albuterol Market Share
18%
Steady
Albuterol market share remained steady at 18%, indicating stable demand in the U.S. respiratory market.
Chronic Mix (India)
61.5%
+8pp YoY
Chronic mix improved to 61.5% as per IQVIA MAC 25, driven by respiratory, cardiac, and urology therapies.
What Changed vs Last Quarter
NEW
Two to three peptide launches in FY26
Cipla aims to launch two to three peptide assets in FY26, with one expected to be a large asset.
NEW
U.S. revenue run rate of ~$220 million for Q1 FY26
Management indicated U.S. revenue for the next quarter is expected to be around $220 million, factoring in Revlimid compression.
UPDATED
FY26 EBITDA margin guidance of 23.5%-24.5%
Management guided EBITDA margin in the range of 23.5%-24.5% for FY26, reflecting confidence despite Revlimid exclusivity loss.
UPDATED
Advair launch expected in FY26
Advair will be commercialized from the U.S. facility, with launch expected in FY26 depending on FDA prioritization.
DROPPED
FY26 top-line growth guidance retained
Management reiterated guidance to grow top line in FY26, with further profitability guidance to be provided after budget finalization.
NEW RISK
Generic Revlimid exclusivity loss
Revlimid exclusivity ends in FY26, which will compress revenue and margins in the U.S. business.
NEW RISK
Lanreotide supply normalization uncertainty
While supplies are resuming, the timeline to regain previous market share is uncertain and may take time.
NEW RISK
U.S. tariff and regulatory risks
Potential U.S. tariffs on pharma imports and executive orders on pricing could impact the business, though management sees limited near-term impact.
NEW RISK
Execution risk on peptide and respiratory pipeline
Delays in approvals or commercial launches of key pipeline assets (peptides, Advair) could affect growth trajectory.
RISK GONE
Regulatory delays at Bengaluru and MDI facilities
US FDA issued Form 483 observations at Virgonagar (Bengaluru) and MDI facilities; official classification awaited, potentially delaying product approvals.
RISK GONE
Lanreotide supply disruption recovery timeline
Lanreotide supply issues impacted US revenue; management expects normalization by end of Q4, but full capacity recovery may extend into Q1 FY26.
RISK GONE
US tariff policy uncertainty
Potential US tariffs on pharmaceutical imports could impact margins; management noted de-risking via US facilities but awaits policy clarity.
RISK GONE
Generic Revlimid revenue decline
Revlimid revenue is flat sequentially and expected to decline as competition increases; new launches may only partially offset the reduction.
🤫 Topics management stopped discussing
Mentioned in Q1 FY24, Q1 FY25, Q2 FY24, Q2 FY25, Q3 FY24
Goa facility received Form 483 observations; classification still awaited, which could impact Abraxane launch timeline and other approvals.
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 Q3 FY24, Q3 FY25, Q4 FY24
Abraxane launch expected from Goa facility post-approval, likely in back end of second half FY26 (Q4 FY26).
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, Q3 FY24
Goa facility due for re-inspection; delay or adverse outcome could further delay Abraxane launch.
Fast read
Guidance and risk preview
Management guided EBITDA margin in the range of 23.5%-24.5% for FY26, reflecting confidence despite Revlimid exclusivity loss.
Revlimid exclusivity ends in FY26, which will compress revenue and margins in the U.S.
View Risks →