Cipla · tone and specificity signals across the available quarters.
Language signals
Our differentiated portfolio in U.S. continues to deliver strong growth for the franchise. The business yet again achieved its highest sales in the quarter by realizing a revenue of $222 million, growing by a strong 43% over the last year.
We expect the full year EBITDA to be trending towards 23% for the year.
I think our base level will be somewhere in the range of 210-215. I mean, what I meant by 210-215 was what we will be reporting, broadly going forward, quarter by quarter.
North America reached all-time high quarterly revenue of $250 million.
Our EBITDA for the year is trending in the range of 24.5%-25.5% and ROIC is well over 30%.
The ANDA launch should hopefully add to this overall share. I think the ANDA also looks like any other product has a time to ramp up.
What makes this performance commendable is that it builds on a strong prior year-on-year quarter where we achieved the highest-ever US generic revenue.
We are adjusting to the older, larger products substituting themselves due to price erosion. What is balancing these in is the new launches that are helping us sustain momentum.
We are a little early for us to give guidance for next year. Closer to the year-end, when we're in position to give that guidance, seeing how the market shapes up after that is when we'll be in better position to do that.
In quarter two of FY 2024, we have continued the trend of strong performance, and we have recorded our highest ever quarterly revenue at INR 6,678 crores, with a year-on-year growth of 15% and a EBITDA margin of 26%.
Our EBITDA for the year is trending in the range of, so we are increasing our guidance on EBITDA from 23%, what we had given earlier, to 23%-24%, with bias towards the higher end.
I think the market size of that product could be, you know, anywhere upwards from $300 million-$400 million.
This quarter, we yet again delivered a strong profitability. The reported EBITDA margin stood at 26.7% for the quarter, which is the highest ever quarterly EBITDA margin that's reported by Cipla.
In lanreotide, we are in the process of resolving our supply issues. Our trade generics business, the model change has been successfully implemented, and we now have a better control on the channel.
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.
This quarter, we delivered an all-time high quarterly revenue of INR 7,589 crores, supported by a robust EBITDA margin of 25%.
In the overall U.S. albuterol MDI market, Cipla emerged as the number one player, with our market share rising to 22%.
We are entering the obesity care segment with the launch of Yurpeak, which is tirzepatide. This is a significant milestone in our partnership with Eli Lilly.
We are inching closer to the market leader.
Our estimate of where the Advair price is somewhere right now at around the $30 per inhaler mark as a net price.
I think it's better that we focus our attention on generating these assets from within and be content with the fact that no one asset will be higher than INR 50 million or so.
We believe that if we were to add a fuller basis of Abraxane and a fuller basis of Advair and a fuller basis of the partnered inhalation asset, we believe that this is quite meaningful in the ability to offset share of the generic Revlimid reduction.
The EBITDA margin stood at impressive 28% for the quarter, up by 184 basis points YOY and 138 basis points QOQ.
I don't think Cipla can do 28% margins, EBITDA margins. And that is what I had mentioned because the question was with respect to quarter, whether you'd be able to do 28% EBITDA consistently. And I had said, 'No, that's not a sustainable margin profile for us.'
We expect upcoming launches to help cushion the decline in Lenalidomide revenues and provide long-term growth.
The guidance will have to be revised because if we don't have lanreotide in one quarter, the numbers will be lower.
If you take out Lenalidomide, and if you take the next top 2 or 3 products of the company that we sell, including lanreotide, this is ballpark in that top 2 or top 3 product type of a profile.
In FY 2024, we recorded our highest ever revenue and EBITDA, including major milestones across our flagship businesses of One India, North America, and South Africa.
We want Cipla to have a chance to be able to play a formidable role, just like it does in the chemistry side of the world, but also to play that role in the biology side of the world.
The whole idea is to actually grow that value this year.
Our One India business surpassed the landmark of INR 11,000 crore revenues, reflecting our strength in the domestic market.
Our leading inhalation brand became the first brand in the history of IPM to cross INR 9,000,000,000 crore reaffirming its position as a market leader.
Our outlook for projected EBITDA margin is in the range of about 23.5%-24.5%.
We are expecting to launch this product within the coming months. Our Goa facility together with two US facilities is well equipped to support the launch of all four respiratory assets planned for FI27.
We expect the EBITDA margins to be in the range of 18.5% to 20%... this guidance does not include any contribution from lanreotide in FY27.
We are confident that we'll be able to deliver a strong double-digit growth as well as a market beating growth in FI27-28.