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Revenue
₹6,678 Cr
verified against source
Revenue YoY
15%
reported change
EBITDA
₹1,690 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Cipla delivered a record quarter with revenue of ₹6,678 crore (+15% YoY) and EBITDA margin of 26%, driven by double-digit growth across India (+10%), North America (+28% to $229M), and South Africa (+12%). The India business benefited from a chronic mix shift (+140bps to 60%), while US growth was led by lanreotide (20% share) and albuterol share recovery. EBITDA guidance was raised to 23-24% (bias to higher end). Key upcoming catalysts include generic Symbicort filing in Q3, a peptide launch in Q4, and multiple complex filings in FY25. Risk: Indore facility OAI classification could delay US approvals.
Colored figures show movement against the previous available record.
Guidance to track
- Management increased full-year EBITDA margin guidance from 23% to 23-24%, with bias towards the higher end.
- Cipla plans to file generic Symbicort in Q3 FY24, having completed clinical studies.
- One peptide product launch planned in Q4 FY24, with 3-4 more in FY25.
- Management guided US revenue of $220-225M as sustainable for the next quarter.
Risks flagged
- Indore facility received OAI from US FDA; corrective measures are ongoing but may delay US approvals.
- Albuterol share is dependent on which variant the market buys; recovery to prior highs is not fully in Cipla's control.
- Analyst questioned Revlimid volume trajectory after the initial 12-month period; management gave no specific guidance.
Key quotes
- 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.
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