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Revenue
₹7,051 Cr
verified against source
Revenue YoY
9%
reported change
EBITDA
Pending
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
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.
Colored figures show movement against the previous available record.
Guidance to track
- Management reiterated full-year EBITDA margin guidance despite Q2 margin of 26.7%, expecting normalized Q3 and Q4.
- Risking of generic Advair progressing as per expectations; launch targeted for first half of fiscal 2026.
- Supply challenges expected to be resolved by end of Q3, with sharp recovery in lanreotide franchise from Q4 FY25.
- Management expects India business to revert to growth trajectory with respiratory uptick in Q3 and outpace market growth for the full year.
Risks flagged
- Supply issues at partner site will reduce Q3 lanreotide sales significantly; recovery depends on partner's production ramp-up.
- Goa facility received Form 483 observations; classification still awaited, which could impact Abraxane launch timeline and other approvals.
- Blended US price erosion of ~10% YoY, with potential for further pressure from new competition in Albuterol and other products.
- Slow seasonal growth in acute category, especially anti-infectives, impacted India business; recovery dependent on respiratory season.
Key quotes
- 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.
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