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Revenue
₹7,589 Cr
verified against source
Revenue YoY
8%
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 delivered an all-time high quarterly revenue of INR 7,589 crore (+8% YoY) with a robust EBITDA margin of 25%, driven by broad-based growth across One India, US Generics, One Africa, and EMEU. The US business contributed $233 million in revenue, with Cipla becoming the #1 player in the albuterol MDI market (22% share). The India branded business grew 7% YoY, with chronic mix improving to 61.8%. Management revised FY26 EBITDA margin guidance down to 22.75%-24% (from 23.5%-24.5%) due to higher R&D spend and declining Revlimid contribution. Key growth drivers include the tirzepatide (Yurpeak) launch in India, upcoming respiratory and peptide launches in the US, and continued momentum in EMEU. Risk: Revlimid revenue is expected to become immaterial from Q3, creating a near-term revenue gap that new launches may not fully offset.
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Guidance to track
- Full-year EBITDA margin guidance lowered from 23.5%-24.5% due to higher R&D spend and declining Revlimid contribution.
- Revlimid revenue expected to be very small in Q3 and decline further as patent expires in January.
- Includes generic Advair in Q4 2026 and three peptide assets including liraglutide.
- Run-rate expected to reach $1B in US revenue during next fiscal year, subject to approval timelines.
Risks flagged
- Generic Revlimid contribution expected to become immaterial from Q3 FY26, creating a revenue gap that new launches may not fully offset in the near term.
- Delays in FDA approvals for key respiratory and peptide assets could impact the $1B US revenue target.
- India branded business grew only 7% YoY, below the market, due to weak acute season and team restructuring.
- Potential competition from semaglutide generics and uncertainty over exclusivity terms with Lilly could limit tirzepatide upside.
Key quotes
- 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.
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