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Revenue
₹6,604 Cr
verified against source
Revenue YoY
14%
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 a strong Q3 FY24 with revenue of INR 6,544 crore (+14% YoY) and EBITDA margin of 26.3%, driven by market-leading growth in India (+12%), an all-time high US revenue of $230 million (+18% YoY), and robust SAGA performance. The India chronic portfolio outpaced the market, while US growth was fueled by seasonality and Lanreotide (20% market share). Management guided FY24 EBITDA margins at the higher end of 23-24% and expects Q4 seasonality weakness. Key pipeline updates include Symbicort filing, Advair filing by mid-FY25, and four peptide launches in FY25. Risks include US FDA observations at Indore (warning letter) and Goa facilities, potential pricing compression in US generics, and delays in Abraxane launch.
Colored figures show movement against the previous available record.
Guidance to track
- Full-year EBITDA margin trending at the higher end of the previously guided range of 23-24%.
- Advair generic expected to be filed by mid-FY25 from an alternate site, with approval likely by end of next fiscal.
- Four peptide launches planned in FY25, with one asset awaiting approval expected in Q1 FY25.
- Filed generic Symbicort and one other inhalation asset; second site transfer to be added before approval.
Risks flagged
- Indore facility received a warning letter citing Albuterol complaints; resolution timeline uncertain and may impact future approvals.
- Goa facility due for re-inspection; delay or adverse outcome could further delay Abraxane launch.
- Pricing environment in US generics is in a downcycle; compression expected to move from 4-6% to 6-8% within a year.
- Abraxane launch via third-party transfer is taking longer; fastest route is from Goa facility, which is subject to FDA inspection.
Key quotes
- 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.
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