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Revenue
₹7,073 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 reported Q3 FY25 revenue of INR 7,073 crore (+8% YoY) and EBITDA margin of 28% (+184bps YoY), driven by strong India (10% growth), South Africa (21% ZAR), and EMEU (20% USD) performance. US revenue was $226M, impacted by lanreotide supply disruption, but Albuterol market share reached 21%. Management reiterated FY26 top-line growth guidance and expects EBITDA for FY25 to exceed the 24.5%-25.5% range. Key catalysts include generic Advair launch in H1 FY26 and Abraxane in H2 FY26 from the now-cleared Goa facility. Risks include regulatory delays at Bengaluru and MDI facilities, and potential US tariff impacts, though US manufacturing de-risks some exposure.
Colored figures show movement against the previous available record.
Guidance to track
- Management reiterated guidance to grow top line in FY26, with further profitability guidance to be provided after budget finalization.
- Cipla plans to launch generic Advair from its US facility in late first half of FY26, with de-risking progressing as expected.
- Abraxane launch expected from Goa facility post-approval, likely in back end of second half FY26 (Q4 FY26).
- EBITDA for FY25 is trending higher than earlier guidance of 24.5%-25.5%, with Q3 margin at 28% but not sustainable.
Risks flagged
- US FDA issued Form 483 observations at Virgonagar (Bengaluru) and MDI facilities; official classification awaited, potentially delaying product approvals.
- Lanreotide supply issues impacted US revenue; management expects normalization by end of Q4, but full capacity recovery may extend into Q1 FY26.
- Potential US tariffs on pharmaceutical imports could impact margins; management noted de-risking via US facilities but awaits policy clarity.
- Revlimid revenue is flat sequentially and expected to decline as competition increases; new launches may only partially offset the reduction.
Key quotes
- 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.'
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