CIPLA's Q4FY25 EBITDA (Rs15.4bn; 22.8% OPM) was in line with our estimates. While Q4 is seasonally weak quarter; margins at 23% were above our estimate. Despite delay in new launches and supply issues of gLanreotide; Cipla managed to deliver strong profitability/margins in H2FY25. We expect Cipla to maintain its existing US sales run-rate. This will be aided by several high value niche launches in the US like gAbraxane, Nilotininb, gAdvair. Further, Cipla's...