The company launching new products in the market. gSynbicort and one Peptide ($300-400 Mn) product have been already launched in the last quarter and the company has planned to launch 4 more peptides in FY25E.

Cipla Ltd. has an average target of 1707.30 from 11 brokers.

Cipla Ltd.

29 Jan 2024

1508.65

1.08%

Improving products mix in the US, India and SAGA to drive growth

Buy: Cipla Ltd.

Target

KRChoksey

Cipla clocked in 13.7% Y-o-Y (-1.1% Q-o-Q) rise in revenue (vs. our estimate of Rs. 65,055 Mn) It was driven by stronger than anticipated growth in North America revenue (29% of revenue), which grew at 19.8% Y-o-Y (+1.5% Q-o-Q) to Rs. 19,160 Mn (vs. our estimate of Rs. 17,920 Mn), South Africa and Global Access (SAGA) business growing at 19.9% Y-o-Y (-17.9% Q-o-Q) to Rs. 8,150 Mn (vs. our estimate of Rs. 7,820 Mn), and India market recording 11.5% Y-o-Y (+1.5% Q-o-Q) growth in revenue to Rs. 28,590 (vs. our estimate of Rs. 28,193 Mn) North America’s has seen 15th consecutive quarter of growth on a Y-o-Y basis on the back of its peptide product Lanreotide injection (under 505 (b)(2) filing as an NDA), its existing respiratory assets performing and contribution from Lenalidomide sales. The company’s market share for Lanreotide injection has increased considerably from 1.9% in Q4FY22 – 20.0% in Q3FY24 in the US.

Cipla Ltd. has an average target of 1707.30 from 11 brokers.

Cipla Ltd.

29 Jan 2024

1508.65

1.08%

First Light | Bajaj Auto, TVS Motor, SBI Card, Laurus Labs, Cipla, Mahanagar Gas, DCB Bank, SBI Life

Buy: Cipla Ltd.

BOB Capital Markets Ltd.

BJAUT: Healthy revival but priced in; downgrade to SELL. TVSL: On a fast track raise to BUY. SBICARD: Asset quality concerns persist; downgrade to HOLD. LAURUS: Challenges galore cut to SELL. CIPLA: Healthy revenue growth, strong margins. MAHGL: Volume growth accelerating, reiterate BUY. DCBB: NII sequentially flat on high interest cost. SBILIFE: ULIP-led growth; maintains market leadership