About the company:
Cipla Limited is a leading Indian pharmaceutical company, specializing in generic medicines, active pharmaceutical ingredients (APIs), and biotechnology products. Founded in 1935 and headquartered in Mumbai, Cipla operates in over 80 countries, with a strong presence in India, the US, South Africa, and emerging markets. The company focuses on respiratory, cardiovascular, anti-infective, oncology, and central nervous system (CNS) therapies. Cipla is known for its commitment to affordable healthcare, innovation, and sustainability, playing a key role in the global supply of essential medicines.
Business Segment Highlights
India Business (One India Segment):
Revenue growth 10% YoY, led by respiratory, urology, and acute therapies.
Foracort remains India’s No.1 brand in IPM (Indian Pharmaceutical Market).
Trade generics back on growth trajectory after distribution realignment.
Consumer Health (CHL): Nicotex, Omnigel, and Cipladine maintained market leadership.
Launched CipAir AI-powered asthma screening app.
North America Business:
Revenue: $226 Mn (Impacted by Lamivudine supply disruption).
Albuterol market share reached 21%.
Upcoming launches: Generic Advair, Abraxane, and partnered inhalation assets.
South Africa & Emerging Markets (One Africa & EMEU):
Africa revenue growth: +9% in USD terms; South Africa +21% in ZAR terms.
Private market growth 8.8% vs. market growth of 2%.
EMEU business grew 22% YoY, driven by B2B & trade generics.
Regulatory & Manufacturing Updates
Goa Facility: Successfully cleared by US FDA.
Bengaluru Facility: Under review (8 observations issued).
Medispray Facility: One observation received; awaiting classification.
Key Future Growth Drivers
US Pipeline:
Generic Advair (FY26 H1 Launch).
Generic Abraxane (H2 FY26 Launch, post Goa clearance).
Other Respiratory & Peptide Assets in the next 18-24 months.
India Expansion: Strengthening chronic therapy focus.
South Africa Growth: Maintaining market #1 position in private market.
Trade Generics & Consumer Wellness: Scaling e-commerce & branding initiatives.
Outlook & Guidance
FY26 Revenue Growth Expected across all geographies.
EBITDA to remain above 25.5% in FY25.
US growth dependent on regulatory approvals (Advair & Abraxane key milestones).
Here is Cipla’s financial performance for the last three quarters (Q3FY25, Q2FY25, and Q1FY25):
| Metric | Q3FY25 | Q2FY25 | Q1FY25 |
|---|---|---|---|
| Revenue (₹ Cr) | ₹7,073 Cr | ₹6,930 Cr | ₹6,825 Cr |
| EBITDA (₹ Cr) | ₹1,981 Cr | ₹1,832 Cr | ₹1,760 Cr |
| EBITDA Margin | 28.0% | 26.5% | 25.8% |
| Profit After Tax (PAT) (₹ Cr) | ₹1,571 Cr | ₹1,482 Cr | ₹1,410 Cr |
| Gross Margin | 68% | 66.3% | 65.5% |
| R&D Spend (₹ Cr) | ₹360 Cr | ₹340 Cr | ₹325 Cr |
| Cash Position (₹ Cr) | ₹8,947 Cr | ₹8,670 Cr | ₹8,400 Cr |
| Debt (₹ Cr) | ₹466 Cr | ₹520 Cr | ₹540 Cr |
| US Revenue (₹ Cr) | ₹1,880 Cr | ₹1,920 Cr | ₹1,950 Cr |
| India Revenue Growth | +10% YoY | +9% YoY | +8% YoY |
| South Africa Revenue Growth | +9% USD terms | +8.5% USD terms | +8% USD terms |
Recent updates:
Highlights from last concall:
Financial Performance Highlights
Revenue: ₹7,073 Cr (+8% YoY)
EBITDA Margin: 28% (Up 184 bps YoY, 138 bps QoQ)
Profit After Tax (PAT): ₹1,571 Cr (22% of sales)
Gross Margin: 68%, driven by a better product mix
R&D Spend: ₹360 Cr (~5% of revenue)
Cash Position: ₹8,947 Cr in net cash; debt at ₹466 Cr