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Dolat Capital Report
Cipla Ltd.’s Q4 missed estimates as company took one-time shelf stock adjustment for Albuterol based on competitors’ entry.
The impact was 2%, adjusting for which Ebitda margins are in line at 19-20%.
While U.S. sales at $138 million were sequentially flattish, impacted by seasonality, price erosion in the base portfolio, the company’s profitability in the U.S. is now equivalent to company’s level.
Management remains confident of gaining further market share in Albuterol (has 87% prescription within Proventil market).
Further, management guided that it has strong visibility of product launches in the U.S. in FY22E to sustain growth.
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