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Dolat Capital Report
Cipla Ltd.’s Q2 was in-line with estimates across as Covid-19 sales in India moderated while gAlbuterol in the U.S. maintained its market share.
While near-term erosion in the base could be mitigated by further gains in gAlbuterol and contribution from gBrovana, U.S. revenue (quarterly run rate of ~$140 million) is unlikely to surprise on the upside in the absence of near-term catalysts with Cipla’s U.S. inhalation and complex generic pipeline (gRevlimid, gAbraxane and gAdvair) expected to start contributing meaningfully only from H2 FY23.
The reversion to normalised growth rates in the core domestic business and the absence of a meaningful recovery in other markets could render the current elevated margin levels unsustainable going forward.
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