Cipla Q1 Review - Core Business In-Line; Guided For Few Good Launches In H2 FY22E: Prabhudas Lilladher
An employee, left, arranges labeled vaccine vials into a box as they exit a machine in the labeling unit at the Serum Institute of India Ltd. pharmaceutical plant in Pune. (Photographer: Sanjit Das/Bloomberg)

Cipla Q1 Review - Core Business In-Line; Guided For Few Good Launches In H2 FY22E: Prabhudas Lilladher

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Prabhudas Lilladher Report

We revise our earnings per share estimates upward by 2% for FY23 due to positive impact of Covid-19 portfolio in India formulations (partially offset by lower growth in South Africa) and better prospects in emerging markets.

Cipla surpassed its guidance of cost saving estimates by Rs 4-5 billion in FY21 and we believe similar trend to continue in FY22E/23E.

Its performance in Q1 was above our estimates given-

  1. favorable product mix with tailwind in Covid-19 portfolio growth,

  2. booster effect on anti-infective portfolio, benefitting peers as well,

  3. qualitative improvement in U.S. sales at $140 million and

  4. profitable products (in private market) aided growth in South Africa (in constant currency), despite low tender business.

Click on the attachment to read the full report:

Prabhudas Lilladher Cipla Q1FY22 Result Update.pdf

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