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-
favorable product mix with tailwind in Covid-19 portfolio growth,
booster effect on anti-infective portfolio, benefitting peers as well,
qualitative improvement in U.S. sales at $140 million and
profitable products (in private market) aided growth in South Africa (in constant currency), despite low tender business.
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