Cipla Q3 Results Review - India, SAGA Businesses Disappoint: Systematix

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Systematix Research Report

Cipla Ltd.’s Q3 FY23 revenue was 7.3%/5.9% below our/consensus estimate as India branded formulation revenue were lower than expected. U.S. sales ramped up on expected lines and on back of growth in peptide portfolio and seasonal benefit.

Cipla recorded U.S. sales of $195 million, a growth of 30% YoY and 9% QoQ in constant currency terms. The company’s India and South Africa, Sub-Saharan, and Cipla Global Access business reported a weak set of numbers. SAGA business is currently facing supply issues and is expected to rebound from FY24, while the company is confident of delivering double digit YoY growth in the India business in the future.

Launch of gAdvair in the U.S. market was expected in H2 FY23, which has now been delayed to Q1 FY24.

Cipla has received a U.S. Food and Drug Administration target action date for Advair in the first week of April 2023. The company also expects to launch two more peptide products in FY24.

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Systematix Cipla - Q3FY23 Results Review.pdf

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Also Read: Cipla Q3 Results: Profit Rises, But Misses Estimates

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