CIPLA (=) : Optimistic guidance for the US; timely launch remains the key

研报英文原文证据摘录

CIPLA (=) : Optimistic guidance for the US; timely launch remains the key

EQUITIES

PHARMACEUTICALS

CIPLA NEUTRALPRICE* INR1,328  TARGET PRICE INR1,330 (UPSIDE 0%) TARGETnon materialPRICE EPS 03/27e-7% nonEPS material03/28e

Optimistic guidance for the US; timely launch remains the key

CIPLA’s 4QFY26 results disappointed as EBITDA missed BNPPe/consensus by 11%/10%, with an14 MAY 2026

Securities Research Report EBITDA margin of 15.2%. Revenue marginally missed BNPPe by 2%, with strong performance in

Production time: 02:50* (London time)

India and Africa partially offsetting the US decline. US revenue declined q-q due to the stoppage of

Research Analysts & Publishing Entities

Lanreotide. Mgmt guided FY27 EBITDA margin of 18.5-20% (vs FY26: 21%) with no contribution

Tausif Shaikh from Lanreotide. While CIPLA has a promising respiratory and peptide pipeline in the US, its frequentBNP Paribas Securities India Private

Limited regulatory issues have led to continued delays in product launches. Retain Neutral.

+91 22 6196 4037

tausif.shaikh@asia.bnpparibas.com Management expects big launches in 2HFY27, though execution will be crucial

CIPLA guided to a USD250m quarterly revenue run rate for the US by FY27-end, led by the launch

of respiratory products like gVentolin, gAdvair, gSymbicort and gQVAR, along with one large peptide

product. We feel the guidance is optimistic. Our estimate of a USD200m+ quarterly run rate looks

achievable depending on timely launches of products like gAdvair. Management has guided for an

18.5-20% FY27 EBITDA margin and expect 2H margins to be 20%+ as most of the launches are

expected then. 1HFY27 is expected to be subdued.

No Lanreotide in FY27; CIPLA behind peers in terms of biosimilars pipeline