Cipla US launch pipeline + India momentum underpin upside; key catalysts ahead

研报英文原文证据摘录

Cipla US launch pipeline + India momentum underpin upside; key catalysts ahead

J P M O R G A N Asia Pacific Equity Research

23 July 2026

Cipla Overweight

CIPL.NS, CIPLA IN

US launch pipeline + India momentum underpin upside; Price (23 Jul 26):Rs1,393.00

key catalysts ahead ▲Price Target (Sep-27):Rs1,600.00 Prior (Mar-27):Rs1,550.00

Cipla’s 1Q revenues were broadly in line, while the EBITDA margin of 16.7%

missed our estimate by 75 bps. The company stated that these margins are not Pharmaceuticals & Healthcare

Servicesreflective of normalized profitability and maintained full-year guidance of 18.5-

20% despite the miss. The investment case for Cipla remains anchored in the US Bansi Desai, CFA AC

launch pipeline and the operating leverage it can unlock: With gVentolin now (91 22) 6157 3581

bansi.desai@jpmorgan.com

launched (CGT exclusivity) and three additional respiratory assets plus a large

peptide opportunity guided for FY27 approvals, execution here could Amlan Jyoti Das

(91 22) 6157 3574

meaningfully improve Cipla’s growth and margin trajectory and support amlan.das@jpmchase.com

management’s target of a $1bn US exit run rate by FY27. Key near-term catalysts J.P. Morgan India Private Limited, J.P. Morgan

are these product approvals and the Indore re-inspection outcome. We cut our Tower, Santacruz(E), Mumbai - 400098, SEBI Registration: INH000001873, (91-22) 6157-3000.

FY27-28 estimates by 3% due to lower margin assumptions. We believe the stock

trades at attractive valuations of 29x/22x on FY27E/28E, ~10% and ~5% discounts

to DRRD and LPC, respectively, underpinning our OW and PT of Rs1,600 (rolled Key Changes (FYE Mar)

forward to Sep-27). Prev Cur Δ

Adj. EPS - 27E (Rs) 50.06 48.36 -3.4%

• Revenue in line, miss on margins: Cipla’s 1Q revenues of Rs71bn (+2% YoY) Adj.