Cipla Ltd.: In-line F1Q27; Hitting US$1bn US Sales Target Is Key; Maintain UW

研报英文原文证据摘录

Cipla Ltd.: In-line F1Q27; Hitting US$1bn US Sales Target Is Key; Maintain UW

Update

July 23, 2026 05:28 PM GMT

Morgan Stanley India Company Private Limited+MCipla Ltd. | Asia Pacific Binay Singh

Equity Analyst

In-line F1Q27; Hitting US$1bn US Binay.Singh@morganstanley.comAlka Katiyar +91 22 6118-1158

Alka.Katiyar@morganstanley.com +91 22 6118-1172

Sales Target Is Key; Maintain Dhara P Shah

Research Associate

Dhara.Shah@morganstanley.com +91 22 6118-2047

UW

AlphaSignals Earnings Reaction

Unchanged Modest shortfall Largely unchanged

Impact to our thesis Financial results versus consensus Direction of next 12-month

consensus EPS Cipla Ltd. (CIPL.NS, CIPLA IS)

Source: Company data, Morgan Stanley Research India Healthcare | India

Stock Rating Underweight

Industry View Attractive

Key Takeaways Price target Rs1,218.00

Shr price, close (Jul 23, 2026) Rs1,393.00

Cipla delivered an in-line F1Q27 performance vs. MSe and modest miss vs. Factset 52-Week Range Rs1,673.00-1,165.70

consensus. Sh out, dil, curr (mn) 808

Mkt cap, curr (mn) Rs1,124,987

EBITDA fell 33% YoY to Rs12bn (16.7% margin vs. 25.6% prior year) due to EV, curr (mn) Rs1,023,025

Avg daily trading value (mn) Rs2,323

Revlimid loss, war-related costs (1–2% of revenue), and pre-launch investments.

US revenue was US $162mn; management maintained its US$1bn exit run rate

target for North America in F27.

Mgmt reaffirmed F27 EBITDA margin guidance of 18.5–20%; 2H expected

stronger as generic Advair, key peptide & other respiratory launches materialize

in the US.

Result highlights: Details of F1Q27

US revenue run rate to improve from F2H27: The US pipeline is strengthening,

with gVentolin approval and multiple filings across peptides, respiratory, and

complex generics.