gAdvair approval builds execution credibility Quick Note

研报英文原文证据摘录

gAdvair approval builds execution credibility Quick Note

Global Markets Research

Cipla CIPL.NS CIPLA IN 28 July 2026

EQUITY: HEALTH CARE & PHARMACEUTICALS

RatinggAdvair approval builds execution credibility Remains Buy

Target price INR 1,510 RemainsQuick Note

Closing priceCipla has announced approval for gAdvair Diskus; approval along expected lines 27 July 2026 INR 1,409

Cipla yesterday (27 July) announced USFDA approval for generic Advair Diskus. All three

strengths of the product have been approved. This is the first dry powder inhaler approval

for Cipla. Cipla had earlier received approvals for metered dose inhalers (Albuterol – Research Analysts

generic Proventil and Ventolin). The product was filed and approved from the company's India Pharmaceuticals

new Fall River (InvaGen) site. The product was site-transferred from the Indore facility in Saion Mukherjee - NFASL

India, which faced regulatory scrutiny by the USFDA in 2023 when the site was classified saion.mukherjee@nomura.com

as OAI and the agency issued a warning letter. +91 22 403 74184

Cipla is the fifth generic approval; can generate ~USD30-40mn in annualized revenues Kushal Chovatia - NFASL

kushal.chovatia@nomura.comAccording to IQVIA, Advair brand and generic products have annual sales of USD941mn.

+91 22 403 74013

The competitive intensity is high and thus the revenue potential is limited, in our view.

Besides Cipla, there are four generics approved: Viatris (VTRS US, Not rated), Teva (TEVA

US, Not rated), Hikma (HIKMA LN, Not rated), and Respirent Pharma (unlisted) (Aurobindo)

(approved for only two strengths). Before the onset of generic competition in 2019, we

estimate the market size was at USD1.2bn at the manufacturer level. With multiple generics