Cipla eyes growth in FY26 driven by new launches, GLP-1 wave despite Revlimid headwinds

Cipla remains committed to launching two to three peptide assets in FY26 and expects to commercialise generic Advair during the fiscal year, with timing dependent on USFDA priorities.

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26 Aug, 2025 12:21

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Cipla is gearing up for continued growth in fiscal year 2026, banking on a robust pipeline of new launches in the U.S., sustained momentum in its India business, and the burgeoning opportunity in GLP-1 therapies, even as it navigates the impact of generic Revlimid (lenalidomide) losing exclusivity. Managing Director & Global CEO Umang Vohra expressed confidence in the company's ability to expand, driven by a multi-pronged strategy across key markets.

"Despite, you know, what we're going to see with lenalidomide, the company is still aiming to grow beyond where it is today," Vohra said in the company post post-earnings call with media. He outlined that Cipla's projected EBITDA margin for FY26 is expected to be in the range of 23.5% to 24.5%. While acknowledging FY25 as a "blockbuster year in terms of margins," Vohra indicated that FY26 "is not going to be too far off from how much we delivered this year".

A significant driver for Cipla in FY26 will be the highly anticipated entry into the GLP-1 market, particularly with semaglutide generics.

"When semaglutide goes off patent in many of the countries next year, it's a huge opportunity," Vohra highlighted. He identified the India market as the "biggest opportunity for us, at least" for Semaglutide, where Cipla plans to launch alongside other players, potentially through partnerships to ensure adequate capacity.

Beyond India, Vohra confirmed that "Semaglutide and other GLP-1 drugs will pretty much be global launches for us, at least in the emerging side of the world, depending on the patent scenario", including markets in Africa and Southeast Asia. He described the GLP-1 segment as "a product that comes once in a while in the pharma cycle," anticipating rapid uptake due to high patient awareness.
In North America, growth will be fuelled by "our own pipeline that will unlock as our facilities and our products get ready and closer to launch". Vohra pointed to "a couple of imminent launches that should come in", alongside the unlocking of the peptide pipeline and anticipated approvals for some inhaler products in the latter half of H1 or early H2 FY26.

Cipla remains committed to launching two to three peptide assets in FY26 and expects to commercialise generic Advair during the fiscal year, with timing dependent on USFDA priorities.

For its dominant India business, Cipla's priority for FY26 is "to continue the growth momentum to be ahead of the market in both branded prescription and trade generics". Vohra anticipates the Indian pharmaceutical market to grow in the 8% to 10% range, with Cipla aiming to outperform this benchmark. The company will also focus on "cementing growth levers for wellness portfolio, including ramping up our new launches" in India.

Key focus areas for other regions in FY26 include margin expansion in South Africa and maximising top-line growth with a focus on deepening penetration in core markets for the EMEU (Europe, Middle East, and Africa) business while sustaining a strong margin trajectory.

Cipla's R&D investments will continue to be channelled towards respiratory, injectables, and products for the Indian market, including GLP-1s, with an overall spend not expected to exceed 6-6.5% of annual revenue.