Buy Cadila Healthcare; target of Rs 460: Edelweiss

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26 Aug, 2025 12:21

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Edelweiss' research report on Cadila Healthcare

Revenue of INR 24.2bn rose 6% YoY. US generics revenue (40% of total) jumped 11% QoQ in constant currency as CDH launched ANDAs from facilities other than Moraiya. India (34% of total) grew 9% YoY. Gross margin tumbled 413bps YoY as Asacol HD’s authorised generic has replaced HCQS contribution.

Outlook

Going ahead, with imminent resolution of Moraiya Warning Letter, CDH is geared to deliver a bunch of approvals including niche ones that could drive US growth (28%) to the best-in-class over FY17-19E. This will accelerate top line and bottom line growth to 19% and 26%, respectively. We maintain ‘BUY/SO’ with target price of INR 460.

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