Prabhudas Lilladher's research report on Cipla
CIPLA’s Q4FY23 EBITDA (Rs11.7bn; 20.5% OPM) was largely in-line with our estimates, aided by higher GMs (64%) and US sales of US$204mn. We continue to remain positive on growth across key segments including India and US given 1) strong traction in respiratory and other portfolio, 2) potential growth of +10% in domestic formulations and 3) sustainability of current US revs, backed by prospective key launches over FY25. Despite recent FDA issues, we expect 14% EPS CAGR over FY23-25E.
Outlook
Maintain ‘Buy’ rating and estimates with unchanged TP of Rs1,070 based on 22x FY25E EPS. Any further FDA escalation to Indore unit and erosion in key products in US will be key risk to our call.
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