Prabhudas Lilladher's research report on Cipla
Cipla’s Q4FY22 performance was broad based with strong show in domestic formulation and US sales. We continue to remain positive on CIPLA’s growth across key segments including India and US given 1) strong traction in respiratory and other portfolio, 2) Ex-COVID, IPM to potentially grow +8-10% going forward with Cipla likely outpacing the market and 3) meaningful delta in US revs expected from FY23, backed by potential key launches. We expect 15% EPS CAGR over FY22-24E from base business (ex Revlimid) given resilient earnings, improving visibility from US and strong free cash flow generation.
Our FY23/24E estimates stands reduced by 5%/2%. Maintain ‘Buy’ rating with TP of Rs1085/share based on 24x FY24E EPS plus Rs20/share for Revlimid.
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