ICICI Direct's research report on Cipla
Cipla is a global pharma company with over 1,500+ products in 65 therapeutic categories, with over 50 dosage forms. Indian branded formulations business accounts for ~45% of revenues and enjoys leadership in therapies like respiratory, anti-infective, cardiac, gynaecology & gastro-intestinal • Cipla derives 20% of its export revenues from the US followed by 12% from South Africa, 18% from RoW markets and 3% from APIs.
Outlook
We maintain BUY as we continue to focus on its core strength of following a calibrated approach of focusing more on core therapies, which will be further strengthened by complex launches for the US in H2FY23. Valued at Rs 1095 i.e. 25x P/E on FY24E EPS of Rs 42.5 + Rs 32 NPV for gRevlimid.
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