Cipla has announced its unaudited consolidated financial results for quarter ended September 30th, 2021.
Key highlights of the quarter
▪One India: Overall business grew by 16% YoY on high FY21 base led by sustained volume traction across core therapies; COVID portfolio contribution normalising in-line with expectations
▪ SAGA: Continued market beating growth in South Africa private business; SAGA grew 8% YoY in USD terms
▪ US business: Reported USD 142Mn revenue at multi-quarter high; Steady momentum in core products offsetting price erosion in rest of the portfolio
▪ R&D investments stand at INR 274 crore; Priority projects spends on track
▪ Continued healthy net cash positive position led by growth in operating profitability and prudent working capital management; Prepaid USD 137.5Mn outstanding InvaGen acquisition debt during the quarter
Umang Vohra, MD and Global CEO, Cipla said, ““I am pleased to see the strong momentum in core therapies across our branded markets and sustained cost control leading to 10% revenue growth and 22.2% EBITDA margin for the quarter, offsetting price erosion and normalising covid contribution. In India, we continue to drive strong performance led by sustained volume traction despite a high FY21 base. Our collaboration with Eli Lily for their diabetes products helps us further strengthen our endeavour of creating access to innovative medicines in-line with the One-India strategy. The US business also witnessed healthy run rate driven by core portfolio and desired traction in respiratory franchise across Albuterol and Arformoterol. International markets rebounded in-line with expectations despite continuing geopolitical challenges. Featuring in the Forbes World’s Best Employers 2021, affirms our commitment to promote a positive and inclusive culture and sustained efforts to build a future fit organisation”
One-India
❖ Overall business grew by 16% YoY in INR terms over high FY21 base
❖ The branded prescription business continued strong performance driven by sustained volume traction across therapies in core portfolio; COVID portfolio contribution normalising in-line with expectations
❖ Trade generics business reported healthy order flow across regions benefiting from strong demand regions and continued momentum in flagship brands
❖ Consumer health business witnessed robust traction in anchor brands & transitioned brands
❖ Strategic partnership with Eli Lilly for Diabetic products Humalog® and TrulicityTM
SAGA – SOUTH AFRICA, SUB-SAHARAN AFRICA AND GLOBAL ACCESS
❖ SAGA grew 8% YoY in USD terms
❖ South Africa private business continued market beating growth during the quarter; Market
beating growth in CNS, respiratory and anti-infectives therapies
❖ SSA & CGA: Performance attributed to delays in order confirmation from select clients
North America
❖ Steady momentum in core products offsetting price erosion in rest of the portfolio
❖ In Albuterol, Cipla’s TRx market share stood at 18.2% of the generic market and 14.6% for the overall market as per IQVIA week ending 8th October 2021
❖ In Arformoterol, Cipla’s TRx market stood at 39% of the generic market and 24% for the overall market as per IQVIA week ending 8th October 2021
❖ New approval: Difluprednate Ophthalmic Emulsion 0.05%
International markets
❖International markets grew 14% YoY in USD terms
❖ Emerging markets business resumed middle eastern supplies, demonstrated strong DTM performance and contribution from COVID therapy products
❖ Bevacizumab Biosimilar launched under partnership in Spain
❖ In API, sales momentum was supported by strong customer relationships
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