Cipla Ltd. delivered a beat on Q2 FY23 earnings, led by better traction in the U.S. portfolio and in the domestic formulation vertical (prescription category and trade generics), driving superior profitability.
Cipla remains on track to further extend its launch pipeline of niche products in the U.S. market and maintain its steady outperformance in the DF segment.
We raise our FY23/FY24 earnings per share estimate by 7%/4.5% to factor in:
enhanced prospects of limited competition products,
outperformance in branded generics in the DF market, and
increased operating leverage.
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