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Thursday, September 29, 2022

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Shares Gain 5% As Analysts Bet On U.S. Pipeline, India Growth

Shares of Cipla Ltd. gained the most in more than four months as analysts bet on its expected launch of high-value complex generics for asthma and cancer in the U.S., and improved anticipated sales from its peptide line-up, as well as growth in India.

The optimism comes even as the drugmaker saw its net profit fall 4% year-on-year, missing estimates. Its revenue declined 2% year-on-year as India business—which contributes to almost half of its total revenue—shrank 8% on a covid-sales base.

Ebitda margin stood at 21.3%, in line with its FY23 guidance, despite elevated costs.

Shares of Cipla gained as much as 5.5% after opening of trade on Monday. The stock was trading 4.8% higher as of 9:35 a.m. Of the 44 analysts tracking the company, 36 have a ‘buy’ rating, five suggest a ‘hold’ and three recommend a ‘sell’, according to Bloomberg data. The 12-month consensus price target implies an upside of 6.1%.

Here’s what brokerages have to say about Cipla’s Q1 performance:

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