Cipla Announces Q1FY19 Results Demonstrating Strong Growth

Cipla Limited announced its unaudited consolidated financial results for quarter ended June 30, 2018. Key highlights of the quarter:

  • Financials: Strong YoY sales growth of 12% with EBITDA growing by 12%
  • R&D investments at ~INR 278cr / ~7% of sales
  • Continued growth momentum: Strong growth across India (+22% YoY), South Africa (+14% YoY adjusted for animal health) and API business (+48% YoY)
  • Key differentiated launches in the US including Isoproterenol HCI Injection and Testosterone Cypionate Injection
  • Quality Focus: Received EIR for Goa & Indore Plants

Umang Vohra, MD and Global CEO, Cipla Ltd, said “I am pleased with our performance in the quarter which demonstrates our strong foothold and continued growth momentum in our home markets. The limited competition launches in the US were in-line with our expectations and we are looking forward to more interesting launches in the coming weeks. Business development efforts saw a significant boost – India partnership with Roche and Eli Lilly, in-licensed biosimilars in emerging markets and the proposed acquisition of Mirren (Pty) Ltd in the South African OTC space. These efforts will help drive portfolio build-up and sustainable growth in these markets. We continued to retain our focus on quality with EIR received for our Goa & Indore plants. We will continue to play to our strengths in pursuit of our purpose of ‘Caring for Life’.”

India

  • Strong Y-on-Y growth of 22% backed by market-beating performance in Respiratory, Urology, Cardiology, and CNS
  • Strengthened Oncology portfolio with the launch of Bevacizumab, Trastuzumab, Rituximab in partnership with Roche
  • Partnership with Eli Lilly to market and distribute insulin glargine injection (Basaglar) in India

South Africa

  • Continued market beating performance with private market growth of 15% vs 7% market
  • Strong momentum in Sereflo Synchrobreathe; sales up 45% Y-o-Y
  • Significant boost to OTC portfolio with proposed acquisition of 100% stake in Mirren (Pty) Ltd
  • First-to-market launch of Filgrastim injection, Cipla’s first biosimilar launch in South Africa (Teva portfolio), planned for Q2

North America

  • DTM business saw significant improvement in gross margin through increased contribution from differentiated launches
  • 7 approvals received in Q1 including limited competition products such as Isoproterenol HCI Injection and Testosterone Cypionate Injection
  • 5 ANDAs filed during the quarter; on track for 20+ filings in FY19

Europe and Emerging Markets

  • Continued traction on FPSM in UK with channel partners
  • Portfolio ramp-up across key DTMs of Australia (Azacitidine), New Zealand (Dymista), and Colombia (5 new product launches)
  • Trastuzumab in-licensed for key Emerging Markets of Australia, New Zealand, Colombia and Malaysia
  • Efforts in the biosimilar space in Emerging Markets to see progress

Cipla also announces the appointment of Dr R. Ananthanarayanan (Ananth) as its Global Chief Operating Officer (GCOO), effective today. In his role at Cipla, Ananth will oversee R&D, Manufacturing, Supply Chain, the API business and the key geographies of North America, Europe and Emerging Markets to help leverage and grow Cipla’s generics portfolio and competencies in these markets. He will report to Umang Vohra, Managing Director & Global Chief Executive Officer. – Medical Buyer Bureau

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