We are enclosing hereby a copy of transcript of the Company''s Q4 FY26 earnings conference call dated 13th May, 2026
CIPLA · price
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Cipla reported Q4 FY26 revenue of INR 6,541 crores with full year revenue of INR 28,163 crores. The India business crossed INR 12,500 crores, growing 15% YoY in Q4 and 9% for the full year. North America generated USD 780 million annually with USD 155 million in Q4. The company received FDA approval for generic Ventolin from its U.S. facility and expects to launch it in Q1 FY27. Management guided FY27 EBITDA margins at 18.5% to 20%, down from 21% in FY26, with sequential improvement expected in H2. The U.S. business is targeting a $1 billion run rate by end of FY27, driven by upcoming respiratory launches. R&D spend was 7% of revenue for FY26.
The margin guidance of 18.5-20% for FY27 is below FY26 levels, signaling near-term margin pressure from new product ramp-up costs and geopolitical disruptions. However, the strong pipeline of respiratory assets and $1 billion U.S. revenue target provide long-term growth visibility.