Cipla Ltd(CIPLA)

NSE: CIPLABSE: 500087

₹ 1,337+0.53%refreshed 23 Oct, 03:59 pm ISTMarket cap: ₹ 1.08 L crNext results: 27 Oct 2026Website: www.cipla.comUpdated: 24 Oct 2026

About

Cipla is an Indian multinational pharmaceutical company that develops and sells branded prescription drugs, trade generics, consumer health products and APIs across India, North America, Africa, Europe and emerging markets. It reported FY26 revenue of Rs 28,162.59 Cr, and as of FY25 its 46 manufacturing sites made more than 1,500 products for 74 markets. As of FY25 it was the third-largest pharmaceutical company in India and second in the South African prescription market. It held the #1 position in the US albuterol MDI market with 21% share as of Q1 FY27.^[1][2]

Business segments

Pharmaceuticals made up 95.3% of revenue in FY25 and New ventures 4.7%. Over FY2018-FY2025, the Pharmaceuticals share fell by 3.8 percentage points.^[3]
One India (domestic) revenue was INR 3,452 Cr in Q1 FY27 (+12% YoY). Full-year FY26 India revenue was INR 12,680 Cr (+9% YoY).^[4]
North America delivered $162 Mn in Q1 FY27 and $780 Mn for full-year FY26.^[4]
EMEU (Europe, Middle East, emerging markets) reached $405 Mn in FY26. One Africa delivered $483 Mn in FY26.^[5]

Products and brands

As of FY25, the portfolio covered complex generics and therapies including respiratory, anti-retroviral, urology, cardiology, anti-infectives and CNS, in over 50 dosage forms.^[2]
Foracort, the flagship inhalation brand, passed INR 1,000 Cr in IPM revenues in FY26 and remained India's leading respiratory brand.^[5]
Dytor (cardiac, torasemide) grew 25% YoY in FY26 to become an INR 650 Cr brand.^[5]
The India respiratory franchise crossed Rs 5,000 Cr in IPM MAT revenues for the first time as of December 2025. In FY25, Cipla ranked #1 in Indian respiratory with over 25% share.^[6][2]
Chronic therapies made up 60.4% of the India branded prescription portfolio in Q1 FY27.^[4]
Yurpeak (tirzepatide, through a partnership with Eli Lilly) was the #2 anti-obesity brand in IQVIA data in Q1 FY27 and contributed about INR 80 Cr in the quarter.^[4]
Afrezza (inhaled insulin, through a partnership with MannKind) launched in India as the country's first rapid-acting inhaled insulin.^[5]
Cipla added four established Pfizer brands in India (Corex, Dolonex, Neksium, Dalacin C) under an exclusive marketing and distribution agreement.^[6]

Operations and R&D

As of FY25, Cipla had 46 manufacturing sites worldwide and five R&D facilities, with an R&D team of over 1,700 people.^[2]
R&D spend was INR 486 Cr (6.8% of revenue) in Q1 FY27, against INR 1,974 Cr (7.0% of revenue) for full-year FY26.^[4]
R&D spend for FY27 is guided at about 7% of revenue. Cipla plans 12 - 15 ANDA filings in FY27 and 40 - 50 US filings over the three years to FY29.^[4]
Cipla held 279 patents and had filed 2,472 cumulative DMFs as of 31 March 2025.^[2]

US pipeline and regulatory status

Total ANDAs and NDAs filed stood at 278 as of 30 June 2026. As of September 2025, 285 had been approved.^[4]
Cipla held 21% of the US albuterol MDI market in Q1 FY27, the #1 position, up from 18% at end-FY25 and 13% at end-FY24. It has supplied over 50 million inhalers since launch.^[4][2]
gVentolin (generic albuterol MDI) launched in Q1 FY27 with 180-day CGT exclusivity. Full commercial supply ramp-up is targeted toward the end of FY27.^[4]
Three respiratory assets, including generic Advair, remain in the FY27 US launch pipeline. Two were filed from US facilities and one from the Goa (VAI) facility.^[4]
Four more complex respiratory assets are to be filed in the US over the next 24 months, two of them using green propellant technology.^[5]
Eight peptide and complex generic assets have been filed, with select launches projected between FY27 and FY28. One large off-patent complex peptide awaits US approval in FY27.^[5][4]
The Goa (Verna) facility was classified VAI as of Q1 FY27. Bommasandra (Bangalore), Sitec (Mumbai) and Medispray (Goa) all received VAI or NAI outcomes in FY26.^[4]
Filgrastim, Cipla's first US biosimilar, launched in Q2 FY26.^[7]

Biosimilars

Cipla's biosimilar joint venture with Kemwell has two active products, one of which has IND approval. The JV aims to add 1 - 2 products a year for the next five to six years.^[4]
Cipla aims to develop 6 - 8 biosimilar assets in-house over the next five to eight years for developed markets, with launches starting in FY27 - FY28.^[5]

Customers and distribution

The India field force was about 12,000 medical representatives as of Q1 FY27, up from 11,512 in FY25. No significant net additions are planned in FY27.^[4][2]
India prescription sales grew 15.4% in Q1 FY27, 183 basis points ahead of the Indian pharmaceutical market.^[4]
Cipla had India's largest trade generics business in FY25. It plans 17 new trade generics launches in FY27.^[2][5]
As of FY25, consumer health products reached about 550K+ pharmacies and 200K+ grocers.^[2]
In FY25, the API business supplied over 90 molecules to more than 250 customers worldwide. Exports made up 41.76% of standalone turnover.^[2]
Cipla completed the acquisition of Inzpera Health Sciences, adding a pediatric pharmaceutical and wellness portfolio.^[5]

Africa operations

One Africa delivered $483 Mn in FY26 (+7% YoY in USD). The long-term goal is the #1 position in the Africa private market.^[5]
In the South African private market, Cipla ranked third in FY25 with 8.6% share and ZAR 5.1 billion in revenue.^[2]
South African private market secondary sales grew 6.5% in Q1 FY27, against 5.7% for the market. A tender lost in FY26 still reduces reported revenue.^[4]

Recent developments

Q1 FY27 consolidated revenue was INR 7,119 Cr, the highest for any first quarter. From Q1 FY27, some marketing and promotional spending is booked as a reduction in revenue instead of an operating expense.^[4]
War-related freight and supply costs and inventory write-offs took about 1% - 2% of revenue in Q1 FY27.^[4]
Lanreotide supply disruption continues. Two fixes are under way, a reinspection of the Pharmathen site and a tech transfer to an alternate US site, but Lanreotide is left out of FY27 guidance.^[4]
As of Q1 FY27, management reaffirmed FY27 EBITDA margin guidance of 18.5% - 20%.^[4]
Management reaffirmed a North America exit run-rate target of $1 Bn for the end of FY27, depending on pending respiratory and peptide approvals.^[4]

Market Cap

₹1,08,012 Cr

High / Low

₹1,672 / 1,166

Stock P/E

32.0

Price / Book

3.1

Book Value

₹426

EPS

₹48.0

No. of Shares

80.78 Cr

ROCE

16.6%

ROE

11.8%

OPM

19.1%

Debt / Equity

0.01

Sales

₹28,163 Cr

Net Profit

₹3,862 Cr

Promoter holding

29.2%

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Cipla Ltd(CIPLA)

About

Business segments

Products and brands

Operations and R&D

US pipeline and regulatory status

Biosimilars

Customers and distribution

Africa operations

Recent developments

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