Cipla (CIPLA) Q4 15/16 earnings summary

Executive summary

• FY16 consolidated revenue from operations rose 20.6% to ₹13,678 crore; profit for the year increased 27.5% to ₹1,506 crore.

• Growth reflected exports, North American launches and acquired US operations; EBITDA margin fell 0.8 percentage points amid product mix, higher R&D and complexity-reduction costs.

Financial highlights

• Consolidated PBT was ₹2,007 crore versus ₹1,654 crore; net profit was ₹1,506 crore versus ₹1,181 crore.

• Standalone net revenue from operations increased to ₹12,034 crore from ₹10,132 crore; profit for the year was ₹1,398 crore versus ₹1,181 crore.

• Consolidated operating cash flow rose to ₹1,794 crore from ₹1,173 crore; investing cash outflow was ₹4,579 crore, including acquisition spending.

Outlook and guidance

• FY17 US launch plans included 5–7 products from InvaGen’s pipeline and 8–10 from the existing pipeline; 20–25 ANDA filings were expected.

• More than 200 formulation development projects were underway; the top 50 addressed a market of US$30bn based on innovator sales.

• Cipla Global Access aimed to reach 80 million patients across four therapy areas by 2020.