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    Samvardh. Mothe.

    MOTHERSONNeutral
    Automobile and Auto Components·23 Jan 2026
    Management Summary

    Cipla navigated a challenging quarter marked by the completion of generic Revlimid decline and supply disruptions, while executing strategic growth initiatives including partnerships with Pfizer, acquisition of Inzpera, and successful product launches in diabetes care.

    Highlights

    7

    • Revenue of Rs 7,074 crores, flat YoY despite Revlimid decline

    • One India business delivered strong 10% YoY growth

    • Leadership transition completed with Achin Gupta taking charge

    • Strategic partnership with Pfizer for four established brands

    • Acquisition of Inzpera Health Sciences completed

    • Launched Afrezza (inhaled insulin) and Yurpeak (tirzepatide)

    • Lanreotide supply disruption due to partner facility FDA issues

    Concerns

    2

    • Lanreotide Supply Disruption

    • Generic Revlimid Revenue Completion

    What Changed2

    vs Q3 FY26

    Guidance items7 → 2 (-5)Q&A highlights8 → 3 (-5)

    Key financials

    Single quarter

    08 metrics
    1. 01Total Revenue₹7,074 Cr0%YoY
    2. 02EBITDA Margin17.7%0%YoY
    3. 03Profit After Tax₹676 Cr0%YoY
    4. 04R&D Investment₹494 Cr+37.4%YoY
    5. 05Net Cash Balance₹10,229 Cr0%YoY

    Guidance & targets

    2
    CategoryTargetPriority
    FY26 EBITDA Margin
    EBITDA Margin
    Around 21%
    		Medium
    Lanreotide Supply Recovery
    Production Restart
    H1 FY27
    		Medium

    Risks & concerns

    3
    RiskSeverity

    Lanreotide Supply Disruption

    Pharmathen facility received 9 FDA observations, production paused, expected restart in H1 FY27 — Other acknowledged

    high

    Generic Revlimid Revenue Completion

    Major revenue decline completed this quarter, no meaningful contribution expected — Other acknowledged

    high

    Increased R&D Expenditure

    37.4% YoY increase in R&D spend, focused on oligonucleotides and complex generics — Other acknowledged

    medium

    Q&A highlights

    3

    “our partner, Pharmathen underwent a U.S. FDA inspection at their manufacturing facility, which resulted in nine 483 observations”

    Material impact on key revenue driver and future supply uncertainty

    asked by Tushar Manudhane

    1 min read4 chapters

    Detailed Narrative

    01

    Leadership Transition Executed

    Umang Vohra officially transitioned leadership responsibilities to Achin Gupta, marking the completion of planned succession. Achin emphasized continuity in strategy while preparing for next phase of growth.

    02

    Strategic Portfolio Expansion

    Major strategic moves including partnership with Pfizer for four established brands, acquisition of Inzpera Health Sciences for pediatric portfolio, and successful launches of Afrezza and Yurpeak in diabetes care.

    03

    Supply Chain Disruption Challenge

    Lanreotide supply significantly impacted due to partner Pharmathen's FDA inspection resulting in 9 observations and production halt. Expected resolution in H1 FY27 with exploration of alternate manufacturing sites.

    04

    Strong India Performance

    One India business delivered robust 10% YoY growth with respiratory franchise crossing Rs 5,000 crores milestone. Strong performance across chronic care segments with respiratory, diabetes, and cardiac therapies showing double-digit growth.

    This is an AI-generated summary of a publicly available earnings call transcript. It is for informational purposes only and does not constitute investment advice, a recommendation, or an endorsement. inve.money is not a SEBI-registered investment advisor. Please consult a qualified financial advisor before making any investment decisions.