Cipla plans to grow higher than industry growth rate in FY24

Along with launching new products, Cipla is also planning to generics for the drugs that will become off-patent this year.

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Cipla on Friday posted net profit for the fiscal fourth quarter at Rs 521.51 crore. Image: Reuters

Pharma major Cipla on Friday announced its consolidated financial results for the fourth quarter and full year that ended March 31, 2023. According to the company’s statement, it reported a 45 per cent growth in profit after tax for the quarter at Rs.536 crore, compared with Rs.362 crore in the corresponding period of the previous year.

Meanwhile, the company’s consolidated revenue was up 9 per cent at Rs.5,739 crore (Rs.5,260 crore). In FY23, Cipla clocked a profit after tax of Rs.2,802 crore, up 11 per cent compared with Rs.2,517 crore in FY22. According to the company’s statement, revenue for the year stood at Rs.22,753 crore (Rs.21,763 crore).

Cipla’s Business crossed Rs.730 mn+ revenue for the first time as well as highest ever quarterly sales of $ 204 mn. The company also informed that three differentiated products are undergoing clinical trails, with filings targeted in FY24. Moreover, filings on the complex generics including peptide injectables are on track.

The pharma major also recorded healthy ranks and market position in key therapy areas of Asthma and COPD, Anti-biotics, Cough and Cold and Probiotics. In API, the company reported a consistent growth in emerging markets and the European markets is also picking up.

On upcoming business growth plan in the current quarter as well as financial year for the India Market, Umang Vohra, CEO, Cipla told Financial “I think we hope to grow higher than the the the industry growth rate and and we’ve done it in the last 3 years. We hope to grow higher in this year also, with respect to the industry profit.”

Vohra also told Financial that mergers and acquisition plans are always on the cards for the India business.

“..We are looking for more opportunities for buying product and brands in India which are strategic areas of interest for us,” he said.

Along with launching new products, Cipla is also planning to generics for the drugs that will become off-patent this year.

On key focus areas in therapies in the current financial year, Vohra said: “Certainly there’ll be lots of launches in diabetes. I think that’s a category where lots of drugs are going off patent. we’ve already launched in heart failure. And then we are also hoping to launch drugs in the categories of respiratory medicine where we’re coming up with the combination drugs which will happen in quarter 3 and quater 4.”

On diversification plans and new product launches Vohra told Financial that there will be a mix of both this year.

“…for example, the area of diabetes is so big but it obviously has relation to cardiovascular, and that creates some kind of opportunity. So yes. within existing areas for sure, but also in some new therapies would love to build therapeutic areas. In Dermontology we are trying to build it in other areas that have not historically been very big for Cipla,” he added.

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First published on: 15-05-2023 at 09:00 IST