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Cipla Ltd. Regulatory Filings 2021
59275_rns_2021-10-26_62ccaed7-5566-46a8-8dc0-d543f4a0c11c.pdf
Regulatory Filings
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26th October, 2021
- (1) BSE Limited Listing Department, Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai 400 001
- (2) National Stock Exchange of India Limited Listing Department Exchange Plaza, 5th floor, Plot no. C/1, G Block, Bandra Kurla Complex, Bandra (East), Mumbai - 400 051
Scrip Code: 500087
Scrip Code: CIPLA
(3) SOCIETE DE LA BOURSE DE LUXEMBOURG Societe Anonyme 35A Boulevard Joseph II, L-1840 Luxembourg
Sub: Press Release
Dear Sir/ Madam,
Pursuant to Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, we are enclosing the Press Release dated 26th October, 2021.
Kindly take it on record.
Thanking you,
Yours faithfully,
For Cipla Limited
RAJENDR A KUMAR CHOPRA Digitally signed by RAJENDRA KUMAR CHOPRA Date: 2021.10.26 18:39:43 +05'30'
Rajendra Chopra Company Secretary
Encl: as above
Prepared by: Pratiksha Mangaonkar
1. as a % of revenue
Mumbai, October 26, 2021: Cipla Limited (BSE: 500087, NSE: CIPLA) today announced its unaudited consolidated financial results for quarter ended September 30th, 2021.
Key highlights of the quarter
- One India: Overall business grew by 16% YoY on high FY21 base led by sustained volume traction across core therapies; covid portfolio contribution normalising in-line with expectations
- SAGA: Continued market beating growth in South Africa private business; SAGA grew 8% YoY in USD terms
- US business: Reported USD 142Mn revenue at multi-quarter high; Steady momentum in core products offsetting price erosion in rest of the portfolio
- R&D investments stand at INR 274 crore; Priority projects spends on track
- Continued healthy net cash positive position led by growth in operating profitability and prudent working capital management; Prepaid USD 137.5Mn outstanding InvaGen acquisition debt during the quarter
"I am pleased to see the strong momentum in core therapies across our branded markets and sustained cost control leading to 10% revenue growth and 22.2% EBITDA margin for the quarter, offsetting price erosion and normalising covid contribution. In India, we continue to drive strong performance led by sustained volume traction despite a high FY21 base. Our collaboration with Eli Lily for their diabetes products helps us further strengthen our endeavour of creating access to innovative medicines in-line with the One-India strategy. The US business also witnessed healthy run rate driven by core portfolio and desired traction in respiratory franchise across Albuterol and Arformoterol. International markets rebounded in-line with expectations despite continuing geopolitical challenges. Featuring in the Forbes World's Best Employers 2021, affirms our commitment to promote a positive and inclusive culture and sustained efforts to build a future fit organisation"
Umang Vohra MD and Global CEO, Cipla Ltd
For Queries Contact:
Corporate Communications Heena Kanal [email protected]
Investor Relations Naveen Bansal [email protected] Cipla Ltd. Cipla House, Peninsula Business Park, Ganpatrao Kadam Marg, Lower Parel, Mumbai-400013
❖ ONE-INDIA
- ❖ Overall business grew by 16% YoY in INR terms over high FY21 base
- ❖ The branded prescription business continued strong performance driven by sustained volume traction across therapies in core portfolio; covid portfolio contribution normalising in-line with expectations
- ❖ Trade generics business reported healthy order flow across regions benefiting from strong demand regions and continued momentum in flagship brands
- ❖ Consumer health business witnessed robust traction in anchor brands & transitioned brands
- ❖ Strategic partnership with Eli Lilly for Diabetic products Humalog® and TrulicityTM
| Therapy | Market rank | Market share |
|---|---|---|
| Overall Chronic | 2 | 7.8% |
| Respiratory | 1 | 23.1% |
| Urology | 1 | 14.6% |
| Anti-infective | 3 | 7.5% |
| Cardiac | 5 | 5.3% |
Source: IQVIA MAT September 2021
SAGA - SOUTH AFRICA, SUB-SAHARAN AFRICA AND GLOBAL ACCESS
- ❖ SAGA grew 8% YoY in USD terms
- ❖ South Africa private business continued market beating growth during the quarter; Market beating growth in CNS, respiratory and anti-infectives therapies
- ❖ SSA & CGA: Performance attributed to delays in order confirmation from select clients
| Market segment | Market rank | Market share | Cipla growth | Market growth |
|---|---|---|---|---|
| South Africa private | 3 | 7.3% | 8.7% | 5.4% |
| South Africa OTC | 3 | 6.8% | 8.0% | 10.6% |
Source: IQVIA MAT August 2021
NORTH AMERICA
- ❖ Steady momentum in core products offsetting price erosion in rest of the portfolio
- ❖ In Albuterol, Cipla's TRx market share stood at 18.2% of the generic market and 14.6% for the overall market as per IQVIA week ending 8 th October 2021
- ❖ In Arformoterol, Cipla's TRx market stood at 39% of the generic market and 24% for the overall market as per IQVIA week ending 8 th October 2021
- ❖ New approval: Difluprednate Ophthalmic Emulsion 0.05%
INTERNATIONAL MARKETS (EMERGING MARKETS & EUROPE) & API
- ❖ International markets grew 14% YoY in USD terms
- ❖ Emerging markets business resumed middle eastern supplies, demonstrated strong DTM performance and contribution from Covid therapy products
- ❖ Bevacizumab Biosimilar launched under partnership in Spain
- ❖ In API, sales momentum was supported by strong customer relationships
CONSOLIDATED PROFIT & LOSS STATEMENT
| In INR Cr | Q2FY22 | Q2FY21 | Y-o-Y Growth |
Q1FY22 | Q-o-Q Growth |
|---|---|---|---|---|---|
| Total Revenue from Operations | 5,520 | 5,038 | 10% | 5,504 | 0.3% |
| EBITDA | 1,226 | 1,177 | 4% | 1,346 | -9% |
| % of Income from Operations | 22.2% | 23.4% | -114bps | 24.5% | -224bps |
| PAT | 711 | 665 | 7% | 715^ | -0.5% |
| % of Income from Operations | 12.9% | 13.2% | -32bps | 13.0% | -10bps |
^ Includes impact of impairment
BUSINESS-WISE SALES PERFORMANCE\$
| Business (In INR Cr.) | Q2FY22 | Q2FY21 | Y-o-Y Growth |
Q1FY22 | Q-o-Q Growth |
|---|---|---|---|---|---|
| India (Rx + Gx + CHL) | 2,416 | 2,090 | 16% | 2,710 | -11% |
| North America | 1,055 | 1,035 | 2% | 1,038 | 2% |
| SAGA# | 994 | 923 | 8% | 837 | 19% |
| South Africa^ | 710 | 568 | 25% | 634 | 12% |
| International Markets* | 821 | 722 | 14% | 582 | 41% |
| API | 172 | 189 | -9% | 302 | -43% |
| Others | 62 | 81 | -23% | 36 | 72% |
| Total | 5,520 | 5,038 | 10% | 5,504 | 0.3% |
\$ Financials are rounded-off│# Includes South Africa, Sub-Saharan and Cipla Global Access business, excludes SA Animal Health│^ Excluding SA Animal Health| * International Markets include Emerging Markets and Europe| CHL – Cipla Health limited
BALANCE SHEET:
| Key Balance Sheet Items (In INR Cr.) | September-21 | June-21 |
|---|---|---|
| Equity | 19,673 | 19,462 |
| Total Debt | 1,100 | 1,931 |
| Inventory | 5,550 | 5,532 |
| Cash and Cash Equivalents* | 3,557 | 4,895 |
| Trade Receivables | 3,505 | 3,416 |
| Net Tangible Assets | 5,623 | 5,721 |
| Goodwill & Intangibles | 4,779 | 4,941 |
* Includes current investment and excluding unclaimed dividend balances
EARNINGS CONFERENCE CALL
The Company will host an Earnings conference call at 1900 hrs IST (2130 hrs SST/HKT, 1430 hrs BST, 0930 hrs US ET), during which the leadership team will discuss the financial performance and take questions. A transcript of the conference call will be available at www.cipla.com.
| Earnings Conference Call Dial in Information Date and Time |
October 26, 2021 at 1900 – 2000 hrs IST 2130 – 2230 hrs SST/HKT 1430 – 1530 hrs BST 0930 – 1030 hrs US ET |
|---|---|
| Dial-in Numbers | |
| Universal Access | Primary Access: (+91 22 6280 1214) (+91 22 7115 8115) |
| Diamond pass link | Click here to register |
| Local Access | Available all over India: (+91 7045671221) |
| Toll-free Number | USA: + 1 3233868721 UK: + 44 2034785524 Hong Kong: + 852 30186877 Singapore: + 65 31575746 |
Playback of Earnings Conference Call audio:
Playback of the earnings call will be available after the end of the call on the following number:
| Phone number | Access code | Replay Dates | |
|---|---|---|---|
| Local Toll | India (+91 22 71945757) India (+91 22 66635757) |
49147# | October 26, 2021 to November 2, 2021 |
ABOUT CIPLA LTD
Established in 1935, Cipla is a global pharmaceutical company focused on agile and sustainable growth, complex generics, and deepening portfolio in our home markets of India, South Africa, North America, and key regulated and emerging markets. Our strengths in the respiratory, anti-retroviral, urology, cardiology, anti-infective and CNS segments are well-known. Our 46 manufacturing sites around the world produce 50+ dosage forms and 1,500+ products using cutting-edge technology platforms to cater to our 80+ markets. Cipla is ranked 3rd largest in pharma in India (IQVIA September 2021), 3rd largest in the pharma private market in South Africa (IQVIA MAT August 2021), and is among the most dispensed generic players in the U.S. For over eight decades, making a difference to patients has inspired every aspect of Cipla's work. Our paradigm-changing offer of a triple anti-retroviral therapy in HIV/AIDS at less than a dollar a day in Africa in 2001 is widely acknowledged as having contributed to bringing inclusiveness, accessibility and affordability to the centre of the HIV movement. A responsible corporate citizen, Cipla's humanitarian approach to healthcare in pursuit of its purpose of 'Caring for Life' and deep-rooted community links wherever it is present make it a partner of choice to global health bodies, peers and all stakeholders. For more, please visit www.cipla.com, or click on Twitter, Facebook, LinkedIn.
Disclaimer: Except for the historical information contained herein, statements in this presentation and the subsequent discussions may constitute "forward-looking statements". These forward-looking statements involve a number of risks, uncertainties including the impact of Covid-19 and other factors that could cause actual results to differ materially from those suggested by the forward-looking statements. These risks and uncertainties include, but are not limited to our ability to successfully implement our strategy, our growth and expansion plans, our ability to obtain regulatory approvals, technological changes, fluctuation in earnings, foreign exchange rates, our ability to manage international operations and exports, our exposure to market risks as well as other risks.