|Bid||0.00 x 0|
|Ask||0.00 x 0|
|Day's range||597.35 - 618.00|
|52-week range||597.35 - 618.00|
|PE ratio (TTM)||42.47|
|Forward dividend & yield||N/A (N/A)|
|1y target est||N/A|
Cipla Ltd, India's fourth-largest drugmaker by sales, reported a 20 percent rise in quarterly profit, beating analysts' estimates, as higher sales in Europe and South Africa offset weakness in its key domestic market. Revenue from South Africa, Cipla's third largest market, rose 21 percent to 4.88 billion rupees ($76.03 million) compared with last year while Europe revenues climbed 33 percent to 1.58 billion rupees. India revenues fell 13 percent to 12.71 billion rupees, impacted by a nationwide tax reform.
Cipla Ltd (CIPL.NS), India's fifth-largest drugmaker by sales, plans to reduce investment in biosimilars to sharpen its focus on building a portfolio of high-margin respiratory products, the company's chief executive said on Thursday. It has put plans to build a biotech plant in South Africa, its third-largest market, on hold, and will soon start looking for partners for its existing biosimilars programme, CEO Umang Vohra said at a press conference. The move signals a shift in Cipla's strategy from just three years ago, when Chairman and founder Yusuf Hamied said the company aimed to replicate its success at launching cut-price AIDS drugs in Africa in 2001 with cheap biosimilars.
Indian drugmaker Cipla Ltd's third-quarter profit beat estimates due to higher sales in the United States, and the company said it was looking for licensing deals and acquisitions to build its speciality medicines pipeline in that market. Cipla bought two U.S. generic drug producers, Invagen and Exelan, for about $550 million last year in its first big move to expand in a market where most of its local peers already have a large presence. The company's U.S. push comes at a time when the U.S. Food and Drug Administration (FDA) has increased scrutiny of foreign exports.