Indian drugmaker Cipla falls on JPM downgrade to "neutral"

Shares of Cipla CIPL.NS fall 1.1% to 1,300 rupees, lowest since January 2024

JP Morgan downgrades India's No.3 drugmaker to "Neutral" with PT of 1,460 rupees after it reported disappointing Q3 results

Brokerage says co's Q3 revenue was 5% below JPM's estimate, mainly due to sharp decline in US sales and weaker African market growth

Co's U.S. revenue fell 26% year-on-year due to sharp decline in sales of its generic version of Bristol-Myers Squibb's BMY.N cancer drug Revlimid due to its imminent patent expiry and a month long supply chain disruption on key tumour therapy Lanreotide - note

Brokerage says while Cipla's pipeline offers long-term promise with four respiratory and four peptide assets, it sees material contribution starting only from FY28

Stock fell 0.96% in 2025