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CADILA HEALTHCARE increases its risk exposure and slightly lowers to N...
CADILA HEALTHCARE (IN), a company active in the Pharmaceuticals industry, now shows a lower overall rating. The independent financial analyst theScreener confirms the fundamental rating of 2 out of 4 stars. However, the market behaviour deterioration triggered a risk requalification, which can be thus described as moderately risky. theScreener believes that increased risk justifies the general evaluation downgrade to Neutral. As of the analysis date November 16, 2021, the closing price was INR 4...
Cadila Healthcare Limited: 1 director
A director at Cadila Healthcare Limited sold 30,000 shares at 540.586INR and the significance rating of the trade was 70/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two ye...
- Tushar Manudhane
MOSL: CADILA HEALTHCARE (Buy)-Domestic Formulations drive earnings; Co...
CADILA HEALTHCARE: Domestic Formulations drive earnings; Comprehensive approach to sustain profitability (CDH IN, Mkt Cap USD7.8b, CMP INR564, TP INR670, 19% Upside, Buy) CDH’s 1QFY22 performance was in line with our expectations, led by strong growth in Domestic Formulations (DF), owing to its COVID-related product portfolio, but was offset to some extent by higher than expected price erosion in the US. Its in-licensing and niche product portfolio for the US are shaping up well, with ben...
- Nitin Agarwal
Cadila Healthcare's Q3FY20 results (Neutral) - US surprise
Q3FY20 result highlights Cons revs at Rs36.4bn (1% yoy) were above est of Rs34bn. Domestic formulations stood below est at Rs9.1bn; 7.6% yoy. Key surprise was the beat in US business which grew strongly sequentially and stood at $235m ($206m in Q2) vs est of $215m. Mgt indicated that during the quarter, price erosion of its base portfolio stood at 1.8%; new product launches contributed 1% growth and rest of the growth was driven by volumes / gTamiflu seasonality impact. EBITDA came lower at...
- Tushar Manudhane
MOSL: CADILA HEALTHCARE (Buy)-Superior product mix benefit offset by l...
CADILA HEALTHCARE: Superior product mix benefit offset by lower operating leverage (CDH IN, Mkt Cap USD3.9b, CMP INR271, TP INR317, 17% Upside, Buy) DF sales growth improves; Better traction in US as well Cadila Healthcare’s (CDH) renewed strategy is aiding growth in the domestic formulation (DF) segment. Also, its ANDA launch engine remains strong, which in turn is improving growth prospects for the US market. We maintain our EPS estimates for FY20/FY21/FY22E. We remain positive on CD...
- Nitin Agarwal
Cadila Healthcare's Q2FY20 results (Neutral) - Below estimates; miss l...
Q2FY20 result highlights Cons revs at Rs32.4bn (14% yoy) were below est of Rs34.3bn. While US was inline ($206m; $197m in Q1), consumer business was sharply lower at Rs3.2bn vs est of Rs4.8bn. Mgt cited that acquired Heinz business typically clocks 60% of annual rev in H1. Domestic formulations stood inline at Rs9.8bn; 9.5% yoy. EBITDA came lower at Rs6.3bn (Rs6.3bn in Q1) vs est of Rs7.1bn. Mgt cited Rs120m of one-offs; Adj EBITDA was still lower than est. GMs came at 64.4% (63% in Q1) vs...
- Tushar Manudhane
MOSL: CADILA HEALTH (Buy)-Traction improves in US sales-Consumer welln...
CADILA HEALTH: Traction improves in US sales; Consumer wellness drags profitability (CDH IN, Mkt Cap USD3.2b, CMP INR225, TP INR265, 18% Upside, Buy) Addition in Consumer Wellness segment (Heinz portfolio) leads revenue growth: 2QFY20 sales at INR33.6b (in-line) were up 13.7% YoY, largely led by the Consumer Wellness business (sales at INR3.2b YoY v/s INR1.4b last year). API business also supported growth to some extent (+17.9% YoY to INR1b). India formulations grew 10.4% YoY to INR9.8b (...
- Nitin Agarwal
Cadila Healthcare's Q1FY20 results (Neutral) - Soft quarter; muted nea...
Q1FY20 result highlights Cons revs at Rs35bn (+23%/-6% yoy/qoq) were in line with est. While US was a miss ($197m vs est of $210m; $256m in Q4), erstwhile Heinz biz revenues were sharply ahead of estimates at Rs4.6bn vs Rs2.9bn. Mgt cited that this business typically clocks 1/3rd of annual rev in Q1. Domestic formulations stood at Rs9.5bn inline with est; 6.2% yoy. EBITDA came lower at Rs6.3bn (Rs8bn in Q4) vs est of Rs7.4bn. Mgt cited Rs700m of multiple one-offs; Adj EBITDA was still lower...
- Tushar Manudhane
MOSL: CADILA HEALTH (Buy)-US sales moderate-Branded formulation growth...
Cadila Health: US sales moderate; Branded formulation growth revives (CDH IN, Mkt Cap USD3.3b, CMP INR230, TP INR275, 19% Upside, Buy) Addition in Consumer Wellness segment (Heinz portfolio) leads revenue growth: 1QFY20 sales at INR35b (v/s est. of INR36.6b) were up 20.8% YoY, largely led by the Consumer Wellness business (sales at INR6b YoY v/s INR1.4b last year). US sales at INR13.7b (40% of sales) were up 11.2% YoY. India formulations grew 6.2% YoY to INR9.5b (28% of sales). EM formula...
- Nitin Agarwal
Cadila Healthcare's Q4FY19 results (Neutral) - Inline quarter
Q4FY19 result highlights Cons revs at Rs37.3bn (+24%/11% yoy/qoq) were above our est of Rs34b primarily due to consolidation of Heinz acquisition for 2 months. Revenues from US at $256m vs est of $252m ($268mn in Q3). Domestic formulations sales stood at Rs9bn (2% yoy) vs est Rs8.5bn; Q3 was Rs8.5bn; GMs came higher at 62.4% (61.2% in Q3) vs est 61.4% likely due to better base business profitability. SGA came sharply higher at Rs9.9bn (+15% qoq) vs est of Rs8bn due to inclusion of Heinz port...
- Tushar Manudhane
MOSL: CADILA HEALTH (Buy)-High base leads earnings decline-Outlook sta...
Cadila Health: High base leads earnings decline; Outlook stable despite regulatory woes (CDH IN, Mkt Cap USD3.9b, CMP INR264, TP INR345, 31% Upside, Buy) Sales at INR37.3b (our est. INR34.9b) were up 15% YoY, largely led by the addition of the Consumer Wellness business (sales at INR4b v/s INR1.3b YoY). US sales at INR18b were up 9.3% YoY. EM formulation sales grew 7% YoY to INR2b. Animal Health business grew 11% YoY to INR1.3b. India sales were muted, growing 2% YoY to INR9b for the quar...
- Nitin Agarwal
Cadila Healthcare's Q3FY19 results (Neutral) - Strong US show drives b...
Q3FY19 result highlights Cons revs at Rs35.1bn (+24%/11% yoy/qoq) were above our est of Rs34b led by higher revenues from US at $268m vs est of $243m ($188mn in Q2). Mgt attributed to Androgel AG supplies (1/3rd of qoq growth) along with growth in base business (minimal price erosion qoq) and new launches. We estimate ~$50m of AG sales vs our est of $40m for the quarter. India revs were sharply below at Rs8.5 bn(-8%yoy) vs est of Rs9.9bn led by a significant restructuring of the India busine...
- Tushar Manudhane
MOSL: CADILA HEALTH (Buy)-Strong traction in the US drives earnings
Cadila Health: Strong traction in the US drives earnings (CDH IN, Mkt Cap USD4.6b, CMP INR322, TP INR420, 30% Upside, Buy) Beat on all fronts: Cadila Healthcare's (CDH) revenue grew ~10% YoY to INR35.8b (v/s our est. of INR31b), largely led by 22% YoY growth in the US business (55% of sales) and strong ~84% YoY growth in Emerging Markets (~6% of sales). This was partially offset by ~8% YoY decline in domestic business - domestic formulations (DF) (~24% of sales). Gross margin declined by ...
- Nitin Agarwal
Cadila Healthcare's Q2FY19 results (Outperformer) - US disappoints; op...
Q2FY19 result highlights Cons revs at Rs28.4bn (+3% qoq; -10% yoy) below our est of Rs29.5b led by lower revenues from US at $188m vs est of $200m ($183mn in Q1).India revs were marginally below at Rs8.9bn(flat yoy) vs est of Rs8.8bn while EMs were higher at Rs2bn (+4% qoq) vs est Rs1.95bn Despite lower high margin US sales, GMs came higher at 66.1% (64.4% in Q1) vs est 65.4% aided by forex gain of Rs118mn. However, SGA came higher at Rs7.6bn (+3% qoq) vs est of Rs7.57bn with higher R&D exp ...
- Nitin Agarwal
Cadila Healthcare's Q1FY19 results (Outperformer) - US disappoints; Gu...
Q1FY19 result highlights Cons revs were down 12% qoq to Rs27.7bn below our est of Rs30.1b led by lower revenues from US at $183m vs est of $220m ($255mn in Q4). The qoq drop is likely due to drop in gTamiflu sales and increased competition in gLialda. India revs were inline at Rs8.9bn(+40% yoy) With lower high margin US sales, GMs came lower at 64.4% (66.5% in Q4) vs est 66%. However, SGA came lower at Rs7.4bn (-9% qoq) vs est of Rs8.1bn with flat R&D expenses. Staff cost came in higher at R...
MOSL: CADILA HEALTH (Buy)-US de-grows sequentially, but outlook promis...
Cadila Health: US de-grows sequentially, but outlook promising (CDH IN, Mkt Cap USD5.2b, CMP INR355, TP INR440, 24% Upside, Buy) Performance strong YoY but affected sequentially by lower US sales: CDH's revenue grew 32% YoY to INR29b (our estimate: INR33b), led by growth of 40% YoY in Domestic formulation (DF, 32% of sales) and 27% YoY in US sales (44% of sales). Gross margin improved ~370bp YoY to 65.9%, led by a change in the product mix, partly offset by higher raw material cost. EBITD...
MOSL: CADILA HEALTH (Buy)-Strong operating performance; key approvals ...
Cadila Health: Strong operating performance; key approvals awaited (CDH IN, Mkt Cap USD6.0b, CMP INR383, TP INR460, 20% Upside, Buy) Cadila’s (CDH) 4QFY18 revenue increased significantly by 31% YoY to INR32.5b (est. of INR30.7b). Gross margin improved ~410bp YoY to 66.7% (65.5% in 3QFY18). EBITDA rose ~88% YoY to INR8.7b (est. of INR7.3b), with margin expansion of ~810bp YoY to 26.8%. Improvement in the gross margin, along with a decrease in employee cost by ~100bp (as % of sales) and in ...
- Nitin Agarwal
Cadila Healthcare's Q3FY18 results (Outperformer) - In-line; Higher â€...
Q3FY18 result highlights Cons revs were up 39% yoy to Rs31.9bn above our est of Rs30.5b led by higher revenues from US at $246m vs est of $240m likely driven by higher gLialda and Tamiflu supplies. India revenues came in higher at Rs9.2bn (+15% yoy; +22% yoy like to like) vs est of 8%. GMs at 65.6% (65.9% in Q2) came in better than est af 63.5% led by larger component of higher margin US sales. However, SGA came sharply higher at Rs8.3bn (+31% qoq) vs est of Rs7.7bn despite lower R&D exp o...
MOSL: CADILA HEALTHCARE (Buy)- Strong operating performance-key approv...
Cadila Healthcare: Strong operating performance; key approvals awaited (CDH IN, Mkt Cap USD6.4b, CMP INR405, TP INR500, 24% Upside, Buy) 3QFY18 revenue increased significantly by 41% YoY to INR32.6b (est. of INR31.3b). Gross margin improved ~440bp YoY to 65.5% (66% in 2QFY18). EBITDA more than doubled to INR8.4b (est. of INR8.1b), with the margin expanding ~830bp YoY to 25.8%. Improvement in the gross margin, along with a decrease in employee cost and other expenses by ~190bp (as % of sale...
- Nitin Agarwal
Cadila Healthcare's Q2FY18 results (Outperformer) - Strong quarter; Hi...
Q2FY18 result highlights Cons revs were up 32% yoy to Rs31.55bn above our est of Rs28.2b led by higher revenues from US at $255m vs est of $200m driven by higher gLialda (likely at ~$70-75m vs est of $45-50m). India revenues came at Rs8.9bn (+9% yoy; +15% yoy like to like) in line with est. EMs +16% yoy at Rs1.3bn (inline with est) while JVs were -6% yoy. GMs at 65.9% (62.9% in Q1) were in line despite higher than expected gLialda sales. However, SGA came sharply higher at Rs8.2bn (+18% q...
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