The Managing Director and CEO of Cipla, Umang Vohra is confident that tariffs and regulations in the US will not impact the competitiveness of Indian generics and are a long-term positive for the Indian pharma sector. He reiterated that, “Indian generics industry will remain intact even if US imposes tariffs.” This was during a conversation with international brokerage house Nomura where they touched upon various issues that are impacting the sector and Cipla.
In the note that Nomura shared based on the key takeaways from the conversation, Vohra highlighted that he is “positive on the GLP-1 and semaglutide opportunity in India as Cipla prepares to participate in the first wave.” According to Nomura, the oral formulation also presents a high-value opportunity for companies that overcome the IP and regulatory barriers.
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Vohra expects “Cipla to sustain current earnings or grow them marginally post gRevlimid and doesn’t expect a steep fall.” Nomura pointed out that the comments are “largely aligned with our expectations. We have a Buy rating on the stock with a March 2026 target price of Rs 1,780.” This implies 22% upside from the current levels. The Nomura price target is based on “28.5x FY27 EPS expectation of Rs 62.30.” The brokerage expects “FY25 EPS at Rs 62.90 while for FY26 it is seen at Rs 60.90.”
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