Indian drugmaker Cipla falls on JPM downgrade to "neutral"

Bristol-Myers Squibb Co

27/01/2026 05:36

** 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

 (Reporting by Mridula Kumar in Bengaluru)

 ((Mridula.Kumar@thomsonreuters.com;))