Sun Pharmaceutical’s (Sun) reported Q4FY22 performance was marginally lower than our estimates. Consolidated revenue grew 10.8% YoY to Rs94.5bn (and adj. PAT was up 17.8% to Rs15.8bn. EBITDA margin was 24.8% against our estimate of 25.6%. Specialty portfolio grew 1.6% QoQ to US$186mn versus our estimate of US$185mn led by growth in Ilumya, Cequa andOdomzo, largely offset by increased generic completion in Absorica.