Sun Pharmaceutical’s (Sun) Q3FY23 performance was largely in line with our estimates. Consolidated revenue grew 12.9% YoY to Rs111.4bn (I-Sec: Rs110.5bn) driven by US and emerging market sales. EBITDA margin stood at 26.0% (I-Sec: 26.6%). Specialty portfolio grew 10.7% QoQ to US$223mn (ex- milestone income) led by growth in Ilumya and Winlevi.