Sun Pharma (SUNP) Q4FY25 EBIDTA (+11% YoY) was largely in line however moderate growth (9% YoY) in specialty sales after several quarters of strong double-digit growth was below our estimate. Over last few years SUNP dependency on US generics has reduced and company's growth is more functional on specialty, RoW and domestic pharma that has strong growth visibility. Though FY26 expenses (an additional $100mn spend) is likely to remain elevated given company are in investment phase to ramp up specialty...