Sun Pharmaceutical Industries Ltd. share price target

Sun Pharma’s outlook remains strong, driven by high-margin and innovative products. India growth will be led by new launches and upcoming GLP-1 therapies, EM by branded generics, and RoW by complex products. In the U.S., momentum will be supported by LEQSELVI ramp-up, Unloxcyt launch, and continued strength in ILUMYA and CEQUA.

Sun’s 2QFY26 EBITDA was ahead of the street and our estimates (by ~12%), on the back of a marginally higher gross margin and lower R&D spend.

Q2FY26- Decent numbers despite flat US growth - Revenues grew ~9% YoY to 14478.3 crore driven mainly by growth in India, global specialty portfolio (now named as Innovative products), RoW and Emerging Markets. India growth was strong at 11% to 4735 crore. The US remained flat YoY with a revenue of 4329 crore due to weakness in generics which was made good by Innovative traction to some extent. RoW markets reported growth of ~23% to 2041 crore, mainly due to growth in both generics and specialty. Emerging markets grew ~16% to 2837 crore,...

Sun Pharma (SUNP) delivered in-line revenue/EBITDA in 2QFY26. Earnings came in below our estimates largely due to lower other income.

Management said that SUNP aims to sustain its outperformance in the domestic formulation (DF) segment through increased doctor engagement, new launches, addition of field force and strengthening the brand recall of its existing products.

Sun Pharma performed resiliently, driven by strong prescription momentum in India, *over or under performance to benchmark index strategic rural field force expansion and focused execution in its US specialty business. The management is actively steering pipeline progression with regulatory filings across key therapy areas backed by sustained research and development intensity. The company maintains a calibrated stance on US manufacturing, given adequate capacity and exemption from the current tariff measures. Notably, its firstmover positioning in India's GLP-1 space and accelerated launch of readiness for...

Reiterate its $100mn expenses towards new launches of specialty in FY26. Sun Pharma (SUNP) Q1FY26 EBIDTA (+11% YoY) was 7% above our estimates aided by higher specialty sales and lower opex. 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...

Sun Pharmaceutical Industries’ (SUNP) 1QFY26 revenue and EBITDA were 3%/9% better than our estimates. However, Adj. PAT was lower than expected (6% miss) due to lower other income and a higher tax rate.

Sales/EBITDA/APAT were lower than our estimates by 3.5%/9.6%/29.4%. ETR for 4QFY25 stood at 32.9% including 1x tax expense of Rs 3.7bn

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...

Sun Pharmaceutical Industries (SUNP) delivered 4%/9%/4% miss on revenue/EBITDA/PAT for 4QFY25. Lower-than-expected sales in global specialty and ROW led to a miss on 4QFY25 performance.

The US Court of Appeals has vacated the preliminary injunction against Sun Pharma’s launch of Leqselvi which was granted by the US District Court of New Jersey in Nov-24.

Sun Pharma (Sun) is acquiring US-based early-stage oncology-focused biotech company Checkpoint Therapeutics (Checkpoint) for an upfront cash payment of USD 4.1/share (total outgo of USD 355mn) and USD 0.7/share in cash in future milestones.

SUNP to acquire Checkpoint Therapeutic for US$ 4.10 a share, at ~66% premium to its last closing price. Deal valued at US$ 355mn

Domestic sales grew by 14% in Q3FY25 driven partially by volume/new launches and price hikes. Strong domestic sales growth to continue

J&J, in a recent investor interaction, had stated that its oral IL-23 receptor antagonist peptide (Icotrokinra) could potentially compete with existing oral as well as injectable treatment options for moderate to severe plaque psoriasis.

SUNP reported 11% domestic sales growth led by 5% volume growth from ~14,000 MRs; leads in Rx count across 13 doctor categories

Sun Pharmaceutical Industries reported a revenue of ?13,291 crore for the quarter, reflecting a 9% year-over-year increase and a 5% rise quarter-over-quarter. This figure surpassed our estimates by 2%, despite experiencing price reductions in Taro’s portfolio and in Japan.