589.20 -5.50 (-0.92%)
NSEJan 21, 2021 01:39 PM
The 47 reports from 14 analysts offering long term price targets for Sun Pharmaceutical Industries Ltd. have an average target of 583.38. The consensus estimate represents a downside of -0.99% from the last price of 589.20.
|Summary||Date||Stock||Broker||Price at Reco.||Target||Price at reco|
Change since reco(%)
|2020-12-28||Sun Pharmaceutical I.. +||Edelweiss||586.95||655.00||586.95 (0.38%)||11.17||Neutral|
|2020-12-10||Sun Pharmaceutical I.. +||Nirmal Bang Institutional||568.10||618.00||568.10 (3.71%)||Target met||Accumulate|
Nirmal Bang Institutional
Sun pharma efforts around specialty portfolio ramp up is yielding favorable progress as prescription trends around the key products suggest growth on a QoQ basis. Levulan which was significantly below pre COVID levels has broadly normalized, but we need to monitor the impact of resurgence in COVID cases. We are in fact seeing faint signals of an unfavorable impact of the second COVID wave as trends seems to suggest weakening prescription volumes across product categories in the last week of November. On a QoQ basis though, the trend so far is favorable and should support sales growth, unless the resurgence in COVID incidences lead to sharp correction going forward....
|2020-11-07||Sun Pharmaceutical I.. +||Geojit BNP Paribas||508.45||582.00||508.45 (15.88%)||Target met||Buy|
|2020-11-05||Sun Pharmaceutical I.. +||SMC online||509.15||509.15 (15.72%)|
Sun Pharma records Q2 net profit of Rs 1813 cr, above estimates Total Income has reported 5.29% to Rs 8553.13 crore in Q2 September 2020 as against Rs 8123.35 crore in Q2 September 2019. Consolidated profit before tax (PBT) soared 33.75% to Rs 1,917.18 crore in Q2 September 2020 as against Rs 1,433.38 crore in Q2 September 2019. Current tax expense for the quarter fell 3.36% to Rs 257.08 crore as against Rs 266.03 crore in Q2 September 2019. Consolidated profit after tax (PAT) after minority interes has soared 70%...
|2020-11-05||Sun Pharmaceutical I.. +||Sharekhan||512.50||612.00||512.50 (14.97%)||Target met||Buy|
Q2 performance was strong with revenue and earnings beating estimates. Management expects domestic formulations business to improve further led by new launches and a gradual improvement in the acute therapies, while the chronic segment is likely to grow strongly. Pick up in the specialty business and sturdy new product pipeline would enable US business growth....
|2020-11-04||Sun Pharmaceutical I.. +||HDFC Securities||504.65||565.00||504.65 (16.75%)||Target met||Accumulate|
Maintain ADD. TP Rs565/sh. Recovery in specialty business (USD 108mn, +38% QoQ) along with improved gross margin and lower other expenses helped Sun deliver a 14%/26% beat on EBITDA/ net income. Management commentary was optimistic on Ilumya and steady on US generics. However, they hinted at normalization of specialty spends from Q4 onwards. We maintain that scale up of specialty business will be the most critical catalyst for the stock. We increase our estimates for FY21 by 11% to factor the Q2 beat. Our estimates for FY22/23 largely remain unchanged.
|2020-11-04||Sun Pharmaceutical I.. +||Nirmal Bang Institutional||504.65||618.00||504.65 (16.75%)||Target met||Buy|
Nirmal Bang Institutional
Sun Pharmaceutical Industries' (SPIL) 2QFY21 revenue at Rs85,531mn is up 12.8% QoQ and 5.3% YoY given the easing of lockdowns across the world. The highest ever quarterly revenue in Sun Pharma's history was driven by growth across geographies with rest of world markets and emerging markets growing the fastest on a QoQ basis. We expect the revenue performance to sustain in subsequent quarters led by India business revival and ongoing ramp up in specialty portfolio. Absorica patent expiry in 4QFY21 should not have a material impact. The gross margin for the quarter stood at 75%, up 87bps QoQ and 282bps YoY. The gross margin expansion was driven by better product mix, optimization of costs and higher contribution from the specialty...
|2020-11-04||Sun Pharmaceutical I.. +||ICICI Securities Limited||504.65||585.00||504.65 (16.75%)||Target met||Buy|
ICICI Securities Limited
Q2 revenues grew 5.3% YoY to | 8553 crore (I-direct estimate: | 8069 crore). US formulations grew 4.3% YoY to | 2492 crore amid currency tailwinds and specialty traction. India business remained flattish (up 0.7%) YoY at | 2531 crore whereas Emerging Markets business grew 10.4% YoY to | 1559 crore. RoW markets business grew 16.3% YoY to | 1322 crore. EBITDA margins expanded 361 bps YoY to 25.6% (I-direct estimate of 22.5%) mainly due to a better product mix (higher specialty sales) and lower other expenditure. Delta vis--vis I-direct estimates was mainly due to lower staff costs and...
|2020-11-04||Sun Pharmaceutical I.. +||BOB Capital Markets Ltd.||504.65||540.00||504.65 (16.75%)||Target met||Sell|
|2020-09-21||Sun Pharmaceutical I.. +||Dolat Capital||503.65||660.00||503.65 (16.99%)||12.02||Buy|
Given the structural headwinds in the US faced by Indian generic companies, Sun's investments to build a branded specialty business is a key differentiator. However, Specialty pharma is a vastly different business model compared to traditional generics requiring significantly...
|2020-08-11||Sun Pharmaceutical I.. +||SMC online||520.80||520.80 (13.13%)||Results Update|
Sun Pharma records Q1 net loss of Rs 1641 cr, misses estimates Total income declined 9.6% on a year-on-year (YoY) basis to Rs 7,467.19 crore in the first quarter of the financial year 2020-21. Research and development expenses rose 2.1% YoY to Rs 415.19 crore in Q1 June 2020....
|2020-08-07||Sun Pharmaceutical I.. +||KRChoksey||525.95||619.00||525.95 (12.03%)||Target met||Buy|
Sun Pharma reported Revenue decline of 9.4% YoY (down 7.3% QoQ) to INR 75,853 mn. EBITDA though declined 8.5% YoY to INR 15,051 mn, rose on QoQ basis by 17.2%. EBITDA margin expanded 23 bps YoY to 23.2% in 1QFY21 (from 23.0% in 1QFY20). On the sequential basis, EBITDA expanded by 487 bps. Company reported a net loss of INR 16,556 mn for the quarter primarily due to exceptional items of INR 36,333 mn during the quarter, company reported Adj Net Profit of 11,460 mn with a Net Profit Margin of 15.3% for the quarter. The Board of Directors of the Company at its meeting held on July 31, 2020, approved the Scheme of Amalgamation and Merger between the Company and Sun Pharma Global FZE (wholly owned subsidiary of the Company) which inter-alia, envisages merger of Sun Pharma Global FZE into the Company. The scheme shall be effective post receipt of required approvals and accordingly,...
|2020-08-06||Sun Pharmaceutical I.. +||Geojit BNP Paribas||532.15||570.00||532.15 (10.72%)||Target met||Hold|
Geojit BNP Paribas
Weak US business impacts Q1; Outlook cautious Sun Pharma is India's top drug maker and world's fifth largest specialty generic pharmaceutical company. The company develops, manufactures, and markets branded and generic formulations and active pharmaceutical...
|2020-08-03||Sun Pharmaceutical I.. +||HDFC Securities||519.40||535.00||519.40 (13.44%)||Target met||Accumulate|
Sun's balance sheet continues to remain strong (repaid ~USD200mn debt in Q1). We increase our EPS estimates by 4%/7% to factor the beat and improvement in gross margin. We maintain Add rating with revised TP of Rs535 Suns Q1 EBIDTA/PAT beat expectations on account of improved gross margin (product mix, productivity) and lower expenses (SG&A; and R&D;). India business grew by 3% YoY (chronic led). The US business declined 25% QoQ, impacted by muted trends in specialty (in line with expectations) and generics (Taro, price erosion). However, market share for specialty products were maintained at pre-Covid levels. The scale up in specialty is key to drive operating leverage and margins. While the costs pertaining to this business are largely expensed, the revenue traction is yet to be seen.
|2020-08-03||Sun Pharmaceutical I.. +||Nirmal Bang Institutional||519.40||625.00||519.40 (13.44%)||Target met||Buy|
Sun Pharmaceutical Industries- 1QFY21 Result Update- Cost savings offset the impact of COVID lockdown
Nirmal Bang Institutional
Sun Pharmaceutical Industries' (SPIL) 1QFY21 revenue at Rs75,853mn is down 7.3% QoQ and 9.4% YoY as there was a slowdown across geographies with India and API business being an exception. US sales (US$282mn) declined by 33.5% YoY and 21% QoQ. Emerging Markets sales were down 10% YoY as the company lost tender sales in South Africa. Rest of the world sales declined by 18% YoY due to slowdown in Japan and lower sales of Taro Pharma (ex US). In line with the broader trend seen so far, API sales grew by 20% YoY and India sales were up in low single digits. Revenue is 5% above our estimate and 6% below consensus estimate. Despite weak revenue, EBITDA declined by just 7.6% YoY, growing by...
|2020-08-03||Sun Pharmaceutical I.. +||Karvy||519.40||536.00||519.40 (13.44%)||Target met||Sell|
|2020-08-02||Sun Pharmaceutical I.. +||Prabhudas Lilladhar||525.95||479.00||525.95 (12.03%)||Target met||Sell|
Q1FY21 Result Update - Specialty, Taro to remain weak; Lower overhead likely to be unsustainable - ...
Net loss of Rs16.5bn due to Taro DOJ settlement and provision SUNP 1QFY21 revenue were lower than our estimate because of US specialty and Taro sales while adj. EBITDA margin positively surprised at 23.1% (PLe :20.4%) due to 1) lower R&D; spend (5.6% of sales v/s 6.4% QoQ) and 2) lower SGA costs led by travel restriction on employees and lower marketing...
|2020-08-02||Sun Pharmaceutical I.. +||ICICI Securities Limited||531.70||625.00||531.70 (10.81%)||Target met||Buy|
ICICI Securities Limited
Revenues de-grew 9.4% YoY to | 7585 crore (I-direct estimate: | 7948 crore) mainly due to 27.5% YoY decline in US formulations to | 2136 crore due to high base and continued pressure on dermatology segment (Taro included). India business grew 3.2% YoY to | 2388 crore whereas Emerging Markets business de-grew 2.4% YoY to | 1316 crore. RoW markets business also degrew 11.1% YoY to | 1030 crore. EBITDA margins expanded 47 bps YoY, 765 bps QoQ to 24.3% (I-direct estimate: 17.0%) despite higher employee expenses mainly due to lower other expenditure and better gross margins. EBITDA de-grew 7.6% YoY to | 1844 crore (I-direct estimate: | 1351 crore)....
|2020-08-01||Sun Pharmaceutical I.. +||Motilal Oswal||531.70||635.00||531.70 (10.81%)||7.77||Buy|
Despite the adverse impact on off-take of its Specialty portfolio due to COVID, SUNPs market share remained intact and gradual recovery is expected over the near-to-medium term. Maintain SUNPs 1QFY21 sales were down 10% YoY to INR75.7b (v/s est. Accordingly, we have raised our price target to INR635 (from INR525 earlier) on We believe SUNPs RoE is at a trough and would improve with 19% earnings CAGR over FY20-22E, led by improving traction in the Specialty portfolio, enhanced MR efforts in DF, and better operating leverage. Considering that market share remains intact, SUNP is continuing its efforts to build more traction in its Specialty portfolio. We expect US sales to show moderate growth SUNP delivered 3% YoY growth in 1QFY21 despite challenging market conditions on account of COVID. We expect 9% sales CAGR over FY20-22E in this segment, led by increased traction in DF outperformance (v/s industry) coupled with recovery from COVID related disruptions and gradual improvement in the Specialty portfolio segment.
|2020-08-01||Sun Pharmaceutical I.. +||BOB Capital Markets Ltd.||519.40||530.00||519.40 (13.44%)||Target met||Sell|