Sun Pharmaceutical Industries Ltd. share price target

In the US, Sun diversifying into specialty products like Ilumya, Levulan, BromSite, Cequa, Xelpros, Odomzo, Yonsa, winlwvi etc. Key Risk: (i) Price erosion impact...

Better product mix and lower overheads drive core EBITDAM. We upgrade our recommendation on SUNP to Buy as we stand convinced on growth prospect of its specialty portfolio, in spite of sectoral headwinds in key markets. While we maintain our assigned PE at 24x on FY23E earnings to derive TP of Rs922 (earlier 773), slower growth of overhead costs in...

SUNP's 1QFY22 earnings were well above our expectation, led by over 25% growth in all segments, except API. Steady traction in the Specialty portfolio, recovery in the core portfolio of Branded Generics, new launches in US...

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...

Sun Pharma (SUNP) delivered a 4QFY21 performance marginally below our expectations, weighed by moderation in US and API sales. Domestic Formulation (DF) business growth has been strengthening for three consecutive quarters now. Marketing efforts are driving strong performance in Illumya, a specialty product 51% YoY growth was reported for FY21. It further intends to build a Biosimilar portfolio for launch over CY2830. We raise our earnings estimate by 9%/8% for FY22E/FY23E, factoring in a) continued ramp-up in Illumya, led by the Specialty portfolio, b) healthy...

Q4 operational performance was in-line with I-direct estimates whereas PAT was below expectations due to lower other income. While the company's US generics front is going through calibrated product rationalisation, specialty segment looks promising due to robust product pipeline, steady progress. This metamorphic shift from generics to specialty, however, is likely to weigh on US growth in the near term. That said, higher contribution from specialty and strong domestic franchise is likely to change the product mix towards more remunerative businesses by FY23. This would have...

The company has repaid debt of about $580 million in Fy21. The sale of branded formulations in India business for Q4 FY21 stood at Rs 2,670.90 crore, rising 12.9% over Q4 FY20, accounting for 31.7% of total sales. Sun Pharmaceutical Industries holds approximately 8.2% market share in the over Rs 1,474 billion Indian pharmaceutical market as per AIOCD AWACS MAT March 2021 report. For Q4 FY21, the company launched 31 new products in the Indian market. For US formulations (including Taro), sales were at $370 million, recording a decline of 1.3% over Q4 last year and accounting for about 32% of total consolidated sales. Taro, a US-based...

Better product mix and lower overheads drive core EBITDAM to 24.5% in FY21E from 20% in FY20 without one-time benefits from Covid-19 sales We downgrade our recommendation to Accumulate' from Buy' for SUNP, while remain positive and increase our assigned PE by 22x (from 20x) on FY23E earnings to derive TP of Rs773 (earlier 696). We cut our estimates by 3% for FY22E due to lower sales in ROW and EM markets. However, we...

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...