Sun Pharma Q3 Results Review - Strong Show In Specialty Segment: Prabhudas Lilladher

Prabhudas Lilladher Report

Our FY24/FY25 earnings estimates broadly remains unchanged. Sun Pharmaceutical Industries Ltd.'s Q3 FY24 Ebitda was in line with our estimate, aided by domestic formulation and specialty sales.

Overall specialty sales, gross refinings continue to remain healthy. Over last few years Sun Pharma dependency on U.S. generics has reduced and company’s growth is more functional on specialty, rest of the world and domestic pharma business that has strong growth visibility.

Furthermore, acquisition of Concert Pharma along with progress of other pipelines provides visibility to Sun Pharma specialty pipeline beyond FY25.

We maintain ‘Buy’ rating at target price of Rs 1640 (Rs 1280 earlier) based on 30 times (26 times earlier) FY26E earnings.

Sun Pharma remains our top pick in large cap space.

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