External broker reports(aggregated public sources), Nirmal Bang

Nirmal Bang

External broker reports(aggregated public sources)

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Equity Bottom-Up

Sun Pharmaceutical Industries / Equity Bottom-Up

<div><div><div><div><ul><li>Sun Pharma reported revenue at Rs94,468mn, up 10.8% YoY but the same was down 4.2% QoQ.</li></ul><div><div><div><div><ul><li>India Branded Generics business reported sales at Rs30,956mn, up 15.9% YoY, but down 2.3% QoQ</li></ul><div><div><div><div><ul><li>US Formulations business reported sales at Rs29,246mn, up 8.5% YoY but down 1.6% QoQ.</li></ul></div></div></div></div></div></div></div></div></div></div></div></div><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Sun Pharma reported revenue at Rs94,468mn, up 10.8% YoY but the same was down 4.2% QoQ.India Branded Generics business reported sales at Rs30,956mn, up 15.9% YoY, but down 2.3% QoQUS Formulations business reported sales at Rs29,246mn, up 8.5% YoY but down 1.6% QoQ.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Sun Pharma Industries - One-Time Costs Hit Earnings

External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Sun is the world’s fourth largest specialty generic company with sales of US$3.8 billion and boasts of 43 manufacturing sites addressing segments like specialty products, branded generics, complex generics, pure generics and APIs.</li><li>With a market share of 8.2%, Sun is ranked No. 1 in domestic formulations. It enjoys leadership position in 11 specialties based on prescription</li><li>Target Price and Valuation: Valued at Rs 1075 i.e. 28x P/E on FY24E EPS of Rs 38.3</li></ul><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

Sun is the world’s fourth largest specialty generic company with sales of US$3.8 billion and boasts of 43 manufacturing sites addressing segments like specialty products, branded generics, complex generics, pure generics and APIs.With a market share of 8.2%, Sun is ranked No. 1 in domestic formulations. It enjoys leadership position in 11 specialties based on prescriptionTarget Price and Valuation: Valued at Rs 1075 i.e. 28x P/E on FY24E EPS of Rs 38.3Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Sun Pharma: Strong Performance on All Fronts; Specialty Buoyed

External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<p>Sun Pharma (SUNP) delivered yet another robust quarterly performance, with the beat on margins led by Domestic Formulation (DF) / Emerging Markets (EM) and sustained momentum in global specialty sales. We raise our earnings estimate by 7%/3% for FY22E/FY23E, factoring in a) a continued ramp-up in the Ilumya-led Specialty portfolio, b) faster growth in non-COVID, Chronic therapy sales in DF, c) superior traction in Emerging Markets, and d) deferred R&amp;D spending on specialty clinical trials.</p><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

Sun Pharma (SUNP) delivered yet another robust quarterly performance, with the beat on margins led by Domestic Formulation (DF) / Emerging Markets (EM) and sustained momentum in global specialty sales. We raise our earnings estimate by 7%/3% for FY22E/FY23E, factoring in a) a continued ramp-up in the Ilumya-led Specialty portfolio, b) faster growth in non-COVID, Chronic therapy sales in DF, c) superior traction in Emerging Markets, and d) deferred R&amp;D spending on specialty clinical trials.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Domestic Formulation / US (ex-Taro) on steady footing

<p>After having toughed out for more than three years in the US, its flagship product Ilumya is continuously ramping-up sales, with Cequa also showing good traction. This is slightly offset by generic competition in Absorica and difficulty in shifting prescriptions to Absorica LD. Ilumya has been able to carve out a niche for itself in the fiercely competitive Psoriasis segment. Ilumya, being a medical benefit product, does not directly compete with most drugs which fall into the Pharmacy benefits segment.</p><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

After having toughed out for more than three years in the US, its flagship product Ilumya is continuously ramping-up sales, with Cequa also showing good traction. This is slightly offset by generic competition in Absorica and difficulty in shifting prescriptions to Absorica LD. Ilumya has been able to carve out a niche for itself in the fiercely competitive Psoriasis segment. Ilumya, being a medical benefit product, does not directly compete with most drugs which fall into the Pharmacy benefits segment.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Reaping the fruits of enhanced efforts in Specialty

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

<p>HSIE Results Daily Sun Pharma: Suns Q1 revenue/EBITDA grew by 28%/55% YoY, led by robust growth across markets and restricted spends driving sharp operating leverage and margin expansion to 28.7% (+495bps YoY, +404bps QoQ). Its specialty business surprised positively despite the generic impact of Absorica (USD148mn, +6% QoQ, +90% YoY). The consistent traction seen in the past three quarters gives us comfort on the companys ability to execute its specialty pipeline and break even by FY23. Further scale-up in the specialty business will improve profit growth visibility and support rerating, in our view.</p><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

HSIE Results Daily Sun Pharma: Suns Q1 revenue/EBITDA grew by 28%/55% YoY, led by robust growth across markets and restricted spends driving sharp operating leverage and margin expansion to 28.7% (+495bps YoY, +404bps QoQ). Its specialty business surprised positively despite the generic impact of Absorica (USD148mn, +6% QoQ, +90% YoY). The consistent traction seen in the past three quarters gives us comfort on the companys ability to execute its specialty pipeline and break even by FY23. Further scale-up in the specialty business will improve profit growth visibility and support rerating, in our view.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

HSIE Results Daily: Sun Pharma, Shriram Transport Finance, JK Lakshmi Cement

India

Sun Pharmaceutical Industries Limited manufactures and markets pharmaceuticals for domestic and international distribution. The Company's pharmaceutical portfolio includes drugs in the areas of diabetes, cardiology, neurology, psychiatry and  gastroenterology.

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Sun Pharmaceutical Industries (SUNP IN)

Sun Pharma Industries - One-Time Costs Hit Earnings

Adjusting for exceptional items (Rs39,358mn), Sun Pharma’s 4QFY22 net earnings (Rs15,821mn) was slightly lower than expectations

Nirmal Bang

Sun Pharma: Strong Performance on All Fronts; Specialty Buoyed

Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general...

ICICI Securities Limited

Domestic Formulation / US (ex-Taro) on steady footing

Sun Pharma (SUNP) delivered yet another robust quarterly performance, with the beat on margins led by Domestic Formulation (DF) / Emerging Markets...

Motilal Oswal

Reaping the fruits of enhanced efforts in Specialty

After having toughed out for more than three years in the US, its flagship product Ilumya is continuously ramping-up sales, with Cequa also showing...

Motilal Oswal

HSIE Results Daily: Sun Pharma, Shriram Transport Finance, JK Lakshmi Cement

Sun Pharma: Suns Q1 revenue/EBITDA grew by 28%/55% YoY, led by robust growth across markets and restricted spends driving sharp operating leverage...

HDFC Securities

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