Sun Pharmaceutical (SUNP IN): Specialty Business Drove Q4 Revenue; Propose to Acquire 100% of Taro
536 Views30 May 2023 00:54
Boomeranged on Sat, 1 Jul 2023 14:11
Best-positioned among the Indian generic pharmaceutical companies to reap the benefit from a robust specialty portfolio in the U.S. Less severe price erosion should improve the profitability further.
SUMMARY
- Sun Pharmaceutical Industries (SUNP IN) recorded 14% YoY revenue growth in Q4FY23, driven by 21% growth in U.S. formulation business. Adjusted net profit for Q4FY23 was INR21.6B, up 36% YoY.
- Global specialty business continues to maintain strong momentum. Adjusted for milestone received, global specialty contributed 18% of Q4FY23 overall sales and grew 28% YoY to $244M.
- Sun Pharma has proposed to acquire the remaining stake in Taro Pharmaceutical for a purchase price of $38 per share in cash. Management expects high single-digit revenue growth in FY24.
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Tina Banerjee
Global Healthcare Analyst
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