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Motilal Oswal Report
Sun Pharmaceutical Industries Ltd. delivered better-than-expected operating performance in Q1 FY24. The steady traction in specialty sales, higher U.S. generics sales and controlled opex led to 12% beat on Ebitda.
The research and development expense is likely to pick-up over the coming quarter due to progress in major clinical programs.
We raise our earnings estimates by 3.4%/5.0% for FY24/FY25 to factor in:
better off-take in the U.S. generics, and
improved profitability.
We value Sun Pharma at 26 times 12 months forward earnings to arrive at our target price of Rs 1,310.
We remain positive on Sun Pharma backed by its robust innovative products franchise targeted for global markets and superior execution in branded generics markets. Reiterate 'Buy'.
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