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Motilal Oswal Report
Sun Pharmaceutical Industries Ltd. delivered an in-line Q2 FY24 financial performance.
Sun Pharma garnered healthy growth across specialty as well as branded generics businesses. It continues to implement its initiatives towards:
an improvement in prescriptions for commercialised specialty products, and
filing of new products as well as clinical trials for products under development.
We retain our estimates for FY24/FY25. We continue to value Sun Pharma at 26 times 12 months forward earnings to arrive at our target price of Rs 1,310.
Sun Pharma is well-positioned to reinforce its specialty franchise through the addition of new products, the expansion of its reach, and the superior implementation of its existing products.
It continues to outperform both in the branded generics market of India (domestic formulation) and other emerging markets. Reiterate 'Buy'.
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