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ICICI Securities Report
Sun Pharmaceutical Industries Ltd.'s Q4 FY24 results were aided by higher other income, barring which, performance was marginally below our expectations. Sun is on course to file its marketing application for Nidlegy in Europe in June 2024 while PDUFA date for deuruxolitinib is in July 2024.
Marketing investments towards its specialty portfolio is likely to rise in the near term. Further phase-2 trial of GL0034 is likely to start in H2 CY24, which shall increase research and development cost.
In India, the new MRs are helping Sun boost volume growth. Ahead, the company will likely grow in-line or better than the pharma market's growth rate in India.
Management aims to grow its revenue in single-digit in FY25E.
We raise our FY25E/26E earnings per share by ~1%. Retain Hold due to pricey valuation (30 times FY26E earnings); target price revised to Rs 1,463 based on 28 times FY26E earnings.
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