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Prabhudas Lilladher Report
Our FY25/FY26 earnings estimates stands marginally reduced by 2% as we factor in higher research and development spend. Sun Pharmaceutical Industries Ltd. Q4 FY24 Ebitda was in line with our estimate, aided by domestic formulation and specialty sales.
Overall specialty sales, gross margins continue to remain healthy. Over last few years Sun Pharma dependency on U.S. generics has reduced and company's growth is more functional on specialty, rest of world and domestic pharma business that has strong growth visibility.
Though FY25 expenses may remain elevated given company are in investment phase to ramp up specialty pipeline; launch of deuruxolitinib along with progress of other pipelines provides visibility to Sun Pharma's specialty pipeline beyond FY25.
We maintain ‘Buy' rating at target price of Rs 1710 based on 32 times FY26E earnings. Sun Pharma remains our top pick in large cap space.
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