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Motilal Oswal Report
Sun Pharmaceutical Industries Ltd. delivered a lower-than-expected Q4 FY22 due to moderation in the Rest of World/emerging markets/active pharma ingredient segment and higher opex.
The specialty portfolio continues to progress well, with its contribution to sales rising to 13% in FY22 from 7% in FY18.
We tweak our FY23/FY24 earnings per share estimate by down 4%/down 3%, factoring in:
higher research and development spend on clinical trials,
high opex-related to promotional activities and supply chain management, and
weakness in API offtake to some extent.
We remain positive on Sun Pharma on the back of:
a strong outperformance in the branded generics segments of domestic formulation/RoW/EMs,
scale-up of the specialty portfolio, and
niche launches in the U.S. generics segment.
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