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Nirmal Bang Report
Adjusting for exceptional items (Rs 39,358 million), Sun Pharmaceutical Industries Ltd.'s Q4 FY22 net earnings (Rs 15,821 million) was slightly lower than expectations, but overall growth remained on track as the company continued to do better than expectation in the key business segments – India branded formulations and specialty pharma.
Sun Pharma closed FY22 with $674 million in specialty sales, which were up 43% YoY, led by ongoing traction in key products – Ilumya and Cequa.
Ilumya global sales for FY22 stood at $315 million and were up by 81% YoY.
Sun Pharma also continued to gain market share in the domestic formulations space. Its domestic formulations business grew by 16% YoY in Q4 FY22 and 23% in FY22. The company is guiding for high single digit to low double digit growth in FY23.
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