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Nirmal Bang Report
We hosted the management of Sun Pharmaceutical Industries Ltd. at our Annual Investors' Conference to discuss the company's business outlook. Scaling up the global specialty portfolio would remain the key focus area with Ilumya and Winlevi being the main growth drivers.
The recent acquisition of Deuruxolitinib is a step in that direction. In India, the target would be to grow in line or faster than the market, with the new addition of medical representatives and new launches.
The management believes that it is well placed to meet FY23 revenue guidance of high single-digit to low double-digit growth despite import alert at its Halol facility.
We remain positive on Sun Pharma on the back of the following catalysts:
Ramp-up of branded/specialty business in the U.S. (recently acquired Deuruxolitinib would further strengthen the specialty pipeline),
continued growth in India business,
potential inorganic opportunity due to a strong balance sheet, especially in dermatology, ophthalmology and oncology specialty segments and
maintenance of healthy Ebitda margin at ~27% despite higher research and development spends.
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