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Prabhudas Lilladher Report
Our FY24/FY25 earnings estimates stands increased by ~3%. Sun Pharmaceutical Industries Ltd.'s Q1 FY24 Ebitda was 10% above our estimate, aided by gRevlimid and lower other expenses.
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.
Furthermore, acquisition of Concert Pharma 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 1265 (Rs 1140 earlier) based on 27 times FY25E earnings.
Sun Pharma remains our top pick in large cap space.
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