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Motilal Oswal Report
Sun Pharmaceutical Industries Ltd. delivered yet another robust quarterly performance, with the beat on margins led by domestic formulation / emerging markets and sustained momentum in global specialty sales.
We raise our earnings estimate by 7%/3% for FY22E/FY23E, factoring in-
a continued ramp-up in the Ilumya-led specialty portfolio,
faster growth in non-Covid-19, chronic therapy sales in domestic formualtion,
superior traction in emerging markets, and
deferred research and development spending on specialty clinical trials.
We remain positive on Sun Pharma's-
increasing portfolio offerings in the specialty segment,
market share gains in the branded generics segment, and
a healthy and steady pace of launches in U.S. generics (excluding-Taro).
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