Motilal Oswal's research report on Sun Pharma
Sun Pharma (SUNP) posted in-line revenue (adj. for milestone income) and 6% better-than-estimated EBITDA in 3QFY26. Adj. PAT was in line with expectation. The superior execution in domestic formulation (DF) and innovative medicines segments was offset to some extent by inferior show in US generics. SUNP enhanced its innovative medicines offerings by launching Unloxcvyt recently. In 9MFY26, innovative medicine sales stood at USD1b+ (ex milestone income).
Outlook
We largely maintain our estimates for FY26/FY27/FY28. We value SUNP at 32x 12M forward earnings to arrive at a TP of INR1,940.
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