ICICI Direct's research report on Sun Pharmaceutical Industries
Sun is the world’s fourth largest specialty generic company with sales of US$3.8 billion and boasts of 43 manufacturing sites addressing segments like specialty products, branded generics, complex generics, pure generics and APIs. With a market share of 8.2%, Sun is ranked No. 1 in domestic formulations. It enjoys leadership position in 11 specialties based on prescription Revenue breakup: US formulation~30%, Indian branded~30%, Emerging markets~17%, RoW~14%, API & Others~6%
Outlook
Maintain BUY on the back of consistent traction on the specialty front, linear growth in India formulations besides calibrated approach in generics Valued at Rs 1075 i.e. 28x P/E on FY24E EPS of Rs 38.3
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