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Sun Pharma: Traction in select speciality comes as a surprise

Though valuation is still not inexpensive, we see improved trade sentiment for Sun Pharma post results. Sustained traction in speciality will be a key re-rating driver

November 04, 2020 / 11:56 AM IST
Sun Pharma: Traction in select speciality comes as a surprise

Revlimid is a blockbuster blood cancer drug with sales of $12.1 billion for BMS in 2020.

PRO Only Highlights
Quarterly performance largely backed by improved realisations
Medium-term triggers China plus and protectionist measures for tyre industry
Valuations not inexpensive; but improved medium-term outlook

Highlights - Q2 sales helped by international markets and API performance - Improved margins mainly due to product mix; may not sustain in the medium term - Few specialty products to break even next fiscal - Sustained traction in speciality to be a re-rating driver India’s largest pharma company Sun Pharma (CMP: Rs 485 Market cap: Rs 116,392 crore) posted a better-than-expected set of numbers, driven by speciality products and improved performance in international markets. Other than that, balance sheet improvement and traction in the plaque psoriasis market...

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