ICICI Direct's research report on Sun Pharmaceutical Industries
Sun is the world’s fourth largest generics/specialty pharma company with 43 manufacturing sites at its disposal addressing segments like specialty products, branded generics, complex generics, pure generics and APIs. With a market share of 8.6%, Sun is ranked No. 1 in domestic formulations. It enjoys leadership position in 11 specialties based on prescription • Revenue break-up Q3FY23: US formulation~31%, Indian branded~31%, Emerging markets~19%, RoW~14%, API & Others~5%.
We maintain BUY as 1) Global specialty portfolio continues to maintain momentum, 2) Growth in India formulations from new launches and field force expansion and 3) Calibrated cost approach including R&D spend. Valued at Rs 1210 i.e. 28x P/E on FY25E EPS of Rs 43.2.
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