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%.
Outlook
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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