Prabhudas Lilladher's research report on Sun Pharmaceutical Industries
Sun Pharma (SUNP) Q4FY25 EBIDTA (+11% YoY) was largely in line however moderate growth (9% YoY) in specialty sales after several quarters of strong double-digit growth was below our estimate. Over last few years SUNP dependency on US generics has reduced and company’s growth is more functional on specialty, RoW and domestic pharma that has strong growth visibility. Though FY26 expenses (an additional $100mn spend) is likely to remain elevated given company are in investment phase to ramp up specialty pipeline; successful launch of Leqselvi and Unloxcyt along with progress of other pipelines will be key. Our FY26/FY27E EPS stands reduced by 4-5% as we factor in higher opex.
Outlook
We maintain ‘BUY’ rating with revised TP of Rs.2,000 based on 32x FY27E EPS. SUNP remains our top pick in large cap space.
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