Sharekhan's research report on Sun Pharmaceutical Industries
Sun Pharma has entered into licensing agreement with Aclaris Therapeutics, a clinical-stage biopharmaceutical company focused on developing novel drugs for immuno-inflammatory diseases. Under the license agreement, Aclaris has granted Sun Pharma exclusive rights under certain patents for the use of Deuruxolitinib, Sun Pharma’s JAK inhibitor, to treat alopecia areata (AA) or androgenetic alopecia (AGA). The agreement includes an upfront payment of $15 million, regulatory and commercial milestones, and royalties.
Outlook
As Sun Pharma has signed a licensing agreement for Deuruxolitinib with Aclaris and has a strong global specialty pipeline, we have introduced FY2026E earnings. The stock trades at ~26.3x/~22.2x its FY2025E/FY2026E EPS. We believe superior profitability and margins enable it to trade at a premium to peers. We maintain Buy and increase the PT to Rs. 1,400.
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