Prabhudas Lilladher's research report on Sun Pharmaceutical Industries
Our FY24/FY25 earnings estimates broadly remains unchanged. Sun Pharma (SUNP) Q3FY24 EBIDTA was in line with our estimate, aided by domestic formulation and specialty sales. Overall specialty sales, GMs continue to remain healthy. Over last few years SUNP dependency on US generics has reduced and company’s growth is more functional on specialty, RoW and domestic pharma business that has strong growth visibility. Furthermore, acquisition of Concert Pharma along with progress of other pipelines provides visibility to SUNP’s specialty pipeline beyond FY25.
Outlook
We maintain ‘BUY’ rating at TP of Rs.1640 (Rs1280 earlier) based on 30x (26x earlier) FY26E earnings. SUNP remains our top pick in large cap space.
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