Sun Pharma Q3 Results Review - Specialty Sales Remains Encouraging: Motilal Oswal

Motilal Oswal Report

Sun Pharmaceutical Industries Ltd. delivered inline Q3 FY23 earnings, led by improving traction in specialty sales, better emerging market traction, and currency benefit. Also, the performance was inline, despite regulatory hurdle at Halol and step-up in other expenses, due to higher selling and distribution spent.

We expect 15% earnings compound annual growth rate over FY23-25, led by 11%/11%/17% sales CAGR in dosage form/emerging market/U.S., respectively, and 90 basis points margin expansion.

The enhanced focus towards-

1. strengthening specialty franchise through addition of products in dermatology, and increasing footprint for better reach/promotional activities,

2. outperforming industry in branded generics markets and

3. building niche abbreviated new drug application pipeline provides good visibility for sustainable earnings growth going forward.

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More Research Reports On Sun Pharma's Q3 FY23 Results Review

• Performance Largely Inline: Dolat Capital

• Inline Performance; Growth Levers In Place: Systematix

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