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Sun Pharma Q1 Review - Superior Execution Across Key Segments: Motilal Oswal

Sun Pharma Q1 Review - Superior Execution Across Key Segments: Motilal Oswal

<div class="paragraphs"><p>A bird flies past the logo of Sun Pharma installed on the facade of its corporate office in Mumbai. (Photo: Francis Mascarenhas/Reuters)</p></div>
A bird flies past the logo of Sun Pharma installed on the facade of its corporate office in Mumbai. (Photo: Francis Mascarenhas/Reuters)

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Motilal Oswal Report

Sun Pharmaceutical Industries Ltd. delivered a strong beat on Q1 FY23 earnings, led by broad based growth across business segments (U.S./domestic formulation /emerging markets/rest of world).

While lower research and development spends has further enhanced margin in Q1 FY23. However, the postponement of clinical trials would delay in obtaining potential approvals/subsequent commercial benefit from new chemical entity assets.

We have raised our FY23/FY24 earnings per share estimate by 6%/4%, factoring in steady industry outperformance in the branded generics segment and lower R&D spends.

We remain positive on Sun Pharma on the back of sustained scale-up in the specialty portfolio, robust franchise building in the branded generics portfolio, and healthy abbreviated new drug application pipeline awaiting approval.

Click on the attachment to read the full report:

Motilal Oswal Sun Pharma Q1FY23 Result Update.pdf

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