Sun Pharma Q3 Results Review - Inline Performance; Valuations Fair: ICICI Securities

The recent acquisition of Concert Pharmaceutical reiterates management’s increased focus on its specialty business.
<div class="paragraphs"><p>Tablets arranged for photograph. (Photo: James Yarema/Unsplash)</p></div>
Tablets arranged for photograph. (Photo: James Yarema/Unsplash)

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ICICI Securities Report

Sun Pharmaceutical Industries Ltd.’s Q3 FY23 performance was largely in line with our estimates. Consolidated revenue grew 12.9% YoY to Rs 111.4 billion (our estimate: Rs 110.5 billion) driven by U.S. and emerging market sales. Ebitda margin stood at 26.0% (our estimate: 26.6%).

Specialty portfolio grew 10.7% QoQ to $223 million (excluding milestone income) led by growth in Ilumya and Winlevi. India business grew 7.1% YoY supported by growth across therapies.

We remain positive on Sun Pharma’s long-term outlook considering its strong India business, scale up in specialty sales and focus on margin expansion through superior revenue mix and operational efficiency.

The recent acquisition of Concert Pharmaceutical Ltd. reiterates management’s increased focus on its specialty business.

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ICICI Securities Sun Pharma Q3FY23.pdf
Sun Pharma Q3 Results: Profit Rises In Line With Estimates

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