Sun Pharma Q3 Results Review - Specialty Sales Remains Encouraging: Motilal Oswal
Performance was inline, despite regulatory hurdle at Halol, step-up in other expenses, due to higher selling, distribution spent.
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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-
strengthening specialty franchise through addition of products in dermatology, and increasing footprint for better reach/promotional activities,
outperforming industry in branded generics markets and
building niche abbreviated new drug application pipeline provides good visibility for sustainable earnings growth going forward.
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