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- 01 Feb 2024
- ICICI Securities
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INDIA, US DRIVE GROWTH; SPECIALTY STRONG
SUNPHARMA - 1700 Change: 13.80 (0.82 %)News: Revenues grew ~10% YoY to Rs 12157 crore driven by US and India. US formulations grew 15% YoY to Rs 3974 crore driven by specialty portfolio amid demand uptick for Cequa, Ilumya and Winlevi among others. Taro also grew in high single digits on a YoY basis. India Formulations witnessed YoY growth of 11% to Rs 3779 crore driven by new product launches (28 launches) and increased market share. Global Specialty sales (ex-milestone) came in at US$276 million, up 24% ex-milestone. RoW markets witnessed growth of 14% to Rs 1780 crore. Emerging markets, on the other hand de-grew 1% to Rs 2095 crore due to currency and other issues. EBITDA stood at Rs 3477 crore (including other operating revenues), up 13%, with resulting EBITDA margin of 28.1%. Adjusted net profit (excluding the exceptional items) was Rs 2594 crore, up 19.7%.
Views: Sun Pharma’s performance continued to thrive on remunerative businesses of US (along with Global Specialty) and domestic formulations. Overall better product mix with higher specialty business aided growth during the quarter. The India business continued to grow with a branded portfolio, leading to an increase in its market share. It remains strategically focused on Specialty business (evident from recent Concert acquisition) and Branded formulations for future growth with calibrated R&D allocation.
Impact: Positive