HDFC Securities: Sun Pharma’s Specialty Recovery Is Encouraging
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HDFC Securities Report
Recovery in specialty business (108 million U.S. dollar, up 38% QoQ) along with improved gross margin and lower other expenses helped Sun Pharmaceutical Industries Ltd. deliver a 14%/26% beat on Ebitda/net income.
Management commentary was optimistic on Ilumya and steady on U.S. generics.
However, they hinted at normalization of specialty spends from Q4 onwards.
We maintain that scale up of specialty business will be the most critical catalyst for the stock.
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