Sun Pharma Q4 Review - Domestic Formulation On Steady Footing: Motilal Oswal
Sun Pharma headquarters in Mumbai. (Photographer: Kanishka Sonthalia/Bloomberg)

Sun Pharma Q4 Review - Domestic Formulation On Steady Footing: Motilal Oswal

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Motilal Oswal Report

Sun Pharmaceutical Industries Ltd. delivered a Q4 FY21 performance marginally below our expectations, weighed by moderation in U.S. and active pharmaceutical ingredient sales.

Domestic formulation business growth has been strengthening for three consecutive quarters now.

Marketing efforts are driving strong performance in Ilumya, a specialty product – 51% YoY growth was reported for FY21.

It further intends to build a biosimilar portfolio for launch over CY28–30.

We raise our earnings estimate by 9%/8% for FY22E/FY23E, factoring in:

  • continued ramp-up in llumya, led by the specialty portfolio,

  • healthy growth in the base DF portfolio as well as additions to the Covid-19 portfolio, and

  • subsequently better operating leverage.

Click on the attachment to read the full report:

Motilal Oswal Sun Pharma Q4FY21 Result Update.pdf


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