Sun Pharma Q1 Review – Superior Execution Across Key Segments: Motilal Oswal

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Sun Pharmaceutical Industries Ltd. delivered a strong beat on Q1 FY23 earnings, led by broad based growth across business segments (US/domestic formulation /emerging markets/rest of world).

While lower research and development spends have further enhanced margin in Q1 FY23. However, the postponement of clinical trials would delay in obtaining potential approvals/subsequent commercial benefit from new chemical entity assets.

We have raised our FY23/FY24 earnings per share estimate by 6%/4%, factoring in steady industry outperformance in the branded generics segment and lower R&D spends.

We remain positive on Sun Pharma on the back of sustained scale-up in the specialty portfolio, robust franchise building in the branded generics portfolio, and healthy abbreviated new drug application pipeline awaiting approval.

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