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Economic Times
26-05-2025
- Business
- Economic Times
JM Financial retains Buy on Sun Pharma, lowers target price to Rs 2,025
JM Financial maintains a Buy call on Sun Pharmaceutical Industries, setting a revised target price of Rs 2025. Sun Pharma's Q4FY25 results showed an 8% YoY top-line growth, driven by India formulations and global specialty sales, despite a decline in US formulations. Future growth hinges on Ilumya's Phase 3 data, Leqselvi's launch, and the Checkpoint Therapeutics acquisition. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads (Disclaimer: Views and recommendations given in this section are the analysts' own and do not represent those of Please consult your financial adviser before taking any position in the stock/s mentioned.) JM Financial has retained a Buy call on Sun Pharmaceutical Industries with a revised target price of Rs 2025 (earlier Rs 2,115). The current market price of Sun Pharmaceutical Industries is Rs 1683.25. The time period given by the analyst is a year when Sun Pharma price can reach the defined target. .Sun Pharmaceuticals Industries, incorporated in 1993, is a Large Cap company with a market cap of Rs 403952.04 Crore) operating in the Pharmaceuticals sector. Sun Pharmaceutical Industries' key products/revenue segments include Pharmaceuticals and Other Operating Revenue for the year ending the quarter ended 31-03-2025, the company has reported a Consolidated Total Income of Rs 13571.71 crore, down -4.03 % from last quarter Total Income of Rs 14141.08 crore and up 7.81% from last year same quarter Total Income of Rs 12,588.84 crore. The company has reported net profit after tax of Rs 2160.64 crore in latest company's top management includes S Shanghvi, D Shanghvi, V Valia, Goenka, Bijapurkar, Doshi, Asher, Hoffmann. Company has S R B C & Co. LLP as its auditors. As on 31-03-2025, the company has a total of 240 crore shares outstanding. Sun Pharma delivered a moderate Q4FY25, with results broadly in line with expectations. The company reported a top-line growth of 8% YoY in Q4FY25, with EBITDA and adjusted PAT growth of 22% and -11% YoY, respectively. Revenue, EBITDA, and adjusted PAT were down 1%, up 4%, and down 13% vs. JMFe. India formulations grew 13.6% YoY, maintaining its number-one rank with an 8.3% market share. Global specialty sales rose 8.6% YoY, driven by a 17% increase in Ilumya sales, while emerging markets (EM) grew 11.5% YoY in constant currency (CC), led by Romania, Russia, and Brazil. However, US formulations declined 2.5% YoY in CC due to weakness in the generic segment, despite growth in specialty brands like Ilumya and company launched 10 products each in India and the US in Q4FY25, strengthening its portfolio. Future growth is anchored in the Phase 3 data release of Ilumya in 2H CY25, the delayed launch of Leqselvi in 2QFY26, and the acquisition of Checkpoint Therapeutics, which enhances its oncology portfolio. With a focus on compliance for US plants, new product trials, and strategic Mundefined10% growth over FY25?28 on a large base. JM Financial maintains a positive outlook on the stock and reaffirms its BUY recommendation with a target price of Rs 2,025 (earlier Rs 2,115.)Promoters held 54.48 per cent stake in the company as of 31-Mar-2025, while FIIs owned 17.95 per cent, DIIs 18.48 per cent.
Time of India
26-05-2025
- Business
- Time of India
JM Financial retains Buy on Sun Pharma, lowers target price to Rs 2,025
Live Events (You can now subscribe to our (You can now subscribe to our ETMarkets WhatsApp channel JM Financial has retained a Buy call on Sun Pharmaceutical Industries with a revised target price of Rs 2025 (earlier Rs 2,115). The current market price of Sun Pharmaceutical Industries is Rs 1683.25. The time period given by the analyst is a year when Sun Pharma price can reach the defined target. .Sun Pharmaceuticals Industries, incorporated in 1993, is a Large Cap company with a market cap of Rs 403952.04 Crore) operating in the Pharmaceuticals sector. Sun Pharmaceutical Industries' key products/revenue segments include Pharmaceuticals and Other Operating Revenue for the year ending the quarter ended 31-03-2025, the company has reported a Consolidated Total Income of Rs 13571.71 crore, down -4.03 % from last quarter Total Income of Rs 14141.08 crore and up 7.81% from last year same quarter Total Income of Rs 12,588.84 crore. The company has reported net profit after tax of Rs 2160.64 crore in latest company's top management includes S Shanghvi, D Shanghvi, V Valia, Goenka, Bijapurkar, Doshi, Asher, Hoffmann. Company has S R B C & Co. LLP as its auditors. As on 31-03-2025, the company has a total of 240 crore shares Pharma delivered a moderate Q4FY25, with results broadly in line with expectations. The company reported a top-line growth of 8% YoY in Q4FY25, with EBITDA and adjusted PAT growth of 22% and -11% YoY, respectively. Revenue, EBITDA, and adjusted PAT were down 1%, up 4%, and down 13% vs. JMFe. India formulations grew 13.6% YoY, maintaining its number-one rank with an 8.3% market share. Global specialty sales rose 8.6% YoY, driven by a 17% increase in Ilumya sales, while emerging markets (EM) grew 11.5% YoY in constant currency (CC), led by Romania, Russia, and Brazil. However, US formulations declined 2.5% YoY in CC due to weakness in the generic segment, despite growth in specialty brands like Ilumya and company launched 10 products each in India and the US in Q4FY25, strengthening its portfolio. Future growth is anchored in the Phase 3 data release of Ilumya in 2H CY25, the delayed launch of Leqselvi in 2QFY26, and the acquisition of Checkpoint Therapeutics, which enhances its oncology portfolio. With a focus on compliance for US plants, new product trials, and strategic M&A, the company is poised for >10% growth over FY25?28 on a large base. JM Financial maintains a positive outlook on the stock and reaffirms its BUY recommendation with a target price of Rs 2,025 (earlier Rs 2,115.)Promoters held 54.48 per cent stake in the company as of 31-Mar-2025, while FIIs owned 17.95 per cent, DIIs 18.48 per cent.
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Business Standard
20-05-2025
- Business
- Business Standard
Sun Pharma Q4 preview: Analysts expect 18% jump in profit; check details
Sun Pharma Q4 results preview: Pharmaceutical major Sun Pharmaceutical Industries is expected to report decent set of numbers in the March 2025 quarter (Q4 FY25) on the back of continued expansion of speciality products like Odomzo and Ilumya in emerging markets (EM) and the rest of the world (ROW). In addition, new product launches are expected to boost the company's leadership in branded generics in India, according to analysts. Sun Pharma Q4 results 2025 date: The company is scheduled to announce its fourth quarter results on Thursday, May 22, 2025. Sun Pharma Q4 results: Profit expectations Sun Pharma Q4 results: Revenue expectations The pharma major's revenue for the quarter under review is expected to increase 13 per cent to ₹13,550 crore, on average, as compared to ₹11,982.9 crore in the corresponding quarter of the previous fiscal. On a sequential basis, revenue is expected to remain flat compared to ₹13,675 crore in the December 2024 quarter. Brokerages expected the company's earnings before interest, tax, depreciation and amortisation (Ebitda) to increase nearly 20.5 per cent to ₹3,726 crore in Q4FY25 compared to ₹3,091.5 crore in the year-ago period. Here's how analysts expect Sun Pharma to perform in Q4 FY25: Phillip Capital: Analysts at Phillip Capital expect Sun Pharma to report 14 per cent growth in sales on account of sustained double-digit growth in US speciality, ramp up in gRevlimid sales and sustained growth in domestic formulations. The company's margins are likely to stand at 28 per cent, led by sustained momentum in Revlimid sales, US speciality business and domestic formulation, resulting in a 25 per cent increase in Ebitda. With stable operating performance, earnings are likely to grow 22 per cent on a yearly basis but decline sequentially. Nirmal Bang Institutional Equities: The domestic brokerage firm expects Sun Pharma's Q4 revenue to increase 15 per cent Y-o-Y, on the back of continuous growth in Winlevi, Ilumya, and Cequa along with ramp up of gRevlimid. The company's India business is likely to grow 11 per cent Y-o-Y, led by gains across segments. 'ROW and EMs should expand 20 per cent and 35 per cent, respectively, owing to the launch of Ilumya in China and other new products. Ebitda margin is expected to remain strong at 27.2 per cent,' the brokerage said. HDFC Securities: Analysts at HDFC Securities expect the pharma major's US generic business to grow sequentially, led by gRevlimid sales and steady Taro sales. Speciality sales are also expected to grow 10 per cent Y-o-Y. Steady gross margin and costs will lead to Ebitda margin expansion.
Time of India
13-05-2025
- Business
- Time of India
Pharma stocks rally up to 4%, but will Trump order really have minimal impact?
Shares of pharmaceutical companies rallied up to 4% on Tuesday as investors expect that US President Donald Trump 's executive order will have minimal impact on US generics. Dr Reddy's shares were up around 4% while Granules , Glenmark , Lupin , Divi's Lab , and Aurobindo Pharma were trading around 3% higher. Nifty Pharma index itself rose around 2% even when Nifty fell around 0.5% amid profit-booking post Monday's rally, which saw the benchmark indices making the sharpest single-day gain in the last 4 years. "As far as the impact on Indian pharma companies is concerned, we foresee very limited impact. Based on our interaction with companies, the generics pricing spread is thin across developed nations, and hence, the scope of reduction in prices is expected to be limited on the US generics portfolio," brokerage Motilal Oswal said. Trump's order says that the drug prices in the US should be aligned to the prices in other developed countries. Trump intends to take action against pharmaceutical manufacturers charging higher prices to Americans while providing steep discounts to other wealthy nations but analysts say there is uncertainty on how successfully the executive order is eventually implemented. An earlier attempt by the Trump 1 administration in 2020 to implement a similar order for lowering pricing was defeated in various courts "The order is more inclined toward innovator pharma companies, which might be having pricing disparity on medicines sold in the US and other developed nations," Motilal said, adding that it estimates a very limited impact of the executive order on US generics. Nomura, however, warned that If the executive order is implemented, it will have a negative impact on branded and specialty drug sales. "In our coverage universe, Sun Pharma has the largest exposure to branded sales in the US. We estimate that US specialty sales are at ~USD1036mn (FY25F) for Sun Pharma. The largest product Ilumya (FY25F US sales of ~USD570mn) is largely supported through Medicare Part B, which possibly accounts for 50%+ of the sales of the company, in our assessment. The listed price of Ilumya in the US is ~4x that in other developed countries, in our view. Therefore, the implementation of lower pricing can have a significant negative impact on revenues and earnings, in our view," Nomura said. As generics are priced at only a modest discount (~30-40%) to the brand prices, the brokerage firm said it is not likely to have a negative impact on typical commoditized generics with more than five players in the market.
Business Upturn
13-05-2025
- Business
- Business Upturn
Citi, Nomura cautious on pharma after US price control move; Sun Pharma seen at risk
By News Desk Published on May 13, 2025, 08:11 IST Global brokerages Citi and Nomura have flagged potential risks for Indian pharmaceutical companies following the proposed US executive order aimed at slashing drug prices by 30–80%. Both brokerages see Sun Pharma as the most exposed within their coverage due to its significant US specialty drug portfolio. Citi: Negative for Sun Pharma; generics may remain insulated According to Citi, the issue of high drug prices in the US stems from the structure of the insurance system, and simply lowering listed prices may not address the root cause. However, such regulatory headlines are seen as negative for large branded and specialty drug makers, with Sun Pharma specifically mentioned. Citi notes that generic drug manufacturers are likely to be least impacted, as their pricing is already significantly lower and not tied to the branded reimbursement system that may face reforms. Nomura: Sun Pharma's Ilumya at risk; specialty drug push may be discouraged Nomura has also cautioned that the proposed pricing reform could have a significantly negative impact on branded and specialty drug sales, calling the development a 'mixed bag' for generics but outright negative for high-value brands. The brokerage estimates Sun Pharma's US specialty sales at around USD 1.04 billion in FY25, with its flagship product Ilumya contributing USD 570 million. Nomura believes over 50% of Ilumya's sales are reimbursed via Medicare Part B, where pricing reforms would be most impactful. With the US listed price of Ilumya reportedly four times higher than in other developed markets, any move toward international reference pricing could materially affect Sun Pharma's earnings outlook. Nomura also added that such reforms may deter other Indian pharma companies from entering or expanding in the US specialty drug segment, considering the risk-reward trade-off may become less favorable. Disclaimer: This article is based on brokerage commentary and public disclosures. It does not constitute investment advice. Business Upturn and the author do not recommend buying or selling any stock mentioned. News desk at
