SUN PHARMA –
Q3 results and concall highlights –
Sales – 12381 vs 11241 cr, up 9 pc
EBITDA – 3477 vs 3004 cr ( up 15 pc, margins @ 28 vs 27 pc )
PAT – 2561 vs 2181 cr, up 19 pc
Region wise sales break up –
India Formulations – 3778 vs 3391 cr, up 11 pc
US Formulations – 3973 vs 3465 cr, up 13 pc
EM Formulations – 2094 vs 2115 cr, down 2 pc
RoW Formulations – 1779 vs 1556 cr, up 13 pc
API sales – 466 vs 515 cr, down 9 pc
EMs include – Romania, Russia, RSA, Brazil, Mexico
RoW Mkts include – Western Europe, Japan, Canada, Israel, NZL, Australia
R&D expenses @ 824 cr, @ 7 pc of sales
Company is ranked No-1 in India with 8.5 pc Mkt share and 32 brands in top 300 brands. Top 10 brands contribute to 18 pc of India sales
Total manufacturing facilities @ 43. Formulations facilities @ 29, API facilities @ 14
Company’s speciality products contribute to 17 pc of company’s topline ( mostly coming from US ) and are growing at rates faster than company growth rates. Currently, the company has a basket of 26 speciality products
Speciality products include –
Illumya
Winlevi
Levulan
Absorica
Odomzo
Cequa
Bromsite
Xelpros
Yonsa
Sezaby
Kapspargo Sprinkle
Speciality products Pipeline –
Deuroxolitinib ( phase -3 completed )
Illumya for Psoriatic Arthritis ( phase – 3 )
Nidlegy ( phase – 3 )
MM- II ( phase -2 completed )
SCD-044 ( phase – 2 )
GL0034 ( phase – 2 )
Net cash on books @ Rs 8200 cr ( Ex – Taro ). Net cash including Taro @ 18,300 cr !!!
Launched 28 new products in India in Q3. Seeing good traction in the in-licensed products portfolio in India
Illumya, Cequa and Levulan grew strongly in Q3. Growth in US was partially offset by ongoing USFDA related compliance issues at Mohali, Halol plants. Launched 03 generic products in US in Q3
Brazil and Romania business grew strongly in Q3
Global Speciality sales grew 26 pc in Q3 to reach 2100 cr in Q3. This represents 17 pc of company’s topline
Generic Revlimid sales in Q3 in US were muted
Supplies from Mohali plant likely to ramp up over next few months. At sub-optimal levels currently
Nidlegy’s ( for Skin Cancer ) Phase – 3 data in Europe is very encouraging. It should be a significant product for the company going forward
In Q3 in India, company’s volume growth was around 7 pc which is far higher than IPM
Looking to in-license products in the GLP-1 category for India Mkts. GLP-1s should be important products going forward in India. GLP-1 products like Ozempic, Wegogy are global blockbusters
Disc : holding, biased, not SEBI registered
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