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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.
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