Sun Pharmaceuticals’ stock price advanced 1.15% to Rs 1,129, a day after the company reported the profit of second quarter of FY24 at Rs 2375.51 crore, up 5% in comparison to Rs 2,262.22 crore during the second quarter of FY23, beating estimates. It posted revenue from operations at Rs 12,192.41 crore, up 11.3% as against Rs 10,952.28 crore during the quarter ended September 2022. The company’s EBITDA stood at Rs 3179 crore during the quarter and EBITDA margin for Q2 was at 26.1% vs 27% for Q2 last year.
The share price of Sun Pharmaceuticals gained 1.48% in the last five days, while it dropped 1.13% in the last one month. It has, however, delivered positive returns of 16% in the last six months and 13.25% year to date.
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Should you buy, sell or hold Sun Pharma shares?
Jefferies: Buy – Target Price: 1,310
“Sun’s 2QFY24 revenue was in-line but EBITDA was 6% below estimate due to higher opex. Global specialty sales at USD 240 million grew 19% YoY/3% QoQ. India sales outperformed the market (11% YoY) after a soft 1Q but US Generic sales declined sharply QoQ due to lower sales of gRevlimid. Core earnings driver remain intact led by specialty sales ramp-up and India/EM presence. We lower FY25/26 EPS by 1/2% on higher opex but maintain ‘Buy’ with unchanged Target Price of Rs 1,310.”
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Prabhudas Lilladher: Buy – Target Price: Rs 1,280
“Our FY24/FY25 earnings estimates broadly remains unchanged. Sun Pharma (SUNP) Q2FY24 EBIDTA was in line with our estimate, aided by domestic formulation and specialty sales. Overall specialty sales, GMs continue to remain healthy. Over last few years SUNP dependency on US generics has reduced and company’s growth is more functional on specialty, RoW and domestic pharma business that has strong growth visibility. Furthermore, acquisition of Concert Pharma along with progress of other pipelines provides visibility to SUNP’s specialty pipeline beyond FY25. We maintain ‘Buy’ rating at a Target Price of Rs 1,280 (Rs 1,265 earlier) based on 26x Sept 2025E earnings. SUNP remains our top pick in large cap space.”
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Motilal Oswal Financial Services: Buy – Target Price: 1,310
“Sun Pharma (SUNP) delivered an in-line 2QFY24 financial performance. Sun Pharma garnered healthy growth across specialty as well as branded generics businesses. It continues to implement its initiatives towards: a) an improvement in prescriptions for commercialized specialty products, and b) filing of new products as well as clinical trials for products under development. We retain our estimates for FY24/FY25. We continue to value Sun Pharma at 26x 12M forward earnings to arrive at our Target Price of Rs 1,310. Sun Pharma is well-positioned to reinforce its specialty franchise through the addition of new products, the expansion of its reach, and the superior implementation of its existing products. It continues to outperform both in the branded generics market of India (DF) and other emerging markets. Reiterate ‘BUY’.”
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