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Revenue
₹11,941 Cr
verified against source
Revenue YoY
10.7%
reported change
EBITDA
₹3,308 Cr
latest reported figure
Source
nse xbrl
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Sun Pharma reported Q1 FY24 consolidated revenue of INR 11,785 crore, up 10.7% YoY, driven by US specialty growth (up 21% to $232M) and episodic lenalidomide sales. EBITDA grew 14.7% to INR 3,308 crore, with margins at 27.8%. India formulation sales grew 5.1% to INR 3,560 crore, impacted by NLEM and sitagliptin patent expiry. US generic sales rose 12% to $471M, but Mohali supplies remain suspended. Specialty pipeline advanced: GLP-1 agonist GL0034 showed promising Phase I data; ILUMYA Phase III for psoriatic arthritis accelerated; deuruxolitinib 8mg continues as planned. R&D spend was INR 680 crore (5.8% of sales). Management expects India growth to align with market in coming quarters. Key risk: Mohali plant restart timeline remains uncertain, potentially impacting US generic revenue.
Colored figures show movement against the previous available record.
Guidance to track
- Management reiterated full-year R&D guidance, with potential updates if needed. Concert Pharma costs are included.
- CEO Kirti Ganorkar expressed confidence that India formulation growth will align with IPM growth, recovering from NLEM and sitagliptin impacts.
- CFO noted that lenalidomide sales were significant in Q1 but will be episodic going forward, not a steady revenue stream.
- Management confirmed that the partial clinical hold on 12mg has been lifted, and 8mg dosing continues as planned with no delays.
Risks flagged
- Supplies from Mohali have not resumed; residual inventory sales are declining. Market share loss may be permanent depending on competition and contracts.
- India market share fell to 8.33% from 8.5% due to NLEM price cuts and sitagliptin patent expiry. Recovery timeline uncertain.
- Management provided no update on the Taro minority buyout beyond forming a special committee. Strategic benefits remain unclear.
- Multiple Phase II/III trials (ILUMYA PsA, deuruxo, GLP-1) require significant investment. Failure or delay could impact returns.
Key quotes
- We are quite excited with these early results and plan to initiate phase II clinical trials to start shortly.
- As a standalone company, it will be very difficult for Taro as an independent company to continue to operate that business profitably.
- We haven't seen any negative impact because of the entry of the HUMIRA biosimilars.
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