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Revenue
₹12,653 Cr
verified against source
Revenue YoY
6.3%
reported change
EBITDA
₹3,607.6 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 a solid Q1 FY25 with consolidated sales of INR 12,524.5 crore (+6.3% YoY) and EBITDA margin expansion of 60 bps to 28.5%. PAT surged 40.2% YoY to INR 2,835.6 crore, aided by lower base and operational leverage. India formulation grew 16.4% YoY to INR 4,144.5 crore, gaining market share to 8.6%. U.S. sales were flat at $466M, with specialty up 14.7% to $266M, driven by Ilumya and other products. Key highlight was FDA approval of Leqselvi for alopecia areata, though a preliminary injunction motion by Incyte may delay launch. Management guided for higher R&D spend in subsequent quarters (8-10% of sales) and expects tax rate to normalize. Risk: Leqselvi launch uncertainty due to litigation could impact near-term specialty growth.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects R&D investment to increase in subsequent quarters, with full-year guidance of 8-10% of sales.
- Tax rate expected to rise due to expiry of certain exemptions; should be viewed on an annualized basis.
- Launch timing of Leqselvi will be governed by court ruling on Incyte's motion; company opposes and seeks early outcome.
Risks flagged
- Incyte filed a preliminary injunction motion to block Leqselvi launch; outcome uncertain and could delay revenue contribution.
- Management plans to request FDA re-audit once ready, but no specific timeline provided; pending approvals may impact U.S. generic pipeline.
- U.S. generic sales were flat sequentially; Revlimid contribution was not large this quarter, and sustainability is uncertain.
Key quotes
- We are pleased with the first cycle approval of Leqselvi by the U.S. FDA. This validates our team's capability to effectively bring treatments from research and development to approval.
- We have consciously worked towards improving the realization for prescriptions. And that's working well.
- I think, especially in the context of the U.S., either a favorable judgment or settlement will always remain an option.
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