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Revenue
₹13,786.1 Cr
verified against source
Revenue YoY
10.1%
reported change
EBITDA
₹4,301.7 Cr
latest reported figure
Source
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Quarter read
What the record says.
Sun Pharma reported Q1 FY26 consolidated revenue of INR 13,786 crore, up 10.1% YoY, driven by India formulation growth of 13.9% and global Innovative Medicines growth of 16.9%. EBITDA came in at INR 4,302 crore (margin 31.1%), aided by favorable product mix and lower material costs. Reported PAT was INR 2,279 crore, down 19.6% YoY due to exceptional items of INR 818 crore (SCD-044 impairment and GxMDL settlement). Key highlights include the U.S. launch of Leqselvi for alopecia areata and positive phase III data for ILUMYA in psoriatic arthritis. Management guided for R&D spend of ~6-7% of sales and $100M incremental launch costs for Leqselvi and UNLOXCYT. Risks include ongoing FDA warning letters at three facilities and potential pricing pressure on lenalidomide.
Colored figures show movement against the previous available record.
Guidance to track
- Sun Pharma plans to file for psoriatic arthritis indication for ILUMYA before end of calendar year 2025.
- UNLOXCYT will be launched in the U.S. in the second half of FY2026, pending label update.
- Management expects to incur approximately $100 million in direct costs (excluding amortization) for the launches of Leqselvi and UNLOXCYT during FY2026.
- CFO guided for an effective tax rate of approximately 25% for the full fiscal year, up from 16-17% last year.
Risks flagged
- Halol, Mohali, and Dadra facilities remain under FDA warning letters, limiting generic approvals and U.S. supply flexibility.
- Generic lenalidomide continues to face pricing erosion, impacting U.S. generic business performance.
- New product launches may face slower-than-expected formulary coverage or market adoption, impacting revenue ramp.
- While currently exempt, pharma may face tariffs after the 232 investigation, which could impact U.S. business margins.
Key quotes
- We just launched Leqselvi a couple of weeks ago. We're very encouraged by the early results.
- I think it's a very good result considering the dose and the overall safety profile.
- We will do whatever is required to become successful, and once we are successful, it pays for everything that we invest in.
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