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Revenue
₹12,192 Cr
verified against source
Revenue YoY
11%
reported change
EBITDA
₹3,179.4 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 Q2 FY24 consolidated revenue of INR 12,003 crore, up 11% YoY, driven by India formulations (11.1% growth) and global specialty sales (19.3% growth to $240M). EBITDA margin contracted 90bps YoY to 26.1% due to higher R&D and selling expenses. PAT grew 5% YoY to INR 2,376 crore. US sales grew 4.2% to $430M, supported by specialty products Ilumya, Cequa, and Winlevi, but offset by Halol/Mohali plant issues and lower Revlimid contribution. Management highlighted strong prescription trends and market share gains in specialty, but provided no specific FY24 guidance. Risks include Halol remediation timeline uncertainty, Taro's Israel operations exposure, and potential pricing pressure in US generics.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects R&D expenses to remain at similar levels or increase due to clinical trial ramp-up.
- Management aims to grow India formulation business faster than the Indian pharmaceutical market on an annualized basis.
- Tax rate expected to be higher than last year's 8.8% due to profit mix across jurisdictions.
Risks flagged
- Halol plant remains under FDA scrutiny; no timeline for re-inspection or resolution, impacting US generic supply.
- Taro's operations in Israel may be impacted by regional conflict, though management says business continuity is maintained.
- Management sees no significant improvement in generic pricing environment; pricing remains product-specific and competitive.
Key quotes
- I think it's better to look at the prescription trend, and sometimes the values will catch up.
- We continue to evaluate options and attractiveness of the product in different geographies, including the US, but we haven't finalized any terms.
- I don't see a huge change in the environment as far as generics is concerned.
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