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Revenue
₹13,264.2 Cr
verified against source
Revenue YoY
10.5%
reported change
EBITDA
₹3,939 Cr
latest reported figure
Source
nse xbrl
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Sun Pharma delivered a strong Q2 FY25 with consolidated sales of INR 13,264 crore, up 10.5% YoY, driven by US specialty growth (+20.3% to $517M) and India formulation growth (+11%). EBITDA margin expanded 350 bps YoY to 29.6%, aided by favorable product mix and lower material costs. PAT grew 28% YoY to INR 3,040 crore. The US specialty portfolio (Ilumya, Winlevi, Cequa) continues to perform well, while the India business gained market share to 8.1%. R&D spend guidance was revised down to 7-8% of sales due to clinical trial delays. Key risks include the binary outcome of Leqselvi patent litigation and potential margin pressure from higher selling expenses.
Colored figures show movement against the previous available record.
Guidance to track
- R&D spend for FY25 is expected to be in the range of 7-8% of sales, down from earlier guidance of 8-10%, due to delays in clinical studies.
- Management stated they would be ready to launch Leqselvi within a couple of weeks post a favorable court ruling on the patent litigation.
- Phase III data for Ilumya in psoriatic arthritis is expected in the second half of calendar year 2025, with launch shortly after approval.
Risks flagged
- The Leqselvi launch depends on a favorable court ruling on the '335 patent; an unfavorable outcome could delay launch until patent expiry in Dec 2026.
- Management acknowledged that further delays in clinical trials could keep R&D spend below the revised 7-8% guidance.
- Other expenses rose significantly due to higher selling and distribution costs in US and EM, which could pressure margins if not offset by revenue growth.
- Price cuts in Japan are expected to continue pressuring ROW revenues for the next few quarters, as mentioned by management.
Key quotes
- Our focus was on generating a more profitable prescription. I think we've been able to achieve that.
- We are very excited. Only issue is how fast can we bring the product to market, and what kind of clinical outcome benefit we are able to show while the product is in registration.
- I think any biosimilar will go after the big fish, and not necessarily where the space that we are playing.
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