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Revenue
₹14,405.2 Cr
verified against source
Revenue YoY
8.6%
reported change
EBITDA
₹4,527.1 Cr
latest reported figure
Source
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Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Sun Pharma reported a solid Q2 FY26 with consolidated revenue of INR 14,405 crore (+8.6% YoY) and EBITDA of INR 4,527 crore (+14.9% YoY), with EBITDA margin expanding 170 bps YoY to 31.3%. Growth was driven by India formulations (+11% YoY) and global innovative medicines (+16.4% YoY), while US generics declined 4.1% due to competition and lower lenalidomide sales. PAT grew only 2.6% due to a higher tax rate (24.7% vs 15.8%). Management guided for R&D spend at the lower end of 6-8% of sales and expects continued investment in Leqselvi and Unloxcyt launches. Key risks include US tariff uncertainty and potential generic erosion of lenalidomide.
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Guidance to track
- Management expects full-year R&D spend to be at the lower end of the guided 6-8% range.
- Unloxcyt remains on track for US launch in the second half of FY26, with sales force already in place.
- Sun Pharma plans to file Ilumya for psoriatic arthritis indication in the second half of FY26.
- The company expects to spend around $100M in FY26 to support Leqselvi and Unloxcyt launches, with increases in Q3 and Q4.
Risks flagged
- Potential tariffs on patented drug imports into the US could impact Sun Pharma's innovative portfolio, though generics are expected to be excluded.
- Lenalidomide sales have dropped YoY and are expected to be minimal in the second half, impacting US generics revenue.
- ETR increased to 24.7% from 15.8% YoY due to expiry of tax benefits, expected to hover around 25%, pressuring net profit growth.
- Stagnation in prescriptions for existing targeted treatments could hinder Leqselvi's uptake, though management expects market growth.
Key quotes
- Our strategy is to grow both our innovative medicines business as well as our generics business.
- We are quite excited with the early data that we are getting with patients both for MASH as well as for diabetes.
- We believe that generics are already excluded. We believe that will continue to be the case, and it's unclear at this point what the impact will be on brands.
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