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Revenue
₹11,983 Cr
verified against source
Revenue YoY
10.1%
reported change
EBITDA
₹3,035.2 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 Q4 FY24 consolidated revenue of INR 11,813 crore, up 10.1% YoY, driven by strong specialty sales (Ilumya up 21.7% to $580M globally) and India formulation growth of 10.2%. EBITDA margin contracted 30bps to 25.3% due to higher R&D and selling expenses. PAT grew 33.8% to INR 2,655 crore, aided by lower tax. Management guided for high single-digit revenue growth in FY25, with R&D spend rising to 8-10% of sales as the company invests in specialty pipeline (deuruxolitinib launch, phase III for MM2). Key risks include FDA compliance issues at Mohali/Dadra, potential pricing pressure from Stelara biosimilars, and elevated investment costs impacting near-term margins.
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Guidance to track
- Management expects consolidated top-line growth in high single digits for FY2025, driven by all business segments.
- R&D investments will increase to 8-10% of sales for the next year, primarily for specialty pipeline.
- Deuruxolitinib is on track for launch after the July 2024 PDUFA date, with pre-launch costs already being incurred.
Risks flagged
- OAI status and 483 observations at Mohali and Dadra facilities could impact US generic launches and revenue.
- Higher R&D spend (8-10% of sales) and deuruxolitinib launch costs may compress EBITDA margins in FY25.
- Stelara biosimilar entry next year could impact Ilumya pricing and market share in the US psoriasis market.
- Nigeria forex loss and broader emerging market currency volatility could impact reported revenue and profitability.
Key quotes
- Our focus would be that how do we increase the spend without negatively impacting our overall profitability? How much we are able to execute is something that we will see.
- We feel that we've done enough corrections so that we should see a positive outcome in subsequent audits.
- We broadly see an acceptance that we have a strong product in our hands.
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