Read the quarter in context.
A source-linked quarter view: reported numbers, management language, guidance, and the risks that should carry forward.
ConCallIQ research layer
Signal, with the source still visible.
Use the controls below to narrow the view, then follow the evidence into the next layer of context.
Revenue
₹12,959 Cr
verified against source
Revenue YoY
8.5%
reported change
EBITDA
₹3,716.1 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Sun Pharma reported Q4 FY25 consolidated revenue of INR 12,816 crore, up 8.5% YoY, with EBITDA of INR 3,716 crore (+22.4% YoY) and margin expansion of 340 bps to 28.7%. India formulation sales grew 13.6% YoY, while US sales declined 2.5% due to generic erosion. Global specialty sales grew 8.6%, led by ILUMYA (+17% full year). Management guided for mid-to-high single-digit revenue growth in FY26, with an additional $100 million investment in new specialty product launches. R&D spend is expected at 6%-8% of sales. Key risks include US generic pricing pressure, uncertainty around MFN/tariff policies, and potential delays in Leqselvi launch due to ongoing patent litigation.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects consolidated top-line growth of mid-to-high single digits for FY2026.
- Approximately $100 million additional spend in FY26 for commercialization of new specialty products.
- FY2026 R&D spend expected to be 6%-8% of sales.
- Leqselvi to be launched in the US in the second quarter of FY2026.
Risks flagged
- US generics declined due to additional competition and pricing pressure, which may continue.
- Lack of clarity on MFN and tariff policies could impact US specialty pricing and access.
- Leqselvi launch may be at risk due to ongoing patent litigation; potential damages if lost.
- Effective tax rate rose to 19.8% in Q4 from 5.1% last year, expected to inch up further.
Key quotes
- We are now seeking a partner for future development and commercialization of MM-II in certain geographies. This change is due to the strategic reassessment of our pipeline.
- We still believe we have a competitive product. However, since the launch is delayed by, as you said, three quarters, I think the time to our expected peak will move a little.
- I think it's a question of looking at how other companies, even very large companies, have a significant launch cost for new products. Once you study, I think this actually is a conservative number.
Research modules