Side-by-side earnings comparison across financial stats, AI summaries, management guidance, risks, quotes, and accountability signals.
Sun Pharma delivered a strong Q3 FY26 with consolidated revenue of INR 15,469 crore (+15.1% YoY) and EBITDA of INR 4,949 crore (+23.4% YoY), driven by broad-based growth in India (+16.2%) and emerging markets (+21.6%), partially offset by flat US sales.
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Torrent Pharma delivered a strong Q3 FY26 with 18% revenue growth to ₹3,333 crore and 19% EBITDA growth to ₹1,088 crore, driven by double-digit expansion in India (+14%) and Brazil (+27% reported, +10% constant currency).
Read Torrent Pharmaceuticals analysis →Sun Pharma delivered a strong Q3 FY26 with consolidated revenue of INR 15,469 crore (+15.1% YoY) and EBITDA of INR 4,949 crore (+23.4% YoY), driven by broad-based growth in India (+16.2%) and emerging markets (+21.6%), partially offset by flat US sales. EBITDA margin expanded to 31.9% on better product mix, while PAT grew 16% to INR 3,369 crore despite a higher tax rate. Management highlighted the upcoming launch of generic semaglutide in India as a key growth catalyst, with approvals received for both diabetes and weight management. However, US generic sales remain under pressure from competition and manufacturing compliance issues, and the company faces uncertainty from proposed US pricing reforms. The strong balance sheet (net cash $3.2B) provides M&A flexibility, though management remains disciplined.
Torrent Pharma delivered a strong Q3 FY26 with 18% revenue growth to ₹3,333 crore and 19% EBITDA growth to ₹1,088 crore, driven by double-digit expansion in India (+14%) and Brazil (+27% reported, +10% constant currency). The US business grew 19% (12% constant currency) to $36 million, while Germany declined 6% constant currency due to a third-party supplier disruption. The JB Pharma acquisition (48.8% stake) closed in January, with cost synergies of ₹400-450 crore targeted over 2-3 years, though Q4 may see a muted impact from integration. Management expects India to continue outperforming the IPM, and US sales to cross $200 million annually next year. Key risk: Germany supply disruption remains unresolved, with no clear timeline for resolution.
India formulation sales grew 16.2% YoY to INR 49,986 million, driven by volume growth of 6.3% vs IPM volume growth of 1.2%.
Global innovative medicine sales grew 14.3% YoY to $423 million, including $55 million milestone income; ex-milestone growth was 13.2%.
US sales were marginally up 0.6% to $477 million, with growth in innovative medicines offset by lower generic sales due to competition.
Sun Pharma's market share in the Indian pharmaceutical market improved to 8.4% from 8.1% a year ago, maintaining the #1 position.
India business grew 14% YoY, outperforming IPM growth of 10%.
Brazil constant currency revenue grew 10% YoY, ahead of market growth of 7%.
US revenue grew 12% constant currency, driven by new launches and higher purchase volumes.
Field force expanded to 6,900, targeting 7,100 by FY26 end and 7,500 by FY27.
Sun Pharma plans to launch generic semaglutide in India on day one of patent expiry for both chronic weight management and type 2 diabetes, under brands NovelTreat and SemaTrinity.
Management guidance growthManagement indicated they will provide R&D spend guidance for the next fiscal year in the next quarter's call.
Management guidance otherThe phase 2b study for GL0034 in type 2 diabetes has started and is expected to complete within 12-18 months.
Management guidance other
Management expects India revenue growth to remain above the IPM growth rate, driven by volume outperformance in chronic therapies.
Management guidance growthManagement targets US annual revenue exceeding $200 million in FY27, driven by 5-7 new launches per year.
Management guidance revenueCost synergies from JB acquisition expected to be ₹400-450 crore, with ~20% in first year, up to 80% in second year, and rest in third.
Management guidance marginsBrazil business expected to grow 10-15% driven by new product launches and moderate price increases.
Management guidance growthUS generic sales declined due to additional competition on certain products, and recovery depends on resolving manufacturing compliance issues at several sites.
high · management_commentaryCMS proposed pricing models could impact US revenues; management declined to share mitigation strategies, citing commercial sensitivity.
medium · analyst_questionEffective tax rate rose to ~25% from ~15% last year, dampening PAT growth relative to EBITDA growth; expected to remain in that range.
medium · data_observationManagement noted that milestone income of $55 million in Q3 may not recur in future quarters, potentially impacting revenue comparability.
low · management_commentary
Third-party supplier disruption continues with no clear timeline for resolution; alternative supplier may take 3-4 quarters.
high · management_commentaryManagement expects Q4 to be muted due to change of control and process integration, potentially impacting sales.
medium · management_commentarySemaglutide launch delayed to next financial year; regulatory approval timeline uncertain despite prioritization.
medium · analyst_questionUS revenue growth is contingent on timely new launches and competitive landscape, which are unpredictable.
medium · management_commentaryOur focus is on finding a way to grow our business organically at a rate, so that we continue to be an attractive investment opportunity for shareholders. We would look at an acquisition only if we think that it can help us in terms of strengthening our long-term strategic capability.
What it really offers is balance between efficacy and tolerability. So Enloxit works three ways: It restores adaptive immunity, which is by binding to the PD-L1. It engages the innate immune system based on its active Fc domain that activates natural killer cells, and unlike the existing products, it preserves PD-L2 signaling.
Our two largest branded markets, India and Brazil, each continue to deliver healthy double-digit growth. India business grew at 14% and Brazil grew at 27%.
Our synergy number is looking like 400 to 450 crores over the next 2 to 3 years. Maybe 20% of that could be in the first year, up to 80% of that could be in the second year and the rest in the third year.
