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Mohali plant supply suspension continues
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Sunpharma Ltd — Q1 FY24
Sun Pharma reported Q1 FY24 consolidated revenue of INR 11,785 crore, up 10.7% YoY, driven by US specialty growth (up 21% to $232M) and episodic lenalidomide sales.
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Sun Pharma reported Q1 FY24 consolidated revenue of INR 11,785 crore, up 10.7% YoY, driven by US specialty growth (up 21% to $232M) and episodic lenalidomide sales. EBITDA grew 14.7% to INR 3,308 crore, with margins at 27.8%. India formulation sales grew 5.1% to INR 3,560 crore, impacted by NLEM and sitagliptin patent expiry. US generic sales rose 12% to $471M, but Mohali supplies remain suspended. Specialty pipeline advanced: GLP-1 agonist GL0034 showed promising Phase I data; ILUMYA Phase III for psoriatic arthritis accelerated; deuruxolitinib 8mg continues as planned. R&D spend was INR 680 crore (5.8% of sales). Management expects India growth to align with market in coming quarters. Key risk: Mohali plant restart timeline remains uncertain, potentially impacting US generic revenue.
सन फार्मा ने पहली तिमाही में 11,785 करोड़ रुपये की कमाई की, जो पिछले साल से 10.7% ज्यादा है। अमेरिका में खास दवाओं की बिक्री 21% बढ़कर 232 मिलियन डॉलर हुई और लेनालिडोमाइड दवा ने भी अच्छा योगदान दिया। कंपनी का मुनाफा 14.7% बढ़कर 3,308 करोड़ रुपये रहा। भारत में दवा बिक्री 5.1% बढ़ी, लेकिन सरकारी सूची में बदलाव और सीताग्लिप्टिन दवा के पेटेंट खत्म होने से असर पड़ा। अमेरिका में जेनेरिक दवाओं की बिक्री 12% बढ़ी, लेकिन मोहाली प्लांट से सप्लाई अभी बंद है। कंपनी ने नई दवाओं पर काम जारी रखा है। आरएंडडी पर 680 करोड़ रुपये खर्च हुए। आगे भारत में बिक्री बाजार के हिसाब से बढ़ने की उम्मीद है। मोहाली प्लांट खुलने में देरी से अमेरिकी कमाई पर असर पड़ सकता है।
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Global Specialty Sales
$232M
+21% YoY
Global specialty sales grew 21% YoY to $232 million, driven by strong performance of ILUMYA and other products.
US Formulation Sales
$471M
+12% YoY
US formulation sales increased 12% YoY to $471 million, supported by specialty growth and lenalidomide.
India Market Share
8.33%
-17bps YoY
Sun Pharma's India market share declined to 8.33% from 8.5% a year ago, per AIOCD-AWACS MAT June 2023.
R&D Spend as % of Sales
5.8%
+150bps YoY
R&D spend increased to 5.8% of sales from 4.3% in Q1 FY23, driven by specialty pipeline investment.
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Guidance and risk preview
Management reiterated full-year R&D guidance, with potential updates if needed.
Supplies from Mohali have not resumed; residual inventory sales are declining.
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