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Sunpharma Ltd — Q1 FY26
Sun Pharma reported Q1 FY26 consolidated revenue of INR 13,786 crore, up 10.1% YoY, driven by India formulation growth of 13.9% and global Innovative Medicines growth of 16.9%.
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Sun Pharma reported Q1 FY26 consolidated revenue of INR 13,786 crore, up 10.1% YoY, driven by India formulation growth of 13.9% and global Innovative Medicines growth of 16.9%. EBITDA came in at INR 4,302 crore (margin 31.1%), aided by favorable product mix and lower material costs. Reported PAT was INR 2,279 crore, down 19.6% YoY due to exceptional items of INR 818 crore (SCD-044 impairment and GxMDL settlement). Key highlights include the U.S. launch of Leqselvi for alopecia areata and positive phase III data for ILUMYA in psoriatic arthritis. Management guided for R&D spend of ~6-7% of sales and $100M incremental launch costs for Leqselvi and UNLOXCYT. Risks include ongoing FDA warning letters at three facilities and potential pricing pressure on lenalidomide.
सन फार्मा ने पहली तिमाही में 13,786 करोड़ रुपये की कमाई की, जो पिछले साल से 10.1% ज्यादा है। भारत में दवाओं की बिक्री 13.9% और नई दवाओं की वैश्विक बिक्री 16.9% बढ़ी। कंपनी ने 4,302 करोड़ रुपये का परिचालन लाभ कमाया, जो बिक्री का 31.1% है। यह अच्छे उत्पाद मिश्रण और कम लागत से हुआ। शुद्ध लाभ 2,279 करोड़ रुपये रहा, जो पिछले साल से 19.6% कम है। इसकी वजह 818 करोड़ रुपये के एकमुश्त खर्च हैं। अमेरिका में गंजापन की दवा लेक्सेल्वी लॉन्च हुई और जोड़ों के दर्द की दवा ILUMYA के अच्छे परीक्षण परिणाम आए। कंपनी रिसर्च पर बिक्री का 6-7% खर्च करेगी। तीन कारखानों पर FDA की चेतावनी और लेनालिडोमाइड दवा पर कीमत दबाव जोखिम हैं।
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FDA warning letters at three facilities
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India Market Share
8.3%
+30bps YoY
Sun Pharma holds 8.3% market share in the Indian pharma market (MAT June 2025), up from 8.0% a year ago.
Global Innovative Medicines Sales
INR 311M
+16.9% YoY
Innovative Medicines (formerly Global Specialty) sales grew 16.9% YoY to INR 311 million.
U.S. Formulation Sales
$473M
+1.4% YoY
U.S. sales grew 1.4% YoY to $473M, driven by innovative products but offset by generic declines.
R&D Spend (excl. exceptional)
INR 7,667M
5.6% of sales
R&D spend excluding exceptional charges was INR 7,667M, or 5.6% of sales.
What Changed vs Last Quarter
NEW
ILUMYA PsA filing by end of CY2025
Sun Pharma plans to file for psoriatic arthritis indication for ILUMYA before end of calendar year 2025.
NEW
UNLOXCYT launch in H2 FY2026
UNLOXCYT will be launched in the U.S. in the second half of FY2026, pending label update.
NEW
Incremental $100M cost for Leqselvi and UNLOXCYT in FY2026
Management expects to incur approximately $100 million in direct costs (excluding amortization) for the launches of Leqselvi and UNLOXCYT during FY2026.
NEW
Effective tax rate around 25% for FY2026
CFO guided for an effective tax rate of approximately 25% for the full fiscal year, up from 16-17% last year.
DROPPED
FY26 revenue growth: mid-to-high single digit
Management expects consolidated top-line growth of mid-to-high single digits for FY2026.
DROPPED
Additional $100M investment in specialty launches
Approximately $100 million additional spend in FY26 for commercialization of new specialty products.
DROPPED
R&D spend guidance: 6%-8% of sales
FY2026 R&D spend expected to be 6%-8% of sales.
DROPPED
Leqselvi launch in Q2 FY26
Leqselvi to be launched in the US in the second quarter of FY2026.
NEW RISK
FDA warning letters at three facilities
Halol, Mohali, and Dadra facilities remain under FDA warning letters, limiting generic approvals and U.S. supply flexibility.
NEW RISK
Leqselvi and UNLOXCYT launch execution risk
New product launches may face slower-than-expected formulary coverage or market adoption, impacting revenue ramp.
NEW RISK
Potential U.S. tariffs on pharmaceuticals
While currently exempt, pharma may face tariffs after the 232 investigation, which could impact U.S. business margins.
RISK GONE
MFN/tariff policy uncertainty
Lack of clarity on MFN and tariff policies could impact US specialty pricing and access.
RISK GONE
Leqselvi patent litigation risk
Leqselvi launch may be at risk due to ongoing patent litigation; potential damages if lost.
RISK GONE
Tax rate increase
Effective tax rate rose to 19.8% in Q4 from 5.1% last year, expected to inch up further.
🤫 Topics management stopped discussing
Mentioned in Q1 FY25, Q2 FY25, Q3 FY25, Q4 FY25
FY2026 R&D spend expected to be 6%-8% of sales.
Mentioned in Q1 FY25, Q4 FY25
Effective tax rate rose to 19.8% in Q4 from 5.1% last year, expected to inch up further.
Mentioned in Q1 FY25, Q4 FY25
Leqselvi to be launched in the US in the second quarter of FY2026.
Mentioned in Q1 FY25, Q3 FY25
Oral arguments for Leqselvi patent litigation expected in April 2025; if favorable, launch could occur before patent expiry in December 2026.
Mentioned in Q2 FY25, Q4 FY25
Leqselvi launch may be at risk due to ongoing patent litigation; potential damages if lost.
Fast read
Guidance and risk preview
Sun Pharma plans to file for psoriatic arthritis indication for ILUMYA before end of calendar year 2025.
Halol, Mohali, and Dadra facilities remain under FDA warning letters, limiting generic approvals and U.S.
View Risks →