Promises
1 promise
Promise Tracker
0 delivered, 0 close, 1 missed.
View Promises →
Sunpharma Ltd — Q2 FY26
Sun Pharma reported a solid Q2 FY26 with consolidated revenue of INR 14,405 crore (+8.6% YoY) and EBITDA of INR 4,527 crore (+14.9% YoY), with EBITDA margin expanding 170 bps YoY to 31.3%.
bullish
medium
✓ Verified against BSE filing
2-Minute Summary
✦ AI-Generated from Full Transcript
Sun Pharma reported a solid Q2 FY26 with consolidated revenue of INR 14,405 crore (+8.6% YoY) and EBITDA of INR 4,527 crore (+14.9% YoY), with EBITDA margin expanding 170 bps YoY to 31.3%. Growth was driven by India formulations (+11% YoY) and global innovative medicines (+16.4% YoY), while US generics declined 4.1% due to competition and lower lenalidomide sales. PAT grew only 2.6% due to a higher tax rate (24.7% vs 15.8%). Management guided for R&D spend at the lower end of 6-8% of sales and expects continued investment in Leqselvi and Unloxcyt launches. Key risks include US tariff uncertainty and potential generic erosion of lenalidomide.
सन फार्मा ने दूसरी तिमाही में अच्छा प्रदर्शन किया। कंपनी की कुल कमाई 14,405 करोड़ रुपये रही, जो पिछले साल से 8.6% ज्यादा है। कमाई पर खर्च घटाने के बाद बचा मुनाफा (EBITDA) 4,527 करोड़ रुपये रहा, जो 14.9% बढ़ा। मुनाफे की दर 31.3% हो गई, जो पिछले साल से 1.7% ज्यादा है। भारत में दवाओं की बिक्री 11% और दुनिया भर में नई दवाओं की बिक्री 16.4% बढ़ी। अमेरिका में सस्ती दवाओं की बिक्री 4.1% घटी क्योंकि लेनालिडोमाइड दवा की बिक्री कम हुई। कंपनी का शुद्ध मुनाफा सिर्फ 2.6% बढ़ा क्योंकि टैक्स ज्यादा लगा। कंपनी नई दवाओं लेक्सेल्वी और अनलॉक्सीट पर निवेश करेगी। जोखिम में अमेरिकी टैरिफ और लेनालिडोमाइड की सस्ती नकल दवाएं शामिल हैं।
Promises0 met · 1 missedRisks4 trackedTranscriptfull text
Research workspace
Focused Modules
Risks
4 risks
Risk Intelligence
US tariff uncertainty on innovative medicines
View Risks →
Transcript
Full text
Call Transcript
Full transcript text is available on this route.
Read Transcript →Quarter Snapshot
India Market Share
8.33%
+33bps YoY
Sun Pharma's market share in the Indian pharmaceutical market (MAT Sep 2025) increased from 8.0% to 8.33%.
Global Innovative Medicine Sales
$313M
+16.4% YoY
Global innovative medicine sales grew 16.4% YoY to $313M, surpassing US generics for the first time.
US Formulation Sales
$496M
-4.1% YoY
US formulation sales declined 4.1% YoY to $496M due to generic competition and lower lenalidomide sales.
Ilumya Market Presence
35 markets
flat
Ilumya is now commercialized in 35 markets globally, with continued growth expected.
What Changed vs Last Quarter
NEW
R&D spend at lower end of 6-8% of sales
Management expects full-year R&D spend to be at the lower end of the guided 6-8% range.
NEW
Ilumya psoriatic arthritis filing in H2 FY26
Sun Pharma plans to file Ilumya for psoriatic arthritis indication in the second half of FY26.
NEW
Incremental specialty spend of ~$100M in FY26
The company expects to spend around $100M in FY26 to support Leqselvi and Unloxcyt launches, with increases in Q3 and Q4.
UPDATED
Unloxcyt launch in H2 FY26
Unloxcyt remains on track for US launch in the second half of FY26, with sales force already in place.
DROPPED
ILUMYA PsA filing by end of CY2025
Sun Pharma plans to file for psoriatic arthritis indication for ILUMYA before end of calendar year 2025.
DROPPED
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.
DROPPED
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.
NEW RISK
US tariff uncertainty on innovative medicines
Potential tariffs on patented drug imports into the US could impact Sun Pharma's innovative portfolio, though generics are expected to be excluded.
NEW RISK
Lenalidomide revenue decline
Lenalidomide sales have dropped YoY and are expected to be minimal in the second half, impacting US generics revenue.
NEW RISK
Higher effective tax rate normalization
ETR increased to 24.7% from 15.8% YoY due to expiry of tax benefits, expected to hover around 25%, pressuring net profit growth.
NEW RISK
Competition in alopecia areata market
Stagnation in prescriptions for existing targeted treatments could hinder Leqselvi's uptake, though management expects market growth.
RISK GONE
FDA warning letters at three facilities
Halol, Mohali, and Dadra facilities remain under FDA warning letters, limiting generic approvals and U.S. supply flexibility.
RISK GONE
Lenalidomide pricing pressure
Generic lenalidomide continues to face pricing erosion, impacting U.S. generic business performance.
RISK GONE
Leqselvi and UNLOXCYT launch execution risk
New product launches may face slower-than-expected formulary coverage or market adoption, impacting revenue ramp.
RISK GONE
Potential U.S. tariffs on pharmaceuticals
While currently exempt, pharma may face tariffs after the 232 investigation, which could impact U.S. business margins.
🤫 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 FY26, Q2 FY25
Sun Pharma plans to file for psoriatic arthritis indication for ILUMYA before end of calendar year 2025.
Mentioned in Q1 FY26, Q4 FY25
Generic lenalidomide continues to face pricing erosion, impacting U.S. generic business performance.
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.
Fast read
Guidance and risk preview
Management expects full-year R&D spend to be at the lower end of the guided 6-8% range.
Potential tariffs on patented drug imports into the US could impact Sun Pharma's innovative portfolio, though generics are expected to be excluded.
View Risks →