ICICI Direct has given Buy recommendation for Sun Pharmaceutical Industries with a target price of Rs. 1075 in its research report issued on Feb 02, 2021

ICICI Direct’s research report on Sun Pharmaceutical Industries

Sun is the world’s fourth largest specialty generic company with sales of US$3.8 billion and boasts of 43 manufacturing sites addressing segments like specialty products, branded generics, complex generics, pure generics and APIs. With a market share of 8.2%, Sun is ranked No. 1 in domestic formulations. It enjoys leadership position in 11 specialties based on prescription Revenue breakup: US formulation~30%, Indian branded~30%, Emerging markets~17%, RoW~14%, API & Others~6%

Outlook

Maintain BUY on the back of consistent traction on the specialty front, linear growth in India formulations besides calibrated approach in generics Valued at Rs 1075 i.e. 28x P/E on FY24E EPS of Rs 38.3

 

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