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Sun Pharmaceutical Industries Ltd. reported record Q1 FY22 earnings well ahead of our estimates adjusting for exceptional charges.
Global specialty has continuously outperformed amid pandemic and delivered significant growth despite the generic entry in Absorica.
Sun Pharma’s management expects to sustain strong double digit growth for Ilumya and Cequa in FY22E.
Taro business recovered and was stable sequentially and excluding-Taro, U.S. segment reported strong growth driven by specialty portfolio.
India business reported strong traction even excluding Covid-19 drugs basket.
This revenue traction has driven strong support to Ebitda margins at 29% reflect higher research and development spend and varied expenses amid pandemic.
We look forward to incremental growth in the specialty basket which would drive higher margins.
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