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Sun Pharma Research Tear Sheet Q3 FY 2022

Sun Pharmaceutical Industries Limited is an Indian multinational pharmaceutical company. The company was incorporated in 1983. It has its headquarter in Mumbai, Maharashtra India. The company deals with Pharmaceuticals, Branded generic drugs, over-the-counter drugs, Speciality drugs OTCs, APIs and ARVs. Around 72% revenue comes from the United States. The company has its operation in India, the US, Asia, Africa, Australia and Europe. The shares are traded both on BSE and NSE.

( Rs` in Million)Q3 FY 2022Q3 FY 2021
Total Formulations92,823.9083,220.40
Total Sales98,141.7095,567.40
Total R&D Expenditure5,471.005,364.10

Highlights of Q3FY22

Consolidated sales from operations at Rs. 98,142 million, grew 11%.

Formulation sales  increased by 15% to Rs. 31,676 million

US formulation sales at US$ 397 million, grew 6%.

Emerging Markets formulation sales at US$ 239 million, increased by 17%.

Rest of World formulation sales at US$ 181 million, grew 3%.

EBITDA increased by 8%  to  Rs. 25,574 million.

EBITDA margin stood at 26.1%.

Net profit for the quarter was at Rs. 20,588 million, increased 11% YoY.

Cash Position

The company has a positive cash flow, which has helped the company in further investing and drive itself as a recognized brand in India.

India Business

In India sale of formulation increased by 15% to Rs 31,676 million. Over the period of 9 months sales increased by 26 % to 96,637 million.  In Q3FY22, the company launched 25 new products in the Indian market.

US Formulations (including Taro)

Formulation sales increased by 6% to  US$ 397 million and contributing 30% of total consolidated sales.

Taro Performance

Taro posted sales of US$ 139 million, which is nearly flat YoY. The sale has been impacted due to impact from the settlement and loss contingencies charges in both periods.

Emerging Markets

Formulation sales in Emerging Markets increased by 18% to US$ 239 million. In the past 9 months sales were US$ 700 million, grew 19%.

Active Pharmaceutical Ingredients (API)

External sales of API increased by 5% to Rs. 4,710 million. API business  has improved vertical integration and continuity of supply chain for our formulations business.

Conference Call Highlights

Management Updates

Market share has increased to 8.6% as per AIOCD AWACS data. On a MAT basis, market share is at 8.2% as per AIOCD AWACS data.

As per SMSRC report it has ranked  No.1 ranked, by prescriptions, with 11 different doctor categories.

Declared an interim dividend of Rs. 7.0 per share against the Rs.5.50 per share declared last year.

The r current generic pipeline for the US market includes 88 ANDAs and 13 NDAs are still awaiting  for approval by the US FDA.

Business Updates

Sun Pharma has decided to set up a new manufacturing plant in Andhra Pradesh.

Sun Pharma is launching Molnupiravir under brand name Molxvir.

Sun Pharmaceutical Industries is recalling over 1.10 lakhs bottles of a generic medication which is used in the treatment of erectile dysfunction.

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