SUN PHARMACEUTICAL INDUSTRIES LTD. - 524715 - Disclosures under Reg. 31(1) and 31(2) of SEBI (SAST) Regulations, 2011.
The Exchange has received Disclosure under Regulation 31(1) and 31(2) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 on March 29, 2022 for Shanghvi Finance Pvt Ltd SUN PHARMACEUTICAL INDUSTRIES LTD. - 524715 - Announcement under Regulation 30 (LODR)-Updates on Acquisition
Disclosure of event and information pursuant to Regulation 30 of Securities and Exchange Board of lndia (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("SEBI Listing Regulations") - Update on acquisition SUN PHARMACEUTICAL INDUSTRIES LTD. - 524715 - Disclosures under Reg. 31(1) and 31(2) of SEBI (SAST) Regulations, 2011.
The Exchange has received Disclosure under Regulation 31(1) and 31(2) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 on March 29, 2022 for Raksha Valia SUN PHARMACEUTICAL INDUSTRIES LTD. - 524715 - Announcement under Regulation 30 (LODR)-Press Release / Media Release
Sun Pharma Presents Phase 3 Data for WINLEVI(r) (clascoterone) cream 1% for the Topical Treatment of Acne Vulgaris at the AAD Annual Meeting
Sun Pharma's US antitrust payout won't hurt finances, maintain 'Buy' rating: Nomura
Following its assessment of the development, Nomura maintains a 'Buy' rating on Sun Pharmaceutical's stock with a target price of Rs 1,094. SUN PHARMACEUTICAL INDUSTRIES LTD. - 524715 - Announcement under Regulation 30 (LODR)-Investor Presentation
Please find enclosed herewith the investor presentation. Sun Pharma settles Ranbaxy-related US antitrust case for $485 million
Settlement is with two plaintiff groups in ongoing litigation involving three drugs SUN PHARMACEUTICAL INDUSTRIES LTD. - 524715 - Signing Of Binding Memorandum Of Understanding As To Material Terms Of Settlement ('Binding Term Sheet') With The Direct Purchaser And End-Payor Plaintiffs In The In Re Ranbaxy Generic Drug Application Antitrust Litigation In The U.S. District Court For The District Of Massachusetts (USA).
Pursuant to the requirements under Regulation 30 of the Listing Regulations, this is to inform you that Sun Pharmaceutical Industries Ltd. and one of its U.S. based subsidiaries, Ranbaxy, Inc. (hereinafter, collectively referred to as the 'Company'), have signed a Binding Term Sheet with two plaintiff groups, the Direct Purchaser and End-Payor Plaintiffs, collectively resolving all of the claims against the Company, in the matter In re Ranbaxy Generic Drug Application Antitrust Litigation that has been ongoing in the U.S. District Court for the District of Massachusetts (USA) for several years.
Specialty segment drives growth, India business shines for Sun Pharma
Sun Pharmaceuticals reported its highest ever quarterly revenues in Q3FY22. Strong quarterly numbers were supported by broad-based growth across India, US and the emerging markets, steady margins, and strong specialty business ramp up. Sun Pharma stock was up 5% post its quarterly result announcement as investors were thrilled with consistently strong performance in the December 2021 quarter, for the third quarter in a row. This comes after a muted FY21. While the impact of the Russia-Ukraine conflict might be a short-term challenge for the company, Sun Pharma investors are awaiting the Halol plant’s clearance from the USFDA, which has been an overhang on growth since 2020. Quick Takes: India formulation revenues grew 15% YoY to Rs 3,166 crore in Q3FY22 driven by chronic and semi-chronic therapy segments US formulation revenues rose 7.5% YoY to Rs 2,972 crore aided by robust specialty segment performance in Q3FY22 Global specialty revenues at $183 million rose 24% YoY and 16.5% sequentially in Q3FY22 Subsidiary Taro recently acquired Alchemee, a 25-year-old global acne-care brand, from global dermatology major Galderma for $90 million Sun Pharma is working on a biosimilar product expected to be launched after 2030 Sun is shining on India business as chronic segment recovers Sun Pharma reported its highest ever quarterly revenues of Rs 9,863 crore in Q3FY22, an 11.6% YoY rise which was also the highest YoY revenue growth in the top pharmaceutical (formulations) quartile in Q3FY22. While close peers Cipla, Dr Reddy’s Labs (DRL), and Lupin underperformed in more than one of their key markets, Sun Pharma reported strong broad-based performance across all geographies - India revenues grew 15% YoY, US (up 7.5% YoY), emerging markets (up 18% YoY) and rest of the world (up 14% YoY). Speaking on India business growth, Kirti Ganorkar, CEO – India Business at Sun Pharma said, “The growth was driven by improved demand for non-Covid treatments, which led to higher growth in the chronic and semi-chronic segments.” He also added that strong revenue growth was also due to increased healthcare awareness and better patient flow to doctor clinics. India business revenues came in at Rs 3,166 crore in Q3FY22 compared to Rs 2,753 crore a year ago. The chronic segment, constituting 33-35% of the Indian pharma market, focuses on cardiac or cardiovascular (CVS), diabetes, oncology, and neuro/central nervous system (CNS) related diseases. Semi-chronic (21% of pharma market) constitutes vitamins, derma, and gynecology. The acute segment (40-44% of the Indian pharma market) includes anti-infectives, respiratory, and gastrolenterology. Sun Pharma is the market leader in the most profitable chronic therapy segment, which constitutes 50% of its revenue mix. The company grew at 12% YoY and 7.5% YoY in the cardiovascular and central nervous system segment, outperforming industry growth in Q3FY22. Chronic therapy is the fastest-growing segment driven by rising sedentary lifestyles with high-risk factors like obesity, hypertension, diabetes, cholesterol, etc. Cardiac, gastrology, and anti-infectives are three major therapies in the Indian pharma market. Cardiac therapy constitutes 14% of the Indian pharma market compared to anti-infectives and gastrology at 13% and 11%, respectively. Sun Pharma is the market leader in the cardiac/CVS segment in India. While Sun Pharma’s Covid-19 portfolio is on a weaker footing compared to close peers like Cipla, DRL, and Zydus Lifesciences, the company’s strong focus on its India business over the past two years is bearing fruit. The company maintained its market share by focussing on volume growth and new prescription generation from doctors. This was achieved through brand building, launching new products, and increasing its sales force. Sun Pharma launched more than 120 new products over the past five quarters and expanded its field force by 10% in FY21 in the domestic market. Sun Pharma increased its total market share to 8.6% in Q3FY22 from 7.8% in Q2FY21 in the Indian market. Muted chronic segment growth expected in Q4FY22 The Covid-19 third wave started subsiding from the second fortnight of January 2022. While the December 2021 quarter saw insignificant Covid-19 revenue contribution, Q4FY22 is expected to bear tailwinds of the third wave for companies like Cipla and DRL. Due to relaxed restrictions, higher mobility and home quarantine opted by a large number of omicron patients, the acute therapy segment is expected to dominate Q4FY22. The chronic segment is expected to be muted and respiratory, gastrology, and Covid-19 therapies like anti-infectives, pain management, and vitamins are expected to report strong growth in the March 2022 quarter. This might impact Sun Pharma’s India business revenues, but stable US performance aided by strong specialty segment growth is expected to maintain growth momentum in Q4FY22. Specialty segment drives US revenue growth US formulation revenues rose 7.5% YoY to Rs 2,972 crore in Q3FY22. In dollar terms, revenues at $397 million grew 6% YoY. The US business comprises generics business, which includes subsidiary Taro (mainly dermatology) and the specialty segment. According to the management, the specialty segment was the major growth driver for Sun Pharma’s US business in Q3FY22. Sun Pharma has commercialized 13 specialty products. The company diversified into specialty products to counter high pricing pressure and vendor consolidation in its core US generic business. Specialty medicines are the latest generation products for treating chronic, complex, and rare diseases. Specialty revenues in Q3FY22 were mainly driven by Ilumya (plaque psoriasis), Cequa (dry eye disease), Levulan (actinic keratosis), and Absorica (severe nodular acne). Clinically administered products Ilumya and Levulan performed well despite lower patient flow to doctor clinics as Covid-19 cases spiked in the December 2021 quarter in the US. The company is also able to maintain its 7% market share for Absorica in the US acne market despite facing tough competition from Teva’s generic which was launched in April 2020. Competition is also heating up for Cequa as the USFDA approved its first generic on February 2, 2022. Amid high competitive intensity and Covid-19 impact, Sun Pharma’s specialty segment reported robust numbers over the past three quarters. Speaking on this, Dilip Shanghvi, Managing Director at Sun Pharma said, “Our global specialty revenues for the first nine months have already crossed previous full year’s revenues”. Specialty segment’s revenues in 9MFY22 at $488 million exceeded full-year revenues of $473 million. Global specialty revenue contribution to total revenue mix doubled to about 14% in Q3FY22 from about 7% in FY18. Global specialty revenues at $183 million rose 24% YoY, and 16.5% sequentially, in Q3FY22. Boosting the strength of derma specialty products, Sun Pharma commercialized Winlevi in the US and Canada in Q3FY22. Winlevi, in-licensed from Cassiopea SpA, a new class of topical medication in dermatology complements Sun Pharma’s existing anti-acne segment led by Absorica. According to the management, the positive impact of Winlevi will be seen in Q4FY22. Taro underperformance continues, Halol clearance awaited While the high margin specialty segment is on a strong growth trajectory, the ex-Taro US generics business is also doing well amid high price erosion. While the US generic business continues to be competitive, the Sun Pharma ex-Taro generics business has stabilized, said Abhay Gandhi, CEO (North America Business) at Sun Pharma. Taro, impacted by intense competition, high pricing pressure, and vendor consolidation has been reporting uneven and lackluster growth for more than twenty quarters now. In Q3FY22, Taro’s revenues were flat YoY and net profit fell 20% YoY. Taro recently acquired Alchemee, a 25-year-old global acne-care brand from global dermatology major, Galderma. Alchemee is expected to complement Taro’s dermatology business, strengthen its over-the-counter segment, and has access to Canada and Japan markets. Sun Pharma needs to go in for more such strategic buyouts and launch new products to revive Taro revenues which constituted 35% of US revenues in Q3FY22. On the Russia-Ukraine impact on Sun Pharma’s performance. Rouble depreciation and uncertain production in Russia’s manufacturing plant is a concern. Russia business, part of the emerging market segment (18% of revenue mix), is present in about 80 countries across Africa, the Americas, Asia, and Europe. The Russia-Ukraine impact will be better estimated only after Sun Pharma’s March 2022 quarterly numbers come out. Investors right now, are more concerned about the Halol Plant which contributed nearly 4-5% of Sun Pharma’s revenue mix before the USFDA ban in 2020. SUN PHARMACEUTICAL INDUSTRIES LTD. - 524715 - Closure of Trading Window
This is to inform you that in compliance with the Company''s Code of Conduct for prevention of Insider Trading, the window closure for trading by Designated Persons of the Company (along with his/her immediate relatives or any person with whom he/she shares a material financial relationship), shall be with effect from Friday, tst April, 2022 till 48 hours after the declaration of Audited Financial Results of the Company for the year ended 31st March, 2022.