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 June 15, 2021 for Raksha Sudhir Valia
No plans to make vaccine as it requires separate infra: Sun Pharma
Sun Pharma has no immediate plans to enter into vaccine production as getting into the vertical would require an altogether different manufacturing set-up, as per a top company official. Sun Pharmaceutical Industries Ltd - 524715 - Compliances-Reg. 39 (3) - Details of Loss of Certificate / Duplicate Certificate
Intimation under Regulation 39(3) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 Sun Pharmaceutical Industries Ltd - 524715 - Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation
Intimation of Schedule of Analyst / Institutional Investor Meeting Sun Pharmaceutical Industries Ltd - 524715 - Compliances-Reg. 39 (3) - Details of Loss of Certificate / Duplicate Certificate
Intimation under Regulation 39(3) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
After a mixed FY21, Sun Pharma aims to be debt-free by March 2022
Sun Pharma’s Q4 FY21 results invoked mixed feelings among both investors and analysts. While the numbers looked strong on a YoY basis, weak sequential revenue growth did not impress the street. Sun Pharma’s net profit halved, and the company’s US subsidiary Taro posted a loss. Sun Pharma’s shares fell 3.5% after the Q4 FY21 results were announced. Quick Takes: Consolidated research & development (R&D;) investment for Q4 was at Rs 557 crore, accounting for 6.6% of sales with specialty R&D; constituting 23% of the total spend Sun Pharma is evaluating development of biosimilars with a launch timeline beyond 2030 The company has entered into two drug licensing agreements to treat Covid-19, with Eli Lilly for Baricitinib and with MSD for Molnupiravir The company repaid debt of about $580 million in FY21 and aims to be debt-free (excluding Taro) by March 22 March quarter hit by muted revenue growth and exceptional items Sun Pharma’s revenue growth slowed in Q4FY21, coming in at Rs 8,523 crore, a 4% YoY rise driven by 13% YoY growth in India business, 2.8% growth in emerging markets, and 5.5% in rest of world (ROW). The active pharmaceutical ingredients (API) business was down 10% YoY and US business revenues fell 1.3% YoY. On a sequential basis, consolidated revenues fell 3.5%. Operating margins fell 320 basis points (bps) sequentially in Q4 FY21 impacted by a 22% increase in raw material costs. Net profit rose 81% YoY to Rs 894 core in Q4FY21. On a sequential basis, net profit declined 53% as the company reported exceptional items of Rs 672 crore pertaining to litigation settlement of its subsidiaries, Taro Pharmaceuticals and Dusa Pharmaceuticals. There was also a central excise refund claim of Rs 104 crore that was included in exceptional items. Domestic business for Sun Pharma thrives on drugs for chronic ailments Sun Pharma’s March 2021 quarter performance was driven by double-digit growth in domestic formulation (DF) business. The India business grew 13% YoY in the March 2021 quarter and 6.5% YoY in FY21. The India branded formulations business at Rs 2,670 crore, contributed 32% of total sales in Q4FY21. Domestic business is mainly segregated into chronic, sub-chronic and acute segments. The chronic segment makes up 50% of total domestic sales and was the major growth driver for Sun Pharma in FY21. It focusses on cardiovascular, diabetes, oncology and central nervous system (CNS) related diseases while the sub-chronic segment constitutes vitamins, minerals and nutraceuticals. In 2020, customers beefed up their stock of chronic ailment medicines, while the sub-chronic segment was stable due to higher sale of nutraceuticals for immunity purposes. The acute segment constituting anti-infectives, respiratory and gastroenterology saw heavy deceleration, mainly due to lower outdoor eating and movement, and social distancing norms in FY21. Though the chronic segment reported steady growth in Q4 FY21 and the sub-chronic segment witnessed recovery, growth in the acute segment was muted. Speaking on the acute segment’s performance during the quarter, Kirti Ganorkar, Head-India Business at Sun Pharma said that the acute segment was facing challenges due to lower incidence of infections and less patient flow to doctors’ clinics. Even with double-digit growth in the March 2021 quarter, Sun Pharma’s domestic business growth was lower than Cadila Healthcare and Dr Reddy’s Labs (DRL). While Lupin reported lower domestic growth throughout FY21, Cipla’s strong double-digit growth lost momentum in Q4FY21. On the other hand, Cadila and Dr Reddy’s Labs consistently posted double-digit revenue growth over the past three quarters. Sun Pharma, the market leader with 8.2% market share in Rs 1,47,400 crore Indian pharmaceutical market, underperformed considerably compared to its peer group on the domestic formulations front. In addition to this, Sun Pharma’s Covid-19 drugs portfolio is not as expansive as Cipla, with no vaccine in its quiver unlike Cadila and DRL. While DRL launched Sputnik in May 2021, Cadila’s ZyCoV-D vaccine is expected to be approved in June 2021 which will boost revenues in the near future. Speaking on vaccines not being part of Sun Pharma’s product portfolio, Dilip Shanghvi, Managing Director at Sun Pharma said that vaccines require dedicated manufacturing facilities and cannot be produced along with multiple products. Presently, the company does not have any such facility which could be utilized for vaccine production. Taro’s underperformance impacting US business US business, consisting of generics which includes Taro and speciality segment, constitutes 32% of total consolidated sales in the March 2021 quarter ($370 million). Revenues from the US fell 1.3% YoY in Q4FY21 and 8.5% for the full year FY21. Taro’s revenues, which consists mainly of dermatology related products, were down 15.3% YoY at $148 million. Taro’s revenue constituted 40% of total US revenues in Q4FY21. Over the past 16 quarters, Taro reported double-digit YoY revenue growth only once in Q3FY19 and for the remaining period, growth was either in low single digits or negative. Abhay Gandhi, CEO of Sun Pharma’s North America business, said that Taro with its high market share in most of its product portfolio witnessed high competitive pressure to hold on to its market share. In the present US scenario, patient footfalls to doctors’ clinics in the dermatology segment are around 70% in Q4 FY21. Thus, a lower addressable market in dermatology impacted Taro’s performance in FY21. Going ahead, the situation is expected to improve with a higher rate of vaccination in the US and relaxation of social distancing norms. Sun Pharma’s generics business (excluding Taro) recorded YoY growth driven by a combination of new launches, better supply chain management and incremental upsides from shortages. Specialty business is still work in progress Sun Pharma, like many other Indian pharma companies, moved up the value chain entering the specialty segment to navigate high pricing pressure and vendor consolidation of the generic pharma market. Gandhi said that specialty revenues in the US were mainly driven by Ilumya, Cequa and Absorica LD in Q4 FY21. Ilumya was the star performer of FY21 as its global sales rose 51% YoY. The management is strongly positive on its specialty portfolio. Global specialty revenues increased by 10% YoY, but moderated by 6% sequentially in Q4FY21. Though pricing pressure is relatively low for specialty drugs compared to generics, competition is heating up for some of its star drugs such as Absorica. Teva launched a generic version of Absorica in April 2020. Sun Pharma followed it up by launching its authorized generic to counter Teva’s move, the impact of which would be visible in the next few quarters. Cequa might also face competition with its generic launch, which is expected by the end of calendar year 2021. For Sun Pharma, the migration from generics to specialty drugs is still work-in-progress. The specialty segment is yet to fully deliver, provide strong growth momentum to the US business and become a significant revenue contributor to overall growth. Although Sun Pharma’s stock has underperformed its peers over the past three months, it has gained 8% since early March. Cipla and DRL are presently near their 52-week highs post Q4 FY21 results and Cadila gained 42% over the past three months. For Sun Pharma, its near-term growth quiver is not fully loaded, in terms of Covid portfolio and domestic formulation business and specialty segment still not firing its full cylinders. And lastly the Halol facility, yet to receive US FDA clearance is also impacting the flow of new generic product launches in the US. SUN PHARMACEUTICAL INDUSTRIES LTD. - 524715 - Compliances-Reg. 39 (3) - Details of Loss of Certificate / Duplicate Certificate
Intimation under Regulation 39(3) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 Sun Pharmaceutical Industries Ltd - 524715 - Announcement under Regulation 30 (LODR)-Earnings Call Transcript
Transcript of the Company's Q4FY21 earnings conference call. Sun Pharma, Ferring Pharma ink pact to introduce obstetric drug in India
The drug is indicated for the prevention of excessive bleeding in women after vaginal or caesarean childbirth Sun Pharmaceutical Industries Ltd - 524715 - Announcement under Regulation 30 (LODR)-Press Release / Media Release
Press Release on Sun Pharma entering into licensing agreement with Ferring Pharmaceuticals for introducing CARITEC(r) in India.