Sun Pharma Q4 Review – Amid One-Offs, Margins Steady: Centrum Broking

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Sun Pharmaceutical Industries Ltd. reported numbers in-line with our estimates adjusting for exceptional charges.

Indian markets continue to be strong at 12.9% YoY growth. The ex-Taro business in U.S. reported growth amid pandemic recovery.

Global specialty sales stood at $ 139 million, sequential decline was owing to weak business environment amid pandemic.

Rest of world/emerging markets posted weaker than estimated revenue growth of 4-5%.

Ebitda margins at 24% reflect lower research and development spend and lower promotional/travel expenses proportionate to revenue growth.

The U.S. business the promotional, travel expenses are expected to normalize as the vaccination drive reaches masses.

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