Sun Pharmaceuticals Industries Ltd Share Price – NSE /  BSE

Pharmaceuticals, Mid Cap

The headline equity indices continued to trade with major losses in early afternoon trade. The Nifty slipped below the 23,900 level. Media shares declined after advancing for the past five consecutive trading sessions.

At 12:30 IST, the barometer index, the S&P BSE Sensex slumped 1,240.54 points or 1.56% to 78,483.58. The Nifty 50 index tumbled 418 points or 1.72% to 23,866.35.

In the broader market, the S&P BSE Mid-Cap index declined 1.50% and the S&P BSE Small-Cap index fell 1.77%.

The market breadth was weak. On the BSE, 1,108 shares rose and 2,824 shares fell. A total of 130 shares were unchanged.

Economy:

The HSBC final Manufacturing Purchasing Managers' Index rose to 57.5 in October from an eight-month low of 56.5 in September. The flash reading was 57.4. A score above 50.0 indicates expansion.

Finally, manufacturers became more optimistic regarding future output volumes. The level of positive sentiment was above the average seen over the 13-and-a-half-year series history.<>Meanwhile, India’s forex reserves declined by $3.463 billion to $684.805 billion in the week ended October 25, according to the latest data from the RBI. For the week ended October 25, foreign currency assets, a major component of the reserves, decreased by $4.484 billion to $593.751 billion.

Gold reserves increased by $1.082 billion to $68.527 billion during the week, the RBI said.

RBI has released monthly data on India’s International Trade in Services for the Month of September 2024 on Thursday. The value of exports and imports of services during September 2024 stood at $ 32,579 million, up 14.6% on year and $16,507 million, up 13.2%, respectively.

Derivatives:

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, jumped 7.21% to 17.05. The Nifty 31 October 2024 futures were trading at 23,985, at a premium of 118.65 points as compared with the spot at 23,866.35.

The Nifty option chain for the 28 November 2024 expiry showed maximum Call OI of 26.7 lakh contracts at the 25,000 strike price. Maximum Put OI of 38 lakh contracts were seen at 24,000 strike price.

Buzzing Index:

The Nifty Media index fell 2.64% to 1,973.70. The index advanced 4.18% for the past five consecutive trading sessions.

PVR Inox (down 5.08%), Saregama India (down 3.94%), Hathway Cable & Datacom (down 3.24%), Dish TV India (down 3.13%), Sun TV Network (down 2.32%), Den Networks (down 2.2%), Zee Entertainment Enterprises (down 2.18%), Nazara Technologies (down 1.14%), Network 18 Media & Investments (down 1%) slipped.

Stocks in Spotlight:

Sun Pharmaceuticals Industries slipped 3.71% after the US District Court of New Jersey has decided to grant a preliminary injunction delaying the launch of Leqselvi (Baldness treatment) in the US.

Mahindra & Mahindra added 1.17% after the auto major’s overall auto sales grew by 19.79% to 96,648 vehicles sold in October 2024 as against 80,679 vehicles sold in October 2023.

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Aa result of the court's decision, Sun Pharma has been temporarily barred from launching Leqselvi until a subsequent favorable court decision or until the expiry of patent in lawsuit, whichever is earlier, it added.

Earlier on 1 August 2024, the pharma major had informed that it filed a motion seeking a preliminary injunction in a US court to prevent the launch of LEQSELVI.

Sun Pharmaceuticals Industries is a leading global pharmaceutical company with specialty and generic presence and India's top pharma company.

The company’s consolidated net profit jumped 27.97% to Rs 3,040.16 crore on 9.01% rise in revenue from operations to Rs 13,291.39 crore in Q2 FY25 over Q2 FY24.

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Net profit of Sun Pharmaceuticals Industries rose 27.98% to Rs 3040.16 crore in the quarter ended September 2024 as against Rs 2375.51 crore during the previous quarter ended September 2023. Sales rose 10.51% to Rs 13264.22 crore in the quarter ended September 2024 as against Rs 12003.11 crore during the previous quarter ended September 2023.

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Profit before tax was at Rs 3,597.88 crore in Q2 FY25, registering a growth of 28.91% on YoY basis.

During the quarter, EBITDA stood at Rs 3,939 crore (including other operating revenues), up 23.9%, with resulting EBITDA margin of 29.6%

Sales of Formulation in India for Q2 FY25 were at Rs 4,265.2 crore, up 11% YoY and accounting for approximately 32% of total consolidated sales.

US Formulation sales were $517 million in Q2 FY25, up 20.3% YoY and accounting for approximately 33% of total consolidated sales.

Formulation sales in Emerging markets were $293 million for Q2 FY25, growing by 3.2% YoY and accounted for approximately 18% of total consolidated sales.

Formulation sales in rest of world (ROW) markets were $190 million in Q1 FY25, down 2.9% and accounted for 12.6% of total consolidated sales.

In Q2 FY25, formulation sales in the Rest of World (ROW) markets, excluding India, the US, and Emerging Markets, reached $199 million. This reflects a 3.5% decline compared to Q2 of the previous year and accounting for approximately 13% of total consolidated sales.

During the quarter, external sales of API stood at Rs 533.8 crore, up 7.4% YoY. The company said that it continue to focus on increasing API supply for captive consumption for key products.

Consolidated R&D investment was at Rs 792.9 crore for Q2 FY25 or 6% of sales as compared to Rs 773.4 crore for Q2 FY24.

On half year basis the company’s consolidated net profit jumped 33.59% to Rs 5,875.78 crore in H1 FY25 as against Rs 4,398.05 crore posted in H1 FY24. The company’s revenue from operation increased 7.50% YoY to Rs 25,944.14 crore in H1 FY25.

The company stated that its R&D efforts encompass both specialty and generic businesses, with ongoing investments aimed at building a pipeline for various markets, including the US, Emerging Markets, Rest of World (RoW) Markets, and India. It reported having seven molecules in clinical trials within their specialty R&D pipeline. The company highlighted a comprehensive product offering in the US market, which includes approved Abbreviated New Drug Applications (ANDAs) for 538 products, while filings for 105 ANDAs are pending US FDA approvals, including 28 with tentative approvals. Additionally, the firm mentioned 51 approved New Drug Applications (NDAs), with 13 NDAs awaiting US FDA approval. For the quarter, it filed three ANDAs and received approval for one ANDA, as well as one NDA approval.

Dilip Shanghvi, chairman and MD, said, “Sun has recently strengthened its specialty pipeline through an agreement with Philogen for commercializing late stage candidate Fibromun, upon approval. With Fibromun, our product basket for dermatologists has expanded further. We shall continue to leverage our strong cash position to strengthen our pipeline with products that are close to market.”

Sun Pharmaceuticals Industries is a leading global pharmaceutical company with specialty and generic presence and India's top pharma company.

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