India Equity Report | Company Update | Pharmaceuticals Sun Pharma is an international, integrated specialty pharmaceutical company which manufactures, markets formulations as branded generics in India, US & across the world. Established in 1983, listed since 1994 and headquartered in India, Sun Pharma manufactures & markets a large basket of pharmaceutical formulations as branded generics as well as generics. In India, the company is a leader in niche therapy areas of psychiatry, neurology, cardiology, nephrology, gastroenterology, orthopaedics and ophthalmology. Sun Pharma has strong skills in product development, process chemistry and manufacturing of complex API, Sun Pharma’s revenues grew 32.1% to INR 3087 crore. The growth was at- tributable to consolidation of URL, higher growth in the base business and higher Lipodox sales. Its sales from the recently acquired URL business started consolidating during the quarter starting from February 5, 2013.
EBITDA margins increased 10 bps to 41.3%. However, Sun Pharma registered its highest ever gross margins of 82.8% on the back of higher niche product Taro sales grew ~14% to USD 165 mn. Gross profit margins declined 300 bps QoQ.Taro reported an EO loss of USD 22 mn pertaining to settlement and loss of contingencies, which led net profit to grow only 4% YoY.
US formulations grew 77% YoY to INR 1787.9 crore driven by consolidation of Sun Pharma sales have crossed the USD URL & Dusa and incremental volumes of Lipodox and existing products. The 2 bn mark in FY13, took almost 27 years company filed nine ANDAs during the quarter taking the total filing with USFDA to record USD 1 bn in revenues. Sun to 449 (including URL). It is planning to file 20 ANDAs in FY14. It received Pharma holds 4.9% market share in the approval for nine products, which includes approval for Doxil during the quar- Rs.70,000 crores pharmaceutical market ter taking the total drug approvals till December 31, 2012 to 311.
Domestic branded formulations adjusted sales, grew 16% YoY. It launched company filed nine ANDAs during the three products during the quarter taking total launches in FY13 to 25. As per quarter taking the total filing with USFDA latest AIOCD data, the company holds ~10% market share in chronic thera- to 449 (including URL). It is planning to pile (~USD 1.3 bn) can be utilised for even to quote at a hefty premium vis-à-vis its grow at a CAGR of 16% in FY13- FY15E.
52 Week Index Relative Percentage Appreciation Sun Pharma sales have crossed the USD 2 bn mark in FY13, took almost 27 years to record USD 1 bn in revenues.
During the quarter, the company has posted consolidated Net Profit which is increased by 23.33% to Rs. 10115.70 mn.
During the quarter, Sun Pharma has launched 3 new products taking the total to 25 for the F.Y. 2012-13.
Sun Pharma holds 4.9% market share in the INR 700 bn pharmaceutical market as per latest AIOCD-AWACS report.
Sun Pharma has recommended a dividend of Rs. 5 per equity share of Rs. 1/- each for the year ended March 31, 2013.
Sales in the US were USD 330 mn for Q4 FY13, up by 63%, accounting for 57% of total sales.
The Sun Pharma group has settled an ongoing patent infringement litigation pending in the US District Court of New Jersey regarding generic Protonix (Pantoprazole). Under the terms of the litigation settlement between Sun Pharma and Wyeth (now a division of Pfizer) and Altana AG (earlier Nycomed, now Takeda) the parties have dismissed all their claims. Sun Pharma will pay a lump sum USD 550 mn as a part of this settlement. Teva is also required to pay USD 1.60 bn under the said settlement. Sun Pharma can continue to sale generic Pantoprazole in the US.
Sun Pharma provisioned INR 5.84bn (USD 107m) in Q2FY13 towards potential liability for patent infringement. Pfizer had claimed USD 960m. Sun Pharma’s provision for damages was 11% of the claimed amount. Teva provisioned USD 670m, which was 31% of the claimed amount.
Sun Pharma is an international specialty pharma company, with a large presence in the US and India and a footprint across 40 other markets. Sun Pharma began in 1983. Since then, the company has crossed several milestones to emerge as a leading pharma company in India where it is the 6th largest by prescription sales, a rank retained over a decade in India and rest of the world markets, in the brands relating to chronic therapy areas like cardiology, psychiatry, neurology, gastroenterology, diabetology etc. It is the largest Indian company in the US generics space, the largest pharma company in India in chronic therapies and an emerging force in the rest of the world markets. The specialty product range features solid oral dosage forms, injections, nasal sprays, aerosols, dry powder inhalers, ophthalmic preparations, creams & ointments as well as technically complex preparations like melt tabs, liposome based products, depot preparations & time/controlled release preparations. Sun Pharma makes specialty APIs including peptides, steroids, hormones and anti- cancers at internationally approved world class sites. Its Hungary facility is one of the oldest sites for narcotic manufacture.
The company scales up over 20 API processes including processes for DMFs and CEPs every year.The company is market leader in specialty therapy areas in India. In the US, which is its largest market, has built a strong pipeline of generics, directly and through its subsidiaries Caraco and Sun Pharmaceutical Inc. Taro add strong dermatology range to this portfolio.Sun Pharma is equipped with world class technology sites and systems to meet the most stringent international : Singh House, 3rd Floor, 23/25 Ambalal Doshi Marg, Fort, Mumbai 400023 : Ramavat House, E-15 Saket Nagar, Indore 452018 Institutional Dealing Unit : Africa House, 3rd Floor, 5 Topiwala Lane, Lamington Road, Mumbai 400007 : Expected to appreciate 20% or more over 12-months : Expected to depreciate up to 10% over 12-months Accumulate : Expected to appreciate 10% to 20% over 12-months : Expected to depreciate 10% or more over 12-months : Expected to appreciate more than 10% over 45-days Trade Sell : Expected to depreciate more than 10% over 45-days This document has been prepared by Indira Group of Companies (Indira). Indira and its associate companies are a full fledged retail and institutional broking group.
Our research analysts and sales persons provide important input into our investment broking activities. This document does not constitute an offer or solicitation for the purchase or sale of any financial instrument or as an official confirmation of any transaction. The information contained herein is from publicly available data or other sources believed to be reliable, but we do not represent that it is accurate or complete and it should not be relied on as such. Indira or any of its affiliates shall not be in any way responsible for any loss or damage that may arise to any person from any inadvertent error in the information contained in this report. This document is provided for assistance only and is not intended to be and must not alone be taken as the basis for an investment decision. The user assumes the entire risk of any use made of this information. Each recipient of this document should make such investigation as it deems necessary to arrive at an independent evaluation of an investment in the securities of companies referred to in this document (including the merits and risks involved), and should consult his own advisors to determine the merits and risks of such investment. The investment discussed or views expressed may not be suitable for all investors. We and our affiliates, officers, directors, and employees may: (a) from time to time, have long or short positions in, and buy or sell the securities thereof, of company (ies) mentioned herein or (b) be engaged in any other transaction involving such securities and earn brokerage or other compensation or have other potential conflict of interest with respect to any recommendation and related information and opinions. This information is strictly confidential and is being furnished to you solely for your information. This information should not be reproduced or redistributed or passed on directly or indirectly in any form to any other person or published, copied, in whole or in part, for any purpose. This report is not directed or intended for distribution to, or use by, any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction, where such distribution, publication, availability or use would be contrary to law, regulation or which would subject Indira and affiliates to any registration or licensing requirements within such jurisdiction. The distribution of this document in certain jurisdictions may be restricted by law, and persons in whose possession this document comes, should inform themselves about and observe, any such restrictions. The information given in this document is as of the date of this report and there can be no assurance that future results or events will be consistent with this information. This information is subject to change without any prior notice. Indira reserves the right to make modifications and alterations to this statement as may be required from time to time. However, Indira is under no obligation to update or keep the information current. Nevertheless, Indira is committed to providing independent and transparent recommendation to its client and would be happy to provide any information in response to specific client queries. Neither Indira nor any of its affiliates, directors, employees, agents or representatives shall be liable for any damages whether direct, indirect, special or consequential including lost revenue or lost profits that may arise from or in connection with the use of the information. The analyst for this report certifies that all of the views expressed in this report accurately reflect his or her personal views about the subject company or companies and its or their securities, and no part of his or her compensation was, is or will be, directly or indirectly related to specific recommendations or views expressed in this report. The Analyst does not have any holding in this stock.


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