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Equity Bottom-Up

Sun Pharmaceutical Industries / Equity Bottom-Up

<ul><li>We recently interacted with the senior management of Sun Pharma—Ms. Jayashree Satagopan, CFO, and Dr. Abhishek Sharma, Head IR.</li><li>The management highlighted (1) focus on Innovative medicines (global specialty) and India formulation growth,</li><li>(2) investment of USD 100 mn to scale up the new innovative medicine launches (Leqselvi and Unloxcyt) to see traction in the next 1-2 years</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We recently interacted with the senior management of Sun Pharma—Ms. Jayashree Satagopan, CFO, and Dr. Abhishek Sharma, Head IR.The management highlighted (1) focus on Innovative medicines (global specialty) and India formulation growth,(2) investment of USD 100 mn to scale up the new innovative medicine launches (Leqselvi and Unloxcyt) to see traction in the next 1-2 yearsContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Sun Pharmaceutical Industries: Innovative Medicines and India Key Drivers. Maintain BUY

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

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<ul>
<li>Sun Pharma’s innovative medicines like Ilumya, Cequa, Winlevi, and Leqselvi are driving strong growth, now contributing 20% of revenues. But the Halol plant remains under USFDA restrictions, blocking new approvals. 
</li>
<li>Specialty medicines such as Ilumya are fueling profitable growth, but continued compliance issues at Halol damage regulatory confidence and delay approvals for new products in the US market.</li>
<li>Sun Pharma’s growth is supported by its specialty portfolio and strong India presence, but improving Halol’s compliance record is essential to rebuild trust and unlock higher market valuations.</li>
</ul>


Sun Pharma’s innovative medicines like Ilumya, Cequa, Winlevi, and Leqselvi are driving strong growth, now contributing 20% of revenues. But the Halol plant remains under USFDA restrictions, blocking new approvals. 

Specialty medicines such as Ilumya are fueling profitable growth, but continued compliance issues at Halol damage regulatory confidence and delay approvals for new products in the US market.
Sun Pharma’s growth is supported by its specialty portfolio and strong India presence, but improving Halol’s compliance record is essential to rebuild trust and unlock higher market valuations.


Sun Pharma’s Halol Hurdles; No Major Impact on Operations

Global Healthcare Analyst

Tina Banerjee

Thematic (Sector/Industry)

<ul>
<li>Simcere entered into license agreement with Vigonvita for new indications of Deuterated Remdesivir Hydrobromide. Kelun Biotech inked partnership with Crescent Biopharma to develop and commercialize oncology therapeutics, including novel combinations.</li>
<li>Samsung Biologics is acquiring land for third campus in Songdo, Icheon for KRW249B. SK Biopharmaceutical signed supply agreement with Eckert &amp; Ziegler for actinium-225 for the development of next-generation radiopharmaceutical.</li>
<li>Daiichi Sankyo won a court appeal for its long-running legal battle with Seagen. Biocon made settlement agreement with Amgen clearing commercialization path for its Denosumab biosimilars in Europe and RoW.</li>
</ul>


Simcere entered into license agreement with Vigonvita for new indications of Deuterated Remdesivir Hydrobromide. Kelun Biotech inked partnership with Crescent Biopharma to develop and commercialize oncology therapeutics, including novel combinations.
Samsung Biologics is acquiring land for third campus in Songdo, Icheon for KRW249B. SK Biopharmaceutical signed supply agreement with Eckert &amp; Ziegler for actinium-225 for the development of next-generation radiopharmaceutical.
Daiichi Sankyo won a court appeal for its long-running legal battle with Seagen. Biocon made settlement agreement with Amgen clearing commercialization path for its Denosumab biosimilars in Europe and RoW.


APAC Healthcare Weekly (December 7) – Simcere, Kelun Bio, Samsung Biologics, Daiichi Sankyo, Biocon

<ul><li>Sun Pharma’s (SUNP) formulation manufacturing facility at Halol (Gujarat, India) had an inspection from the USFDA for current Good Manufacturing Practices (cGMP)</li><li>The inspection was conducted between 2–13 June 2025 and concluded with eight Form 483 observations</li><li>The observations are critical in nature as well as repeated from its previous USFDA inspection during May ’22</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Sun Pharma’s (SUNP) formulation manufacturing facility at Halol (Gujarat, India) had an inspection from the USFDA for current Good Manufacturing Practices (cGMP)The inspection was conducted between 2–13 June 2025 and concluded with eight Form 483 observationsThe observations are critical in nature as well as repeated from its previous USFDA inspection during May ’22Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Sun Pharmaceutical Industries: Halol Observations Were Critical, No Relief to Plant.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sun-pharmaceutical-industries-limited" target="_blank" data-smartkarma-citation="entities:98:1" rel="noopener">Sun Pharmaceutical Industries (SUNP IN)</a> is appointing Kirti Ganorkar as the Managing Director to succeed Dilip Shanghvi, effective September 1, 2025, with the entire business reporting to him.</li>
<li>In another development, Richard Ascroft will be joining as CEO – North America, succeeding Abhay Gandhi. Aalok Shanghvi has been additionally entrusted with the responsibility for the North America business.</li>
<li>Succession plan and management rejig come at a time when SPIL is at an inflection point, with its India business being on a strong foothold and specialty business gaining traction.</li>
</ul>



Sun Pharmaceutical Industries (SUNP IN) is appointing Kirti Ganorkar as the Managing Director to succeed Dilip Shanghvi, effective September 1, 2025, with the entire business reporting to him.
In another development, Richard Ascroft will be joining as CEO – North America, succeeding Abhay Gandhi. Aalok Shanghvi has been additionally entrusted with the responsibility for the North America business.
Succession plan and management rejig come at a time when SPIL is at an inflection point, with its India business being on a strong foothold and specialty business gaining traction.


Sun Pharmaceutical (SUNP IN): Timely Succession Plan to Augur Well for Next-Level of Growth

India

Sun Pharmaceutical Industries Limited manufactures and markets pharmaceuticals for domestic and international distribution. The Company's pharmaceutical portfolio includes drugs in the areas of diabetes, cardiology, neurology, psychiatry and  gastroenterology.

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Sun Pharmaceutical Industries (SUNP IN)

Sun Pharmaceutical Industries: Innovative Medicines and India Key Drivers. Maintain BUY

We recently interacted with the senior management of Sun Pharma—Ms. Jayashree Satagopan, CFO, and Dr. Abhishek Sharma, Head IR.

HDFC Securities

Sun Pharma’s Halol Hurdles; No Major Impact on Operations

Sun Pharma's innovative medicines drive growth, but Halol plant restrictions hinder new approvals, impacting regulatory confidence and market...

Sudarshan Bhandari

APAC Healthcare Weekly (December 7) – Simcere, Kelun Bio, Samsung Biologics, Daiichi Sankyo, Biocon

Simcere stuck license pact with Vigonvita. Kelun Bio inked partnership with Crescent Biopharma. Samsung Biologics is acquiring land for third...

Tina Banerjee

Sun Pharmaceutical Industries: Halol Observations Were Critical, No Relief to Plant.

Sun Pharma’s (SUNP) formulation manufacturing facility at Halol (Gujarat, India) had an inspection from the USFDA for current Good Manufacturing...

HDFC Securities

Sun Pharmaceutical (SUNP IN): Timely Succession Plan to Augur Well for Next-Level of Growth

Sun Pharma appoints Kirti Ganorkar as MD and new CEO for North America business. The company is at an inflection point, with strong India business...

Tina Banerjee

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52-week Range

Market Cap (USDm)

P/E

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Sun Pharmaceutical Industries: Innovative Medicines and India Key Drivers. Maintain BUY

We recently interacted with the senior management of Sun Pharma—Ms. Jayashree Satagopan, CFO, and Dr. Abhishek Sharma, Head IR.

HDFC Securities

Sun Pharma’s Halol Hurdles; No Major Impact on Operations

​Sun Pharma's innovative medicines drive growth, but Halol plant restrictions hinder new approvals, impacting regulatory confidence and market...

Sudarshan Bhandari

APAC Healthcare Weekly (December 7) – Simcere, Kelun Bio, Samsung Biologics, Daiichi Sankyo, Biocon

Simcere stuck license pact with Vigonvita. Kelun Bio inked partnership with Crescent Biopharma. Samsung Biologics is acquiring land for third...

Tina Banerjee

Sun Pharmaceutical Industries: Halol Observations Were Critical, No Relief to Plant.

Sun Pharma’s (SUNP) formulation manufacturing facility at Halol (Gujarat, India) had an inspection from the USFDA for current Good Manufacturing...

HDFC Securities

Sun Pharmaceutical (SUNP IN): Timely Succession Plan to Augur Well for Next-Level of Growth

​Sun Pharma appoints Kirti Ganorkar as MD and new CEO for North America business. The company is at an inflection point, with strong India business...

Tina Banerjee

Sun Pharma's innovative medicines drive growth, but Halol plant restrictions hinder new approvals, impacting regulatory confidence and market...

Sun Pharma appoints Kirti Ganorkar as MD and new CEO for North America business. The company is at an inflection point, with strong India business...