External broker reports(aggregated public sources), HDFC Securities

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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

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

<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

<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.

Global Healthcare Analyst

Tina Banerjee

<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

Thematic (Sector/Industry)

<ul>
<li>We have screened for APAC (ex-China) healthcare companies using their respective Smart Score, a compound score for a company indicating its overall outlook based on key factors.</li>
<li>Smart Score screens the stock based on five major components including value, dividends, growth, resilience, and momentum. It also provides a cumulative score, which puts equal weightage on each parameter.  </li>
<li>Parameters used to screen the stocks: market cap≥ $800M and smart score≥ 3.5. We have seen stocks having high smart score has strong growth prospects and qualify for investment proposition.</li>
</ul>


We have screened for APAC (ex-China) healthcare companies using their respective Smart Score, a compound score for a company indicating its overall outlook based on key factors.
Smart Score screens the stock based on five major components including value, dividends, growth, resilience, and momentum. It also provides a cumulative score, which puts equal weightage on each parameter.  
Parameters used to screen the stocks: market cap≥ $800M and smart score≥ 3.5. We have seen stocks having high smart score has strong growth prospects and qualify for investment proposition.


Top APAC (Ex-China) Investment Worthy Healthcare Companies Using Smartkarma’s Smart Score Screener

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

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

Top APAC (Ex-China) Investment Worthy Healthcare Companies Using Smartkarma’s Smart Score Screener

We have screened APAC (ex-China) healthcare companies with market cap≥$800M using Smartkarma’s Smart Score and picked up 2 investable ideas by...

Tina Banerjee

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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

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

Top APAC (Ex-China) Investment Worthy Healthcare Companies Using Smartkarma’s Smart Score Screener

We have screened APAC (ex-China) healthcare companies with market cap≥$800M using Smartkarma’s Smart Score and picked up 2 investable ideas by...

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...