Sun Pharmaceutical Industries
LTP: Rs 503.80
Target price: Rs 618
Expected Upside More Then Written Price
The brokerage believes the US business for Sun Pharma (excluding Taro Pharmaceuticals and Dusa Pharmaceuticals) should start growing as 92 ANDAs (abbreviated new drug applications) and 6 NDAs, which are pending approval, gradually start reflecting in incremental revenues.
Price erosion in base business is unlikely to be painful as the same is now commoditised with a median competitive intensity of eight players across its marketed ANDA portfolio.
In addition to complex ANDAs, Sun Pharma is also aggressively developing value-added generic drugs that are targeting the following segments:
1) Patients suffering from dysphagia.
2) Dosing convenience.
3) Improved health care administration.
The domestic business should deliver a low double-digit growth and outpace the Indian pharmaceutical market driven by its large exposure to the chronic segment. the brokerage said.
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