In-line with consensus estimates, strong India offsets US gx softness; F27 guidance retained

Research evidence excerpt

In-line with consensus estimates, strong India offsets US gx softness; F27 guidance retained

UpdateMUpdate on Organon (LINK)

• Organon shareholders have approved the transaction.

• Regulatory filings have been completed across relevant jurisdictions.

• Approvals have already been received in certain countries.

• The acquisition remains on track for completion in Q4 FY27 or by early 2027.

• An integration management office is working on Day 1 preparedness.

• Sun Pharma incurred Rs1.6 bn of acquisition-related costs during F1Q27. Additional

acquisition expenses are expected in subsequent quarters. Management indicated

that these costs would be back-end loaded, with a substantial portion recognized

around transaction closing.

India business - Formulation

• Growth was broad-based across therapies, supported by prescription gains, field-

force expansion and new launches.

• Around 40% of growth came from volumes, 20% from new products and the

balance from pricing.

• Sun retained the No. 1 position in the Indian market with an 8.5% share and led

prescriptions across 12 doctor categories.

• Sun became the second-largest generic semaglutide injectable player in India. Its

autoinjector received positive feedback, with semaglutide sustaining healthy

prescription, value and unit growth.

Innovative medicines

• Global Innovative Medicines sales grew 12.9% YoY to US$351mn, led by growth

across the US and ex-US markets, including Ilumya, Odomzo and Cequa.

• Ilumya remained a key growth driver across multiple markets, while management

continued to evaluate opportunities to expand indications for the innovative

portfolio.

• Leqselvi continued to gain traction, crossing 1,000 prescribers in June and

recording its strongest month since launch, supported by improving payer access.