Sun Pharma Margins miss; specialty operating leverage to drive gains ahead

研报英文原文证据摘录

Sun Pharma Margins miss; specialty operating leverage to drive gains ahead

Bansi Desai, CFA AC Asia Pacific Equity Research

(91 22) 6157 3581 24 May 2026 J P M O R G A N

bansi.desai@jpmorgan.com

from Ilumya, Cequa, Odomzo, and Winlevi across US and ex-US markets. Unloxcyt was

launched in 4Q with positive physician feedback, with doctors noting expected efficacy

and absence of immune-mediated adverse events given its mechanism preserving PD-L2

functioning; good uptake has been observed in cancer centers. Leqselvi has achieved

majority US market access as of April 1, 2026, and management believes a new

competitor could help grow the overall market, creating opportunities for Sun. On

biosimilar Stelara (discounting at ~90%), management noted some formulary changes

but no observed impact on Ilumya, as its Part B reimbursement channel is unaffected by

cross-channel pricing negotiations. EM formulations grew 17% YoY to $306mn and

RoW rose 10% YoY to $220mn.

• Key call takeaways: 1) FY27 guidance: high single-digit top-line growth; R&D at 6-7%

of sales; effective tax rate ~25%; Cash is $3.2bn. 2) Ilumya BLA for psoriatic arthritis

accepted by US FDA; PDUFA date is in late October 2026; for GL0034 the company

expects a Phase 2 top-line readout in 2HCY27. 3) Phase 3 trial for Leqselvi in adolescents

underway; life cycle management being explored for Levulan. 4) New greenfield sterile-

only facility in Madhya Pradesh for global supply – not solely for compliance. 5) Tariffs

on branded innovation drugs (April announcement, July/September timelines) is

expected to have marginal impact; mitigation alternatives being explored. 6) Organon

Integration Management Office established; regulatory filings in progress for 4Q FY27

completion.