Sun Pharma: Is the Street Undervaluing its Billion Dollar Innovation Engine? Nidlegy‘s Return a Timely Booster!

研报英文原文证据摘录

Sun Pharma: Is the Street Undervaluing its Billion Dollar Innovation Engine? Nidlegy‘s Return a Timely Booster!

Nandan Kulkarni +91 22 6842 1436 nandan.kulkarni@bernsteinsg.com 29 July 2026

The 27 July refiling is therefore a positive development for Sun Pharma and, in our view, puts FY28 on track to become the next

major regulatory catalyst period. We expect EMA validation in the near term, followed by Day 120 questions in early CY27 and a potential

CHMP opinion between late CY27 and Q11CY28. A positive CHMP recommendation would, we believe, be the most important stock

catalyst as it would materially improve the probability of European approval. We estimate the earliest approval could come around mid-

CY28, supporting a potential launch in FY29, while meaningful revenue contribution is more likely from FY29-30 following country-level

pricing and reimbursement negotiations. The more important aspect, in our view, is the strategic value, which we believe remains largely

unappreciated by the Street. Nidlegy would strengthen Sun's emerging onco-dermatology franchise alongside Odomzo and UNLOXCYT,

while leveraging Organon’s broader European commercial footprint. It also adds another growth lever within Sun's roughly $1.2 billion

innovative medicines business. We believe Nidlegy is particularly well positioned for patients with injectable disease who are unable or

unwilling to receive systemic checkpoint therapy, with its four-week treatment course and lower systemic immune toxicity representing

meaningful differentiators.

EXHIBIT 1: Nidlegy’s short, locally administered course and lower systemic toxicity should drive preference among eligible

patients

Therapy Setting and regimen Key efficacy evidence Safety and treatment burden