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Are injectables lucrative for Indian Pharma?

(Dec 19, 2012)

Equitymaster explains about Injectable segment for Generic companies

2QFY05: Pharma sector revisited

(Nov 8, 2004)

Be it a bull run or a free fall, pharma sector is there for investors rescue in either cases. In the performance review of June quarter, we noticed that the pharma sector cushioned investors from the disgrace of free fall of the market. In this quarter too, the pharma sector has outperformed the Sensex by almost 4%! While the BSE Sensex has risen by almost 16.4% since July 2004, the pharma index is up

Sun Pharma: Caraco effect visible

(Nov 4, 2004)

Sun Pharmaceutical declared its 2QFY05 results recently. The topline of the company grew by 10% while the growth in bottomline was 29% on a YoY basis. The improvement in bottomline was mainly due to a huge 490 basis points improvement in its operating profit margin in 2QFY05, on the back of savings made in raw material costs and other expenditure.

Sun Pharma: Other income saves the day

(Aug 26, 2003)

Speciality pharma company, Sun Pharma has announced its June quarter results recently. The company has reported a 9% increase in topline and a 14% growth in bottomline. While the operating profit margins declined, sharp growth in the other income has helped the company improve its net profit margins. In this context, let us review the performance of the company.

Sun Pharma: Steady growth…

(Oct 28, 2002)

Sun Pharma has reported over 10% growth in sales during September quarter 2002. Operating costs grew at a slower rate, consequently expanding the operating margins to 28.5%. Operating profit was up over 16% YoY during the quarter. A 43% growth in tax provisioning saw net profit growth slow down to 11% YoY.

Sun Pharma: Peer discount narrowing

(Aug 19, 2002)

Sustained improvement in operating margins (160 basis points), despite lower than expected sales growth was the highlight of 1QFY03 results of Sun Pharma. The company reported a 14% growth in sales and a 160 basis points expansion in operating margins. This has been on account of the company's conscious efforts to exit from low margin commodity bulk drug business.

Sun Pharma: 4Q hiccups

(Jun 4, 2002)

Sun Pharma has ended FY02 with 22% growth in sales driven mainly by domestic formulation sales. Operating margins jumped by 120 basis points to 26%. However, growth seems to have slowed down considering the fourth quarter numbers, which recorded a growth of 10% in topline.

Sun Pharma: Will Caraco turnaround?

(Mar 26, 2002)

Sun Pharma's stock has moved up in last couple of months mainly on the back of developments in its US vehicle, Caraco Pharma. The company's investment in this subsidiary has been widely described as a key area of concern. With new US product approvals gaining pace, the management is expecting this subsidiary to breakeven in the current year. However, it seems to be too early to decide on the company's turnaround.

Sun Pharma: 3QFY02 net up 36%

(Jan 22, 2002)

Sun Pharmaceuticals has posted a growth of 36% in net profit for 3QFY02, compared to the corresponding period last fiscal. Sales has jumped by more than 25% to touch Rs 1,968 m. On a sequential basis however, revenues have remained flat. Operating margins increased by 160 basis points to 26.5%, which is amongst the best in the industry.

Sun Pharma: Requires export boost

(Jan 4, 2002)

Yesterday, Sun Pharma announced that its US subsidiary, Caraco, has received tentative approval to market generic version of Glucophage. Glucophage is a multi billion-blockbuster diabetic product from Bristol Myers with sales currently pegged at US $ 1.8 bn annually. Caraco also announced that the company is also expecting 5 additional approvals in the current year.

Sun Pharma: Net profit leapfrogs 50%

(Oct 19, 2001)

Sun Pharmaceuticals has posted a growth of 50% in net profit for 2QFY02, compared to the corresponding period last fiscal. Sales have jumped by more than 29% to touch Rs 1,962 m. Operating margins increased by 470 basis points to 27%, which is amongst the best in the industry. The performance of the company has been far above market expectation.

Cardiovascular market: A snapshot

(Aug 4, 2001)

How often have you heard a person complaining about diabetes? Quite often, right? With increasing level of urbanization, stress index levels have moved in tandem. Diabetes, heart diseases and other life style problems are on the rise. No wonder cardiovascular market is the largest and fastest growing therapeutic segment in the global pharmaceutical market. The global cardiovascular market is estimated to be US$ 46 bn, which is around 10% of the world pharma market and is clocking double-digit

Sun Pharma: Outsmarting the industry

(Aug 4, 2001)

A look at Sun Pharma’s financial spreadsheet leaves you highly impressed with the company’s performance in the last decade. The company has been consistently logging twice the industry growth rates, operating margins continue to be amongst the best in the industry and RoCE continues to be efficient. The chart below shows historical comparison of operating margins with some other leading pharma companies.

Sun Pharma: Outpacing continues

(Jul 30, 2001)

Sun Pharma has reported a net profit growth of 34% in 1QFY02 mainly on the back of better product mix. Operating margins have inched up further to 27.9%, increasing by 80 basis points. Operating margins of the company continue to be the best in the industry, due to strong brand presence in high margin cardiovascular segment.

Does DPCO hurt innovation?

(May 22, 2001)

The Drug pricing control order (DPCO) was introduced by the government in 1970 with an objective to make essential drugs affordable. Over the years, these controls coupled with consumer price sensitivity in the domestic pharma markets have become a dampener for new product innovations. The average cost of bringing one new medicine to the market is about US $ 500m and it takes an average of 12-15 years as per international standards to develop it. Quite obviously, companies recover such huge rese

Sun Pharma does it again!

(Apr 19, 2001)

Sun Pharma has done it again. Mainly on the back of a better product mix, the company reported an increase in net profit of 49.2% against less than proportionate growth in topline. This numbers exclude the merger with Pradeep Drug Company Ltd and also Sun Pharmaceutical Advanced Research Centre Ltd, which is the research arm of the company.

Impressive results from Sun Pharma

(Jan 16, 2001)

Sun Pharma has reported a 49% growth in net profits in the third quarter of the current year on the back of a 41% growth in the topline. Formulations, which account for 66% of the company’s turnover grew by 39% in the third quarter while bulk drugs grew by 43%. Sun Pharmaceuticals manufactures formulations in niche segments such as psychiatry, cardiovascular, gastroentology and neurology.

Sun Pharma: Wishing away the clouds

(Dec 23, 2000)

It has been one of India’s fastest growing pharmaceutical companies. Over the last two years it has managed to grow its topline by over 30 percent year on year when the overall pharma industry has grown by not more than 12 percent per annum. Last year the company achieved a 33 percent growth in turnover, a 20 percent pretax margin and a return on networth of 24 percent. A fantastic performance by any standard. The company in question: Sun Pharma. Let’s take a look at what’s behind the company’s

Sun Pharma: Impressive results, attractive valuation

(Oct 19, 2000)

Sun Pharma has reported results as per expectations with net profits up 41% on the back of 35% growth in the topline. The topline has been led by a 79% increase in bulk drug sales apart from a 20% increase in the formulation sales. This is due to the fact that Gujarat Lyka (which produces bulk drugs) has been amalgamated with Sun Pharma in the current year. This also explains the drop in operating margins since the contribution of bulk drugs to the total turnover has increased to 32% in the curr

Caraco’s losses hit Sun Pharma’s valuation

(Sep 27, 2000)

Sun Pharmaceuticals manufactures formulations in niche segments such as psychiatry, cardiovascular, gastroentology and neurology. It has been among the fastest growing pharmaceutical companies over the last three years. The promoters hold around 74% of the equity of the company.


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