Street View: Sun Pharma's FY25 profitability likely to get hurt by higher R&D spends
** Drugmaker Sun Pharmaceutical Industries' SUN.NS Q4 profit beat analysts' avg estimate, as per LSEG data
** SUN shares down 3.7% at 1,483 rupees, among top losers in Nifty 50 .NSEI and Nifty Pharma .NIPHARM indexes, which are up 0.33% and down 1.07%, respectively
BIG SPENDS IN R&D
** Jefferies ("buy", PT: 1,785 rupees) says Q4 EBITDA was impacted by increased R&D spending in the quarter which was at 7.7% of sales vs 6.8% in Q3
** Says co's FY25 sales growth forecast of high-single digit and higher R&D spend forecast of 8-10% of sales implies pressure on profitability
** SUN said its higher R&D spending will be for expansion of its specialty portfolio
** Prabhudas Lilladher ("buy", PT: 1,640 rupees) says despite FY25's elevated costs, launch of deuruxolitinib and progress of other pipelines will boost SUN's specialty pipeline beyond FY25
** Centrum Institutional Research ("add", PT: 1,740 rupees) says U.S. market has been steady and improving its base riding on specialty business
Reporting by Varun Vyas in Bengaluru
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