Sun Pharmaceutical Industries Ltd has maintained its revenue guidance of high single-digit growth for the 2023-24 financial year, the pharma major's chief financial officer (CFO) CS Muralidharan told CNBC-TV18 in an interview on Thursday (November 2).
On the specialty revenue guidance for FY24, Muralidharan said that the growth in Sun Pharma's specialty business is factored as part of its overall revenue guidance of high single-digit growth.
"So we are not commenting on the specialty revenue guidance for the FY24 fiscal. However, you will recall that we did about $877 million fully in FY23. So this growth in specialty is factored as part of our overall revenue guidance of high single-digit growth."
Sun Pharma Industries' growth is driven by the company's specialty business. "In the quarter, of course, we did about $240 million with 19.3% growth over the corresponding quarter the previous year. In the first half, we did about $471 million specialty business globally with 20.2% growth. So I think we are well poised to perform well and meet our guidance," the CFO noted.
He added, "We are excited about the specialty pipeline. We have shared the current phase, what are the next milestones, and these products what we have shared, we believe have good potential as and when it comes to the market."
Speaking about the India business, Muralidharan said that growth in the India business is embedded in the overall FY24 guidance. "The growth is also driven by new products and contributions by volume and to some extent, by price."
Sun Pharma holds a 78.5% stake in Taro. The arm is listed in NYSE and has operations in the US, Canada and Israel with 1,500 employees across the globe. It was bought by Sun Pharma in 2010 after a long-drawn court battle. Taro has a portfolio of over 200 pharma products across generics, prescription and OTC.
On Sun's proposal on de-listing Taro, the CFO said that Taro's Board has appointed a special committee to look at the proposal of Sun Pharma and they are currently working on it.
"It's a public company, and the special committee is independent. They're working on it. So beyond that, we don't have any update," he said.
Sun Pharma on Wednesday recorded a topline of ₹12,190 crore, which was led by India and emerging markets. It posted a net profit of ₹2,375.5 crore, higher than CNBC-TV18's poll of ₹2,187 crore, for the July to September period.
Analysts remain bullish on Sun Pharma's growth prospects, saying the pharma major is well-positioned to reinforce its speciality franchise through the addition of new products, the expansion of its reach, and the superior implementation of its existing products.
Sun Pharma shares were trading 1.28% higher at Rs 1,130.45 apiece on the NSE today. The scrip has climbed 13.36% on a year-to-date basis, while it has risen 7.43% in the last one year.
(Edited by : Ajay Vaishnav)
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