汇丰：太阳制药（SUNP.IN）-印度股市公司研究：新品投入推高成本 前景仍具韧性-250801（中译版）（12页）.pdf

1、 Disclosures&Disclaimer This report must be read with the disclosures and the analyst certifications in the Disclosure appendix,and with the Disclaimer,which forms part of it.Issuer of report:HSBC Securities and Capital Markets(India)Private Limited View HSBC Global Investment Research at:https:/ Cl

2、ick toviewHesitantbullsofsummer|The20theditionoftheEMSentimentSurvey Despite low spend in 1Q,Sun expects costs to rise as plan for incremental spend of USD100m in FY26 remains intact We think strong growth in India segment and scale-up in innovative products sales will offset spend on new launches W

3、e expect healthy operational pick-up though higher tax will hit PAT;retain Buy and cut TP to INR1,850(from INR1,895)Lower costs aided EBITDA in 1Q:Revenue at INR138.5bn grew 9.5%y-o-y(in-line with HSBCe),helped by healthy growth across most segments.The India segment(34%of 1Q revenue)stood out with

4、revenue growth of 13.9%vs market growth of c8%.US sales at USD473m grew 1.5%y-o-y in USD terms,led by growth in innovative products sales,while generics sales(excluding gRevlimid)fell y-o-y and q-o-q.As per Sun,gRevlimid sales in 1Q were moderately higher than sales in 4Q(we assume USD20-25m of gRev

5、limid sales for 1Q vs USD8-10m in 4Q).Global Innovative Medicines(IM)sales(erstwhile Specialty segment)of USD311m grew 16.9%y-o-y.EBITDA margins(incl.other op.income,but excl.FX)were 29.4%(up 49bp y-o-y and 297bp q-o-q),helped by better gross margins and lower operating costs.Despite low spend in 1Q

6、,Sun expects costs to catch up and it retains guidance for incremental spend of USD100m for FY26 for launches of Leqselvi and Unloxcyt.PAT at INR22.8bn(-19.6%y-o-y)had one-offs of INR7.2bn and an FX gain of INR2.3bn.Adj.PAT at INR27.7bn was c8%below HSBCe.Outlook intact despite near-term cost build-