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Sun Pharma-Pharma company with global expertise!



About Sun Pharma

Sun Pharma is the 4 th largest pharmaceutical company in the world. The company specializes in a comprehensive, diverse, and highly diverse portfolio of generic and specialty medicines targeting a varied spectrum of chronic and acute treatments. Sun Pharma was first established in the year 1983 with 5 psychiatry products and 2 person marketing team. The first manufacturing facility was set up at Vapi, Gujarat. In the year 1988, it launched its first cardiology medicines named Monotrate and Angize.

Let us see a road map of milestones of Sun Pharma


The business model of Sun Pharma

A glimpse of Sun Pharma’s growth highlights

Global presence Operates in 100+ countries
Diversified business Specialty generics, branded generics, APIs
Scaled-up operations in over 80 countries Focused therapy approach, commercial infrastructure in key markets
US Generics 9th largest in the US generics market
In India Industry leader
Emerging markets Manufacturing footprint
Outside India Expanding presence in Ex-US developed markets
43 manufacturing sites across the world Global clinical trial expertise, Generic capabilities across injectables, sprays, ointments, creams, liquids, tablets, and capsules
Quality compliance Several facilities approved by global regulators including USFDA
R&D Global clinical trial expertise, Generic capabilities across injectables, sprays, ointments, creams, liquids, tablets and capsules
Employees Global clinical trial expertise, Generic capabilities across injectables, sprays, ointments, creams, liquids, tablets, and capsules

The product portfolio of Sun Pharma

As the company is very diversified around the world with scaled-up operations in 80 + countries. We will see the global specialty portfolio:

  • ILUMYA and ILUMETRI – Used for the treatment of adults with moderate to severe psoriasis who are also candidates for phototherapy
  • WINLEVI- Topical treatment of Acne in patients of 12 years and older.
  • LEVULAN KERASTICK + BLU-U- For photodynamic therapy of minimal to moderately thick actinic keratoses.
  • ABSORICA LD- Treatment of severe recalcitrant nodular acne in non-pregnant patients
  • ODOMZO- Treatment of adult patients with locally advanced carcinoma
  • CEQUA- To increase tear production in patients with dry eye
  • BROMSITE- Treatment of postoperative inflammation and prevention of ocular pain in patients post cataract operation
  • XELPROS- Reduction of intra-ocular pressure in patients with open-angle glaucoma.
  • YONSA- In combination with methylprednisolone for the treatment of patients with metastatic castration-resistant prostate carcinoma
  • SEZABY- First and only medicine approved by USFDA for treating seizures in neonatal patients
  • KAPSPARGO SPRINKLE – For patients with. difficulty swallowing, cardiology

Sun Pharma has been exhibiting a diversified portfolio with a focused approach to Dermatology, Ophthalmology, and Onco Dermatology. While the Global portfolio comprises markets from all over the world, the largest part of sales is derived from the US market.

We will be looking into their global market segment.

Sun Pharma in the USA

USA Formulations contribute 30% of the total revenue in FY22.

Dermatology segment Ranked 2nd among prescriptions in the US dermatology market
Comprehensive portfolio 517 Abbreviated new drug applications and 54 new drug applications approved
Robust pipeline 96 ADNA and 13 NDA in the pipeline for approval
Market presence Specialty, Generics, and OTC segments
Flexible manufacturing Integrated manufacturing
Versatile dosage forms Specialty, Generics, and OTC segments

Another important milestone is Acquiring concert Pharma giving access to deuruxolitinib for Alopecia Areata and launching Sezaby in the US in FY23.

Sun Pharma in India

Market position Largest pharma company in India with 8.5% market share
Prescription ranking Ranked no.1 by prescriptions with 12 classes of prescribers
Chronic segment Strong positioning in the acute segment
Acute segment Strong positioning in acute segment
Product offering Technically complex products and complete therapy basket
Strong brand positioning 33 brands in 300 Pharma brands in India
Sales strength Market leader in the chronic segment

Let us see a graph illustrating Market share in India regarding formulation sales as of December 2022.

The revenue progression in the Indian market can be noticed in the following chart.

Sun Pharma in Emerging Markets

Sun Pharma comprises 18% of FY22 revenue from emerging markets such as Romania, Russia, South Africa, Brazil, and Mexico. The product portfolio comprises an extensive range of branded generics. The company has established local manufacturing in 7 countries.

Sun Pharma in the rest of the world

The revenue from countries like Canada, Japan, Australia, Israel, Hungary, Western Europe, and New Zealand contributes 18% of FY22 revenue. The focus is on developing and commercializing complex generics and differentiated products.

  • In Japan, the company acquired 14 established prescription brands from Novartis in 2016, Pola Pharma in 2019, and launched Ilumya ( a drug to treat plaque psoriasis) in 2020.
  • In Canada, the company launched Ilumya in 2021 and Cequa (eyedrops to reduce dry eye) in 2022.

Now, let us discuss the key financials of Sun Pharma

Key Financials of Sun Pharma

Particulars FY21 FY22 FY23
Revenue 34333.66 39576.00 44520.2
Expenses 27228.1 30527.86 34940.32
Profit for the period 2284.68 3405.82 8560.84
EPS 12 14 35
ROE 15.13 6.81 6.24
Debt to equity 0.11 0.02 0.07
Dividend/ share 7.5 10.0 7.5

From the earnings call transcript that happened on May 26, 2023,

  • The consolidated sales grew by 12.6% to Rs.432, 789 million, driven by strong performance across markets led by the USA, India, emerging markets, and the rest of the world markets.
  • The EBITDA grew by 12% and adjusted net profit grew by 12.8%.
  • The global specialty sales ramped up by 29.3% in FY23 to reach US$871 million.
  • For Q4FY23, the global specialty revenue increased by 31.7%
  • Specialty R&D accounted for 31.7% of the total R&D spent.
  • On January 23, Sun Pharma announced the launch of SEZABY in the US for the treatment of neonatal seizures.
  • Sun Pharma has a strong net position of about 1.5 Billion $ in March 2023.

Having discussed key financials let us see how the company’s R&D is performing in contributing to innovation and research.

R&D of Sun Pharma

The company has been spending 6.2% of sales on R&D. The current generic pipeline for the generic market includes 97 ANDAs and 13 NDAs waiting for approval from US FDA. The specialty pipeline of Sun Pharma is illustrated below chart.

Asset Indication Route of administration Mechanism of action Liposomal intra-articular lubrication
CTP-543 Alopecia areata Oral JAK Inhibitor 3
Ilumya Psoriatic Arthritis Injection IL-23 Antagonist 3
SCD-44 Psoriasis, Atopic Dermatitis Oral Selective SIPR1 2
MM-II Pain in osteoarthritis Injection GLP-1R Antagonist 3
GL0034 Type 2 diabetes Injection GLP-1R Antogonist 1

The global headcount of R&D is approximately 2700 headcount with a strong team of intellectual property experts.

Manufacturing facilities of Sun Pharma

Corporate governance of Sun Pharma

Lead independent director- Dr.Pawan Goenka Former MD and CEO of M&M. Recognised as leader and statement of Indian corporate sector
Independent director- Gautam.B.Doshi Former MD and CEO of M&M. Recognised as leader and statement of the Indian corporate sector
Independent diector- Rama Bijapurkar Former MD and CEO of M&M. Recognised as leader and statement of the Indian corporate sector
Independent director- Sanjay Asher Independent management consultant & professor of Management Practice at IIM Ahmedabad

Key deals acquired by Sun Pharma

Year Deals Country
2023 Launched Sezaby US
2022 Acquired concert Pharma US
2022 Acquired Uractiv portfolio Romania
2022 Taro ( Sun’s subsidiary) acquires Alchemee business US, Japan, Canada
2021 License agreement for Winlevi US, Canada
2020 Out licensing agreement with Hikama for Ilumya Middle east, North Africa
2020 License agreement with SPARC Global
2019 Out licensing agreement with AstraZeneca Mainland China
2019 Required pola pharma Middle East, North Africa
2018 Acquired pola pharma The license agreement with CMS
2016 Acquired global rights for Cequa, Odomzo Global
2016 Acquired Biointez Russia
2016 Out licensing agreement with Almirall Europe
2016 Acquired 14 brands from Novartis Japan
2015 Acquired Insite vision US
2015 Sun Pharma- Ranbaxymerger Global market
2014 In licensing agreement with Merck Global markets
2014 Acquired pharmalucence US
2012 Acquired DUSA Pharma US
2010 Acquired Taro Pharma Israel
1997 Acquired Caraco US

How is Sun Pharma at the pinnacle of performance?

Business in the USA

The company plans to enhance its share of specialty and branded business, focusing on complex generics and high entry barrier segments. It also plans to offer broad product offerings to customers across all dosage forms.

Business in India

The company plans to focus on productivity enhancement, maintain a leadership position, invest more in R&D, and maintain good rapport with doctors.

Global consumer healthcare

The company strives to maintain leadership in existing markets and enhance its presence in high-growth markets.

Stock market performance of Sun Pharma

The return generated by Nifty 50 in 1 year is 20.45% and the return of Sun Pharma in the same year is 18% which is almost the same indicating the Company is growing in sync with Nifty which rules out a divergence between the index and the company.

Shareholding pattern

Promoter holds 54.48% of the total share, and FII holds 16.88%. The shares held by Mutual funds, the Public, and others contribute 12.91%, 9.38%, and 6.4% respectively. Sun Pharma looks attractive to investors owing to major shares held by promoters.

As we discussed in the article Sun Pharma promises prospective growth among investors due to the following reasons:

  • Sun Pharma promises growth highlights with global expertise in 100 countries with special expertise in branded generic expertise and APIs
  • The operations are spread across 80 + countries with a robust global product portfolio including treatments for Psoriasis to locally advanced carcinoma.
  • The USA formulation contributes 30% of total revenue, and the Indian formulation comprises 33% of total revenue. This wide expansion in the USA makes Sun Pharma a unique and pivotal brand in the US market
  • The series of acquisitions benefit the company and provide long-term growth in the specialty segment.
  • The company spends around 6.2% of revenue on R & D which ignites innovations in specific therapies that gain interest worldwide. Hence the growth prospects of the company are very bright which means Sun Pharma will remain the Pharma leader in India and around the world.

For more interesting stock analysis keep following US!

Finance World

Why Muthoot Finance is not affected by the small cap and mid cap fall?



This week, if you’ve been keeping an eye on the stock market, you might’ve noticed something unusual. While the small cap and mid cap markets took a serious dive, Muthoot Finance seemed to just avoid it, falling by a mere 2%. So, what’s their secret?

What is the business of Muthoot Finance?

First up, Muthoot Finance has a strong foothold in gold loans. Now, why does this matter? Well, when other investments seem risky, people tend to fall back on gold because it’s considered a safer bet. With gold prices staying high, Muthoot’s gold loan business is like a stable ship in a stormy sea.

Muthoot Finance target price by Kotak

Kotak Institutional Equities is pretty optimistic about Muthoot, recommending a “buy” with a target of Rs 1,500. They think Muthoot is in a prime spot to grab a bigger slice of the gold loan market. Plus, with some Non-Banking Financial Companies (NBFCs) hitting a rough patch, Muthoot has a clear ground to expand and grow further. Unlike NBFC, Muthoot has a strong ground presence with offices and branches, they have physical repo with their customers, unlike NBFC who operate from AC offices.

New Friends and New Frontiers

Muthoot isn’t just sitting pretty with its gold loans; it’s also making moves. It teamed up with Evfin to finance electric two-wheelers across India. And there’s more – Muthoot FinCorp has brought Veefin Solutions on board to kick off supply chain finance operations. This means they’re planning to lend a hand to small and medium businesses, helping them keep the wheels turning. So, its a great news that Muthoot is expanding into fields that are not dependent on gold loans alone.

Spreading Their Wings

Muthoot Microfin, a part of the Muthoot Group, is pushing into new territories too. They’ve just set foot in Telangana and have their sights set on Andhra Pradesh next. This move is about bringing more people into the financial fold, especially in places where banking services might be hard to come by. This gives an edge to Muthoot over banks and NBFC.

Are you wondering whether to invest in Muthoot Finance or Manappuram Gold? Take a look at this:

So, What’s the Deal?

While the market’s mood swings have sent some companies into a pit, Muthoot Finance has managed to stay stable. Thanks to its focus on gold loans, strategic partnerships, and expansion plans, it’s not just surviving; it’s set to thrive. So, while the rest of the market might be catching its breath, Muthoot is marching on, steady as ever.

Keep following us for more such latest news on TradeAlone.

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Finance World

Infibeam Avenues Ltd expands into the US Market with an Acquisition



Hello, digital pioneers and fintech enthusiasts! Let’s dive into a groundbreaking announcement for Infibeam. Infibeam Avenues Ltd, an AI-powered financial technology, is embarking on an exciting journey by acquiring a 20% stake in XDuce. XDuce is a mastermind in enterprise Application and AI development based in the United States. This bold move involves an investment of USD 10 million. This also marks a significant milestone in Infibeam Avenues Ltd’s global expansion narrative.

XDuce: A Hub of Innovation

Nestled in the heart of New Jersey, XDuce boasts a team of over 150 software developers. They’re a team behind the curtain for marquee clients like Bank of America and Morgan Stanley, to name a few. XDuce’s expertise in business application implementations and transformation is nothing short of legendary in the financial and insurance sectors of North America.

A Fusion of Giants

So, what happens when Infibeam Avenues Ltd and XDuce comes together? Infibeam Avenues Ltd wants to merge it’s AI Solutions and CCAvenue Payments business into the network that XDuce has built. This collaboration is about expanding business footprints, revolutionizing how AI-driven technologies are employed in fraud detection, authentication, and risk identification in the financial sector of the US.

Redefining Financial Technology

Imagine a world where transaction fraud is no longer a looming threat, thanks to state-of-the-art AI technologies. That’s the vision Mr. Jay Dave, CEO of XDuce, and Mr. Rajesh Kumar SA, CEO of Phronetic.AI, share. By integrating PhroneticAI abilities with XDuce’s solutions, they will offer businesses and consumers in the US with security and efficiency.

The Road Ahead

According to Mr. Vishwas Patel, Joint Managing Director of Infibeam Avenues Ltd, international business currently contributes less than 10% to the company’s total revenue. But with strategic moves like this, they’re aiming for international business to soar to 30% of total revenue in the coming years.

Infibeam Avenues Ltd at a Glance

Infibeam Avenues Ltd is at the forefront of offering digital payment solutions and enterprise software platforms across the globe. With a transaction worth INR 4.5 trillion (US$ 54 billion) processed in FY23, and a client base of over 10 million. Spread across digital payments and enterprise software platforms, they’re leading digital revolution.

Wrapping Up

The strategic investment in XDuce is a bold step towards Infibeam Avenues Ltd’s vision of global expansion and innovation.

Stay tuned with Tradealone, as we continue to follow this exciting journey of Infibeam Avenues Ltd. Stock price for Infibeam closed 7% up today. We also see a continues profit growth for Infibeam Avenues over the past 4 years. Although, we cant recommend a buy or sell call for the stock, however we feel this stock deserves your attention.

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Finance World

Satin Creditcare Expands its Reach by entering Telangana and Andhra Pradesh, stock has doubled so far this year



In a country where financial inclusion remains a major yet challenging goal, the expansion of services to underbanked regions marks a significant step forward. Satin Creditcare Network Limited (SCNL), a leading name in microfinance, announces its strategic entry into Telangana and Andhra Pradesh. This move not only amplifies SCNL’s presence to 26 states and union territories across India but also underlines its commitment to empowering the economically marginalized communities with vital financial services.

A Leap Towards Nationwide Financial Inclusion: SCNL’s mission to drive financial inclusion is more than just a business expansion; it’s a pledge to reach the unreached. The opening of two new branches in Telangana (Warangal and Huzurabad) and one in Kadiri, Andhra Pradesh, is a testament to SCNL’s dedication to making financial services accessible to all, especially in rural and semi-urban areas where banking facilities are scarce.

Why Telangana and Andhra Pradesh?

The choice of Telangana and Andhra Pradesh for SCNL’s latest expansion is strategic. Both states have shown promising economic growth yet house significant populations that lack access to basic financial services. By stepping into these states, SCNL aims to fill this gap, offering microfinance solutions that can serve as a catalyst for economic empowerment and sustainable development. Moreover, Telangana is a fast growing hub for Pharma industry as the state capital Hyderabad leads the way.

SCNL’s Blueprint for Empowerment

SCNL’s approach to empowerment through financial inclusion is holistic. Focused on rural India, with 76% of its operations dedicated to rural communities across 97,000 villages, SCNL is not just providing financial services but is also contributing to the rural economy’s growth. This expansion is a stride towards enabling access to credit for the underserved, thereby fostering an environment of economic resilience and growth.

A Message from the Leadership

Mr. HP Singh, Chairman cum Managing Director of SCNL, remarks, “Our expansion into Telangana and Andhra Pradesh is a significant milestone in our journey towards a financially inclusive India. It’s not merely about increasing our geographical footprint; it’s about touching lives, empowering the marginalized, and contributing to the nation’s economic fabric. We’re here to make a difference, one individual, one community at a time.”

Ashirvad Microfinance is a fast growing company as well. Check it out if you are interested.

Beyond Expansion – A Look at SCNL’s Innovations

SCNL’s innovations extend beyond traditional microfinance. The institution’s portfolio includes loans to MSMEs, affordable housing loans through its subsidiary Satin Housing Finance Limited (SHFL), and the commencement of MSME business through Satin Finserv Limited (SFL). These initiatives demonstrate SCNL’s commitment to diversifying financial solutions that cater to various needs of the underserved.

The Road Ahead for SCNL

As SCNL carves new paths in Telangana and Andhra Pradesh, the future looks promising. This expansion is not just about growth but about deepening the impact of financial inclusion across India. With continued innovation and a steadfast commitment to its mission, SCNL is poised to create significant strides in empowering communities and fostering economic development across the country. Moreover, the stock price for Satin Creditcare has almost doubled in the last one year.

Conclusion: SCNL’s expansion into Telangana and Andhra Pradesh marks a new chapter in its mission to facilitate financial inclusion across India. By reaching out to the economically marginalized sections of society, SCNL strengthens its role as a catalyst for economic empowerment and sustainable development. As we watch this journey unfold, the prospects for a financially inclusive India appear brighter than ever. Despite that we do not see any positive signs from the revenue and profit growth of the company over the last 5 years. Thus, we feel that investors must be cautious while investing here.

Remember that microfinance companies also face competitions from the major banks. However, as this move is towards uncharted regions of Telangana and Andhra, we do not think that the banks would pose any risk to Satin Creditcare.

Call-to-Action: We invite you to join the conversation: How do you think SCNL’s expansion will impact financial inclusion in Telangana and Andhra Pradesh? Share your thoughts and insights in the comments below. Let’s discuss how financial empowerment can transform lives and communities. Also, please follow Tradealone for more such latest updates.

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