Accmulate Sun Pharma, target Rs 873: Prabhudas Lilladher
Management guided 8-10% sales growth and EBITDA margin will be impacted with higher R&D costs of above 8% of sales,"
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| Updated: Prabhudas Lilladher maintains accumulate rating on Sun Pharma post Q4 results with a 12-month target price of Rs 873.
"With gradual progress in Rx, we believe Gleevec sales were US$100m in Q4FY16 and expect it to reach US$250m in 180-days exclusivity," said the brokerage note.
"The non-Taro sales decreased further to US$215m though Sun remains optimistic about gradual recovery of sales from Halol. Management guided 8-10% sales growth and EBITDA margin will be impacted with higher R&D costs of above 8% of sales," it said.
"With gradual progress in Rx, we believe Gleevec sales were US$100m in Q4FY16 and expect it to reach US$250m in 180-days exclusivity," said the brokerage note.
"The non-Taro sales decreased further to US$215m though Sun remains optimistic about gradual recovery of sales from Halol. Management guided 8-10% sales growth and EBITDA margin will be impacted with higher R&D costs of above 8% of sales," it said.
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