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Sun Pharma – Halol Import Alert, Expect Low To Mid Single Digit EPS Impact: Systematix


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Systematix Research Report

The U.S. Food and Drugs Administration import alert issued at Sun Pharmaceutical Industries Ltd.’s largest manufacturing facility – Halol – was unexpected, but the potential adverse impact on consolidated earnings will be very much contained owing to product exemptions and scale which Sun Pharma has built in the U.S. through its specialty launches.

Potentially, an unexpected high value complex generic launch in the U.S. may offset this adverse impact. Sezaby is one such potential high value launch which can be material and help Sun Pharma offset this impact.

Sezaby will be manufactured at Baska facility near Halol. About 14 products which are exempted from import alert contribute approximately 50% of sales from Halol to the U.S.

We estimate a higher decline ($90 million) though in FY24E which assumes incremental impact of withdrawal of exemption on certain currently exempted products.

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