Sun Pharma’s growth pill coated with innovation

Specialty portfolio powers Q2; Ilumya, Leqselvi, Unloxcyt to anchor next phase

- RAM PRASAD SAHU

India’slargest pharmaceutical company, Sun Pharmaceutical Industries, reported a strong revenue performance for the July-September quarter (Q2) of 2025-26 (FY26), driven by key segments and geographies.

Better than expected margins and lower research and development spending lifted operational performance. With a robust product pipeline and sustained growth momentum across markets, several brokerages have upgraded the stock, while others have maintained their‘buy’ ratings.

Revenue for the quarter rose 8.6 per cent year-on-year (Y-0-Y), ahead of estimates, led by India (up 11 per cent) and the Rest of the World market (up 23 per cent). The US generics business continues to weigh on overall performance, but this was offset by 16 per cent growth in the global innovative medicines (specialty) portfolio.

Apart from pricing pressure on the generic version of blood cancer drug Revlimid, the company highlighted price erosion in other base business products as well. It remains uncertain when pricing conditions will stabilise.