In the past one month, the stock underperformed the market and fell 8 per cent, as compared to 5 per cent decline in the S&P BSE Sensex till Friday.
In another development, drug major Sun Pharma
is looking to expand its specialty business across different regions like Greater China and Japan after having established presence in the US market, as per the company's Annual Report for 2019-20.
Sharing information with shareholders, Sun Pharmaceutical Industries Managing Director Dilip Shanghvi said the company's strategy of developing the specialty business as an additional growth engine has started delivering results, with a gradual ramp up in specialty revenues, news
agency PTI reported.
The management expects this momentum to continue over the next few years even as the Covid-19 pandemic and lockdowns may throw up some uncertainties in the near-term. The specialty business is also helping the company to move up the pharmaceutical value chain and bring in more innovation to its business.
"Sun expects some specialty products to achieve breakeven by FY22e. We believe traction in Ilumya is key to drive operating leverage and margin expansion. The product’s advantage (lower dosing frequency, better safety profile) over peers should prove to be beneficial in the longer term. Contribution from US and non-US markets
will be keenly monitored," analysts at HDFC Securities said in June quarter results update.
At 02:40 pm, Sun Pharma was trading 4 per cent higher at Rs 508 on the BSE, as compare to 1.5 per cent rise in the S&P BSE Sensex. A combined 10.5 million equity shares had changed hands on the counter on the NSE and BSE till the time of writing of this report.