BOFA ON SUN PHARMA ; UNDERPERFORM | TP ₹1,850 (EARLIER ₹1,915)

• BofA maintains Underperform rating on Sun Pharma and cuts target price to ₹1,850 from ₹1,915. • Q2 revenue grows 12% YoY; EBITDA stands at ₹4,660 crore with a margin of 28.8%. • India sales grow 17% YoY, while specialty sales rise just 7% amid slowing US Ilumya demand. • Cuts FY27 EPS estimate to ₹48.40 from ₹53.93 earlier. • Higher R&D spending and concentration in the specialty business remain key concerns.

SUN PHARMA ADV.RES.CO.LTD

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