INSUBCONTINENT EXCLUSIVE:
IIFL has a reduce call on Sun Pharmaceutical Industries with a target price of Rs 450.
The current market price of Sun Pharmaceutical
Time period given by the brokerage is one year.
Rationale by the brokerage:
Ilumya Rx ramp-up has been slow: Sun launched its IL-23
psoriasis product, Ilumya, in the US market around 5-6 months ago
However, total prescription (TRx) ramp-up for the product has been very slow since launch, with Ilumya garnering only 180 TRxs for Feb-19
both of which were launched in Jul-17
We compared the initial launch trajectory of Ilumya and Tremfya, given that both products have the same MOA (IL-23)
generating a quarterly revenue of only US$6m
to nearly 1,200, for the product to reach our FY20 sales estimate of US$50m
