Morgan Stanley has reiterated its overweight rating on Sun Pharma with a target price of ₹1,948, citing its strong domestic positioning and expanding specialty portfolio. The brokerage expects the company to outpace the Indian pharmaceutical market, driven by its chronic-heavy portfolio, consistent volume growth, new launches, and stronger prescriber engagement.
The company is preparing for a Day-1 entry into India’s Semaglutide (GLP-1 injectable) market, which could add a new growth driver. In the specialty segment, Leqselvi is witnessing strong early uptake, while Ilumya remains a key anchor with a PsA filing expected by 2025. Unloxcyt’s planned US launch in the second half of FY26 is seen as another potential scale-up.
Morgan Stanley added that Sun continues to actively scout Phase II and Phase III assets for acquisition to further build out its specialty portfolio. It also noted that Sun’s exposure to the US government’s Medicaid-focused MFN rules remains minimal, reducing regulatory risks.
Disclaimer: The views and recommendations made in this article are those of Morgan Stanley. This article does not constitute investment advice. Investors should consult their financial advisors before making any investment decisions.
