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Business Upturn
14-07-2025
- Business
- Business Upturn
Morgan Stanley turns selective on Indian pharma, initiates call on Sun Pharma, Lupin, DRL, CIPLA shares
By Markets Desk Published on July 14, 2025, 07:45 IST Morgan Stanley has initiated coverage on India's four largest pharmaceutical companies by market capitalization — Sun Pharma, Lupin, Dr. Reddy's Labs (DRL), and Cipla — with a broadly cautious outlook. Among them, only Sun Pharma has been rated 'Overweight', while the others are rated Equal-weight or Underweight due to sectoral headwinds and moderating earnings growth. The brokerage expects earnings growth for these large-cap pharma players to taper over FY25–27. However, strong balance sheets across the board should allow continued investment in high-potential areas such as peptides, specialty drugs, and biosimilars. Sun Pharma stands out for Morgan Stanley due to its chronic-heavy India business, strong U.S. specialty portfolio, and healthy balance sheet. The brokerage has set a target price of ₹1,960 on the stock and sees continued traction in branded products like Ilumya, Cequa, and Winlevi in the U.S. market as key drivers of profitability. Lupin has been rated Equal-weight with a target price of ₹2,096. Morgan Stanley expects a strong first half in FY26, helped by generic launches. However, it flagged potential U.S. pricing pressures as a risk in the second half, especially on key products that have limited exclusivity. Dr. Reddy's has also been rated Equal-weight, with a target price of ₹1,298. The firm is expected to face a revenue tapering from generic Revlimid, a high-margin product, in FY26. However, Morgan Stanley sees a potential upside surprise from semaglutide (a diabetes and weight-loss drug) if ramp-up occurs faster than expected. Cipla has received the most cautious outlook, rated Underweight with a target price of ₹1,400. Morgan Stanley forecasts a -2% EPS CAGR over FY25–27, citing base pressure from gRevlimid and fewer high-margin pipeline products coming through. 'FY26 is shaping up to be a transition year for India pharma majors. Portfolio mix shifts, patent cliffs, and competition risks will differentiate performance — and investors will need to be selective,' Morgan Stanley said. The brokerage emphasized that structural trends remain positive for India pharma in the long term, particularly with increasing investments in complex generics and biologics, but near-term earnings momentum may soften. Ahmedabad Plane Crash Markets Desk at
Time of India
26-06-2025
- Business
- Time of India
LITU alumnus Kirti Ganorkar is Sun Pharma's MD
1 2 3 Nagpur: Kirti Ganorkar, an alumnus of LIT University's batch of 1988, has been appointed as the managing director of Sun Pharmaceutical Industries Ltd. Ganorkar joined Sun Pharma in 1996 and has held various leadership roles across business development, marketing, M&A, new product introduction, project management, IP and litigation. He has played a pivotal role in driving Sun Pharma's foray into specialty by securing rights for key products such as Ilumya. Ganorkar led Sun Pharma's entry into Japan and laid initial groundwork for the company's Europe entry. He has impactfully led Sun Pharmaceutical's US business with stewardship of several notable generic programmes from concept to commercialisation. He has been heading the India Business at Sun Pharmaceuticals since June 2019. Under his leadership, Sun Pharma's India Business has grown consistently, further increasing its market share. Laxminarayan Innovation Technological University, since its inception as LIT in 1942, has given the global industry several towering stalwarts. The year 2025 has been a momentous one for LIT University alumni. Earlier this year, Subramanian Sarma, an LIT University alumnus of 1979 batch of chemical engineering was appointed as the deputy managing director of Larsen & Toubro (L&T). Each year, LIT University reinforces its position as one of the most premier institutes in chemical engineering and technology by producing such stalwarts.
Business Standard
16-06-2025
- Business
- Business Standard
Sun Pharma appoints Kirti Ganorkar as new MD
Sun Pharmaceutical Industries announced the appointment of Kirti Ganorkar as the managing director (MD) of the company, effective 1 September 2025, for a term of five years. This move is part of a "structured and forward-looking succession planning process," the company stated, aimed at ensuring leadership continuity. The appointment is subject to shareholder approval at the upcoming Annual General Meeting. Dilip Shanghvi, the current managing director, will step down from the role and transition to executive chairman of the board. In his new capacity, Shanghvi will dedicate his efforts to bolstering Sun Pharma's high-growth specialty portfolio and providing strategic oversight for the company's long-term vision. Ganorkar, a Sun Pharma veteran who joined the company in 1996, has been instrumental in the company's growth. He has successfully spearheaded the India business since June 2019, significantly increasing market share. His extensive career at the pharmaceutical major includes key leadership positions across business development, marketing, and M&A. Notably, he played a pivotal role in driving the company's foray into the specialty drug market by securing rights for innovative products like Ilumya and overseeing its initial expansion into Japan and Europe. Commenting on the appointment, Dilip Shanghvi said, "Kirti has consistently demonstrated effective leadership managing diverse roles at Sun. I have a firm belief in his ability to lead the company into its next phase of growth." In another significant development, the company also announced changes within its North American operations. Abhay Gandhi, president & CEO for North America, is departing to pursue other interests. He will be succeeded by Richard "Rick" Ascroft, a seasoned biopharmaceutical executive boasting over three decades of experience. Ascroft previously served as senior vice president at Takeda Pharmaceuticals, heading the U.S. Plasma-Derived Therapies business unit. Aalok Shanghvi, Whole-time Director and Chief Operating Officer, will now also oversee the North America business, with Ascroft reporting directly to him. Meanwhile, the company confirmed that the USFDA conducted a Good Manufacturing Practices (GMP) inspection of its Halol facility in Gujarat, India, from 2 June to 13 June 2025. Upon the conclusion of the inspection, the USFDA issued a Form-483 with 8 observations. The companys consolidated net profit declined 19% to Rs 2,149.88 crore, despite an 8.5% increase in revenue from operations to Rs 12,815.58 crore in Q4 FY25 over Q4 FY24. Sun Pharmaceutical Industries is the worlds leading specialty generics company with a presence in specialty, generics, and consumer healthcare products. It is the largest pharmaceutical company in India and is a leading generic company in the US as well as global emerging markets. Shares of Sun Pharmaceutical Industries shed 0.60% to Rs 1,678.65 on the BSE.
United News of India
14-06-2025
- Business
- United News of India
Sun Pharma appoints Kirti Ganorkar as new MD
Mumbai, June 14 (UNI) Pharma major Sun Pharmaceutical Industries said that it has appointed Kirti Ganorkar as the Managing Director of the company effective September 1, 2025, succeeding Dilip Shanghvi to the job. The entire business and all functions will be reporting to Ganorkar. This appointment is subject to approval of the shareholders at the upcoming annual general meeting, the company release said. The announcement marks the culmination of a structured and forward-looking succession planning process at Sun Pharma, underscoring the organisation's commitment to leadership continuity and strategic governance. Ganorkar has been heading India Business at Sun Pharma since June 2019. Under his leadership, the company's India Business has grown consistently, further increasing its market share. Previously, he has held various leadership roles across business development, marketing, M&A, new product introduction, project management, IP and litigation at the drug firm, it added. Ganorkar played a key role in driving Sun Pharma's foray into speciality by securing rights for innovative products such as Ilumya. He led the company's entry into Japan and laid the initial groundwork for the company's foray into Europe, it said. Ganorkar also supported the US business with stewardship of several notable generic projects from concept to commercialisation. As Executive Chairman, Shanghvi will continue to chair the Board. He will focus on strengthening Sun Pharma's speciality portfolio and provide insights towards shaping the company's long-term strategy, the release added. Dilip Shanghvi, Chairman & Managing Director of Sun Pharma, said, ''Kirti has consistently demonstrated effective leadership, managing diverse roles at Sun. "I have a firm belief in his ability to lead the company into its next phase of growth and extend my best wishes for his success." His elevation showcases our strong in-house talent pool, ensuring continuity of Sun Pharma's core value systems." UNI JS ARN
Time of India
14-06-2025
- Business
- Time of India
Sun Pharmaceutical Industries: Sun Pharma Announces Kirti Ganorkar as New Managing Director Amid Executive Restructuring, ETHRWorld
Advt Advt Join the community of 2M+ industry professionals. Subscribe to Newsletter to get latest insights & analysis in your inbox. All about ETHRWorld industry right on your smartphone! Download the ETHRWorld App and get the Realtime updates and Save your favourite articles. In a top-level rejig, Sun Pharmaceutical Industries on Friday said it has appointed Kirti Ganorkar as the Managing Director of the company effective September 1, 2025, succeeding Dilip Shanghvi to the business and all functions will be reporting to Ganorkar, the Mumbai-based drug major said in a Executive Chairman, Shanghvi will continue to chair the company's Board, it Gandhi - President & CEO, North America - has decided to pursue his interests outside Sun Pharma, the company Ascroft will be joining as CEO - North America, succeeding Gandhi, it appointment is subject to approval of the shareholders at the upcoming annual general meeting, it announcement marks the culmination of a structured and forward-looking succession planning process at Sun Pharma, underscoring the organisation's commitment to leadership continuity and strategic governance, the drug firm has been heading India Business at Sun Pharma since June his leadership, the company's India Business has grown consistently, further increasing its market share, the company he has held various leadership roles across business development, marketing, M&A, new product introduction, project management, IP and litigation at the drug firm, it played a key role in driving Sun Pharma's foray into speciality by securing rights for innovative products such as Ilumya, the drug firm led the company's entry into Japan and laid the initial groundwork for the company's foray into Europe, it also supported the US business with stewardship of several notable generic projects from concept to commercialisation, the company said.A chemical engineer and MBA, Ganorkar joined Sun Pharma in 1996."Kirti has consistently demonstrated effective leadership, managing diverse roles at Sun. I have a firm belief in his ability to lead the company into its next phase of growth and extend my best wishes for his success," Shaghvi elevation showcases our strong in-house talent pool, ensuring continuity of Sun Pharma's core value systems, he will focus on strengthening the company's speciality portfolio and provide insights towards shaping the company's long-term strategy, the company said. PTI
