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Shares of Sun Pharmaceutical Industries Ltd, India’s largest drugmaker, are back in the spotlight after global brokerage Citi reaffirmed its ‘Buy’ rating and added the stock to its Pan Asia Focus List. Citi has set a price target of Rs 2,180 per share, signalling an upside potential of nearly 35 per cent from Wednesday’s close of Rs 1,620.80.

According to Citi, Sun Pharma’s innovation revenues are expected to jump from $1.2 billion in FY25 to $3.2 billion by FY30, supported by stronger formulary coverage for Leqselvi, US approval for Ilumya’s PsA indication, and an expanded Medicare coverage footprint. The brokerage also expects FY27–FY28 earnings per share to run 10–18 per cent ahead of Street estimates, noting that valuations remain attractive even after FY26 concerns.

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The Citi upgrade comes just a month after BofA Securities downgraded Sun Pharma to ‘Underperform’ and cut its price target by 9 per cent to Rs 1,570, flagging risks to consensus earnings and premium valuations.

On Thursday, shares of Sun Pharma rose 0.64 per cent to close at Rs 1,620.80 on the BSE. However, the stock is still down 14 per cent so far in 2025, making Citi’s bullish call particularly significant for investors tracking the sector.

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Senior Sub-editor at Zee Business English

shweta.shukla@India.com

Shweta Birendra Shukla is a journalist covering the stock market and corporate affairs, with prior stints at Business ...LATEST NEWSBy accepting cookies, you agree to the storing of cookies on your device to enhance site navigation, analyze site usage, and assist in our marketing efforts.