Emkay GlobalSun Pharma (Hold)Target: ₹775CMP: ₹832.4We believe that the recent run-up in Sun Pharma stock due to the good traction for the Winlevi launch is an over-reaction to a typical launch strategy of having a Patient Assistance Program (PAP). A careful analysis of Winlevi prescriptions (Rx) suggests that two-thirds of the Rx come via the PAP. Based on this, we believe the revenue realization for PAP Rx would be very low. PAP is a typical launch strategy used by pharma companies to garner insurance (formulary) coverage. Hence, we believe total Rx, excluding PAP Rx, is a true reflection of the underlying demand, and we will monitor it to assess Winlevi's potential.

Source: The Hindu January 13, 2022 04:50 UTC