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Street View: India's Sun Pharma Organon buy, psoriasis drug are risk factors

By Reuters News

** Drugmaker Sun Pharma's SUN.NS Q2 profit dropped nearly 36% on one-time charge tied to Organon acquisition

** Excluding charge, profit rose 6.3%

** Shares down 1.1% at 1,759.4 rupees

ANALYSTS SEE ORGANON, ILUMYA CONCERNS

** Systematix ("Buy"; PT 2,290 rupees) says revenue and EBITDA beat driven by stronger performance across geographies on prescription growth, market-share gains and launches

** Expects innovative portfolio growth to return to double digits, with new launches adding about $1 billion in sales

** Nomura ("Buy"; PT 2,260 rupees) says sales, EBITDA and adjusted PAT beat its forecasts; sees psoriasis drug Ilumya US recovery supported by corrective steps and other approvals

** Emkay Global ("Add"; PT 2,000 rupees) cautious on Ilumya amid intensifying competition, but sees US slowdown as temporary

** ICICI Direct says Organon integration is challenging, with limited near-term growth levers and higher leverage; remains cautiously optimistic on Sun's acquisition record

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