GLP-1 Drugs Reshape Pharma: UBS Rates Sun Pharma Buy, Dr Reddy's Sell

• UBS notes intense competition in the generic GLP-1 segment, impacting pharma companies.
• Sun Pharma receives a 'Buy' rating from UBS due to strong positioning, innovative products, and robust pipeline.
• Cipla rated 'Neutral' by UBS, facing near-term lanreotide supply disruptions but with a healthy launch pipeline from late FY27E.
• Aurobindo Pharma also 'Neutral', with diversification efforts progressing, but FY27-28 execution is critical.
• Dr Reddy's, Lupin, and Zydus Lifesciences receive 'Sell' ratings due to high GLP-1 dependence and reliance on one-off drivers.