Sun Pharma profit triples to Rs2,034 crore in Q1 on higher sales of cancer drug
Mumbai: Sun Pharmaceutical Industries Ltd, India’s largest drug maker by market value, on Friday posted a more than three-fold jump in June quarter net profit, helped by strong finished dosage sales in the US.
Quarterly net profit rose to Rs.2,034 crore from Rs.556 crore in the year-ago period. Revenue rose 23% to Rs.8,007 crore in the three months.
Sun Pharma’s US finished dosage sales rose 25% to $609 million in the three months to 30 June. The firm benefited from the launch of Imatinib Mesylate tablets (therapeutic equivalent to anti-cancer drug Gleevec) in the US market in February. Being a first-to-file product, it was granted 180 days of marketing exclusivity by the Food and Drug Administration from the time of its launch.
Last year, Sun Pharma completed the $3.2 billion acquisition of Ranbaxy Laboratories Ltd, creating the world’s fifth-biggest generic pharmaceutical company by revenue.
“We continue to accrue synergies from the Ranbaxy acquisition while simultaneously investing in building the speciality business in the US. During the quarter, we progressed further in our speciality initiatives by announcing positive results from the Phase-III trials of Tildrakizumab as well as approval of BromSite in the US,” said Dilip Shanghvi, managing director, Sun Pharma.
Tildrakizumab is an anti-plaque psoriasis drug. Sun Pharma acquired worldwide rights to the drug from Merck and Co. Inc. in 2014 for an upfront payment of $80 million. BromSite is a drug to treat eye inflammation.
Sun Pharma said sales of branded formulations in India in the fiscal year first quarter rose 8% to Rs.1,854 crore, despite the effect of multiple regulatory changes which dented overall industry growth. India business accounted for 23% of total sales, the company said.