Sun Pharma posts Q2 loss at ₹219 crore on one-time charge
Sun Pharma’s total revenue from operations rose 4.3% to ₹6,938 crore in September quarter
Bengaluru: Sun Pharmaceutical Industries was sent to an unexpected second-quarter loss by a one-off charge for an antitrust litigation settlement.
India’s largest drugmaker by market capitalisation made a provision of ₹1,214 crore ($167 million) for estimated settlements with remaining plaintiffs in US antitrust litigation related to its sleep disorder drug Modafinil, leaving it with a ₹219 crore loss in the three months to September . 30, the company said on Tuesday.
Adjusted net profit for the quarter was ₹996 crore, against a ₹912 crore profit in the same period last year and analyst expectations for a profit of ₹1,035 crore, according to I/B/E/S data from Refinitiv.
Total revenue from operations was ₹6,938 crore, up 4.3%, while US sales, which account for more than a third of total sales, rose 11% to $342 million.
Indian pharmaceutical companies have been hit by US regulatory bans and warnings over quality control violations at production plants, which have weighed on profitability. Pricing pressure has also weighed on performance in the United States, though sales have begun to show improvement.
This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.
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