Photo: Reuters/Shailesh Andrade/Files
Photo: Reuters/Shailesh Andrade/Files

Sun Pharma posts 1,064 cr profit in Q2 on strong growth in India operations

  • The company’s consolidated revenue from operations grew 11.5% at 8,123 crores in September quarter, aided by sales in the Indian market
  • US sales of Sun Pharmaceutical were flat at $339 million. This included sales of its subsidiary Taro Pharmaceutical at $161 million, up 1% on year

NEW DELHI : Sun Pharmaceutical Industries on Thursday posted a consolidated net profit of 1,064 crores for the July-September quarter, against a loss of 269.6 crores last year.

Earnings in the corresponding quarter last year was dragged down by 1,238-crore part payment of an anti-trust litigation settlement in 2017 with Canada-based Apotex Corporation. The litigation was related to the drug modafinil, which is used to treat sleepiness.

The company’s consolidated revenue from operations grew 11.5% at 8,123 crores in September quarter, aided by sales in the Indian market.

The drug maker’s India sales came in at 2,515 crores, up 35% on-year as the company launched 12 new products in the domestic market during the quarter, as per a company release.

US sales of Sun Pharmaceutical were flat at $339 million. This included sales of its subsidiary Taro Pharmaceutical at $161 million, up 1% on year.

“In the US, we recently launched Cequa while Ilumya continues to gain traction. The recently released long-term follow-up clinical data for Ilumya demonstrates sustained response for patients over four-year period with very good safety profile," Sun Pharmaceutical managing director Dilip Shanghvi said.

Sun Pharmaceutical’s operating income grew 12% on-year at 1,616 crores, while its operating margin was 20.3%.

Sun Pharmaceutical also manufactures active pharmaceutical ingredients (API). While a significant chunk of it is for captive consumption for key products, it also sells it externally. For the reporting quarter, external sales of API were at Rs. 468 crores, up 10% on year.

India’s largest pharmaceutical company has filings for 103 generic drug applications awaiting US Food and Drug Administration approval, which include 20 tentative approvals, as per the release. During the reporting quarter, the company filed two generic drug applications and got approvals for seven.

Today, shares of Sun Pharmaceuticals closed 3.4% higher at 442.50 on the National Stock Exchange.

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