1 min read.Updated: 03 Nov 2020, 09:16 PM ISTLeroy Leo
The Mumbai-based drugmaker on Tuesday posted a consolidated net profit of ₹1,810 crore, up a staggering 71% YoY and ahead of Bloomberg survey of analysts at ₹1,131 crore
NEW DELHI: Sun Pharmaceutical Industries Ltd on Tuesday said that it clocked $108 million in sales of specialty drugs across its markets in July-September, indicating that its most lucrative segment has revived pre-covid levels, the company’s management said in an investor conference call.
“Our speciality revenues in the US have increased over Q1 and for products like Ilumya, Cequa and Odomzo, sales are at pre-covid levels," Abhay Gandhi, Sun Pharma’s chief executive officer for North America, said.
The Mumbai-based drugmaker on Tuesday posted a consolidated net profit of ₹1,810 crore, up a staggering 71% YoY and ahead of Bloomberg survey of analysts at ₹1,131 crore. The profit growth was driven largely by margin improvements, driven by the specialty products business.
The management also said that the company has launched Ilumya, the biological drug used to treat adults with moderate to severe plaque psoriasis, in Japan, where the results have been encouraging. The company said that while the market for anti-psoriasis biologic drugs in Japan is $500 million, a fraction of the US market, it is growing at a rapid pace of 25%.
Sun Pharmaceutical also plans to launch Cequa, an eye-drop used to treat dry eye disease, as direct-to-consumer product this month in the US, a move that is aimed at improving sales.
Speciality drugs portfolio of Sun Pharmaceutical Industries accounted for about a tenth of the company’s revenue from formulations of ₹7,904 crore in July-September, but the segment is considered lucrative because the margins in it are higher than generic drugs and due to their complex nature, competition in the segment is also lesser, which leads to less steeper price erosion.
India’s largest pharmaceutical company clocked consolidated sales from operations at Rs. 8,459 crores, a growth of 6% over from the corresponding period last year, led by increase in revenue from its ‘emerging’ and ‘rest of the world’ markets. The company’s US and India sales, its two biggest markets, were largely flat year-on-year (YoY).