During the December quarter, Sun Pharmaceuticals’ net profit surged to Rs1,531 crore on robust sales and higher exports
Sun Pharmaceutical Industries Ltd (Sun Pharmaceutical), recorded a 74% jump in its third quarter net profit on robust sales in domestic and overseas markets.
For the quarter to end-December Sun Pharmaceutical said its consolidated net profit grew 74% to Rs1,531 crore from Rs881 crore, while its total revenues, including sales, rose 50% to Rs4,287 crore from Rs2852 crore, a year ago period.
During the quarter, Sun Pharmaceutical’s branded generic sales in India grew 20% to Rs947 crore, while sales of finished dosage in the US market grew 57% to $434 million (in US dollar terms) over a year ago period.
The company’s international formulation sales grew 16% to $84 million (in US dollar terms) during the December quarter. Overall international revenues accounted for more than 75% of total revenues for the quarter.
External sales of API decreased 17% at Rs174 crore compared with same period last year. A cumulative of 252 drug master files (DMF) and Certificate of the European Pharmacopoeia (CEP) applications have been made, with 172 approved so far, during the December quarter.
Sun Pharmaceutical in December quarter spent Rs306 crores, a 7.1% of its sales in research and development (R&D). It filed 5 abbreviated new drug application (ANDA). After counting these, and adjusting for filings that were dropped, cumulatively ANDAs for 468 products have been filed with the United States food and drug administration (USFDA) as on 31 December 2013.
During the December quarter ANDAs for 4 products received approvals, taking the total number of approvals to 337 as on 31 December 2013. ANDAs for 131 products now await USFDA approval, including 14 tentative approvals. The total number of patent applications submitted now stands at 534, with 342 patents granted so far.
Sun Pharmaceutical closed Thursday marginally up at Rs614.7 on the BSE, while the 30-share benchmark closed 1.25% down at 20,193.
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