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Sun Pharma reports bigger-than-expected rise in Q2 profit
The company's generic version of popular cancer drug Revlimid is also a significant contributor to the total sales.
Hyderabad: Sun Pharmaceutical Industries, India's largest drugmaker by revenue, reported a bigger-than-expected rise in second-quarter profit on Wednesday, driven by strong sales in its domestic and U.S. formulation businesses.
Consolidated net profit after tax rose to 23.76 billion rupees ($285.37 million) for the quarter ended Sept. 30, from 22.62 billion rupees a year earlier.
Analysts, on average, had expected net profit of 23.04 billion rupees, according to LSEG data.
Sales from its U.S. formulation business rose 7.9% to 35.5 billion rupees during the quarter, while sales from its India formulations rose 11.1% to 38.43 billion rupees.
Both businesses account for 30% and 32% of total sales, respectively, Sun Pharma said.
The company's generic version of popular cancer drug Revlimid is also a significant contributor to the total sales.
Mumbai-based Sun Pharma, one of India's oldest drugmakers, which also makes popular consumer healthcare products like Revital vitamin pills and pain relief gel Volini, said its total revenue from operations rose 11.3% to 121.92 billion rupees.
The company, founded in 1983, makes generics and specialty medications for chronic and acute treatments, over-the-counter medications, anti-retrovirals and active pharmaceutical ingredients.
Rivals Dr Reddy's and Cipla last week reported better-than-expected profit on strong U.S. demand.
Ruchika Sharma joined Medical Dialogue as an Correspondent for the Business Section in 2019. She covers all the updates in the Pharmaceutical field, Policy, Insurance, Business Healthcare, Medical News, Health News, Pharma News, Healthcare and Investment. She has completed her B.Com from Delhi University and then pursued postgraduation in M.Com. She can be contacted at editorial@medicaldialogues.in Contact no. 011-43720751