Sun Pharma net profit falls 59% to Rs 912 crore in Q2

Sun Pharma net profit falls 59% to Rs 912 crore in Q2

India's largest drug firm, Sun Pharmaceutical Industries Ltd., reported a 59% drop in net profit, in its last quarter, on declining revenue.

Profit came in at Rs912 crore in the quarter ended 30 September, compared with Rs2,235 crore a year ago, the company said.

Analysts on average had expected a profit of Rs 827 crore, according to Thomson Reuters data.

Sun Pharma Managing Director Dilip Shanghvi cited the pricing environment for the second-quarter profit fall but said results had also been hit by the company's continued investment in its speciality drugs business.

Sales of formulations in the US declined 44% to $309 million, as the year-earlier period included six months of exclusive sales of generic version of Novartis' leukemia drug Gleevec, which ended in July.

Sun and smaller rivals are grappling with falling drug prices in the USA, where the Food and Drug Administration has expedited its approval rate for generics, paving the way for increased competition from new players. The shares of Sun Pharmaceutical Industries closed today at Rs 526.15 on BSE, down 1.19 per cent from previous close. For Q2FY18, the company launched 14 new products in the Indian market.

Rest of World (ROW) markets excluding United States and Emerging Markets were Dollars 111 million in Q2FY18 registering a growth of 40 percent - led by consolidation of revenues from the acquisition of 14 brands from Novartis in Japan.

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