Sun Pharmaceutical's profit slumps 59% on declining U.S. sales
Sun Pharmaceutical's profit slumps 59% on declining U.S. sales
Sun Pharmaceutical's profit slumps 59% on declining US sales
14 November, 2017, 18:21
However, that was better than the INR8.27 billion estimated by analysts polled by Thomson Reuters.
Pharma major Sun Pharmaceutical Industries said today its consolidated net profit dropped by 59.19 per cent to Rs 912.12 crore for the quarter ended on September 30, 2017, compared to the year-ago quarter, resulting net profit margin of 14 per cent.
Profit came in at Rs912 crore in the quarter ended 30 September, compared with Rs2,235 crore a year ago, the company said.
"A challenging U.S. generic pricing environment coupled with continued investments in building our global speciality business has impacted our Q2 performance". Sun's USA unit Taro Pharmaceutical reported a 58% decline in net profit after sales fell 26%.
"We expect our performance to gradually improve in the second half of this year", Shanghvi said. U.S. generic sales accounts 30 percent of Sun Pharma's revenues.
Sale of branded formulations in India for Q2FY18 was Rs. 2,221 crores, up 11 percent and accounted for 34 percent of total sales.
In the emerging markets, the sales were at Dollars 196 million for the second quarter this fiscal, a growth of 16 per cent compared to the same quarter past year and accounting for 19 per cent of the total sales, the company said.
A logo of Sun Pharmaceutical Industries Ltd is pictured at its research and development center in Mumbai, India, December 21, 2015. According to media reports, starting Tuesday, the US drug regulator is conducting a surprise inspection at another plant in Baska, near Halol, that manufactures several injectable drugs the company filed for approval in the U.S.
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