Sun Pharma surges 4% after Taro's excellent Q3 numbers
Healthcare firm Sun Pharma gained more than 4 percent in early trade after its subsidiary Taro reported excellent numbers in the December quarter.
February 05, 2013 / 19:15 IST
Healthcare firm Sun Pharma gained more than 4 percent in early trade after its subsidiary Taro reported excellent numbers in the December quarter.
Israel-based Taro Pharmaceutical posted a net profit growth of 42.3 percent year-on-year at USD 88.8 million for the third quarter of financial year 2012-13.Net sales grew by 25.4 percent to USD 185.7 million from USD 148.1 million during the same period.Operating margin improved by 570 basis points year-on-year to 56 percent in the October-December quarter. Meanwhile, research and development cost jumped by 33.5 percent YoY to USD 11.8 million in the third quarter.After this stellar performance by subsidiary, shares of Sun Pharmaceutical rallied 4.44 percent to Rs 750 on Bombay Stock Exchange at 9:29 hours IST.Today the company said the USFDA has granted its subsidiary an approval for its abbreviated new drug application (ANDA) for generic version of Doxil. This injection is used to treat patients with ovarian cancer that has progressed or recurred after platinum-based chemotherapy.Also Read
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