Sun Pharmaceutical Industries on January 31 recorded a 5 percent YoY growth in consolidated profit of Rs 2,166 crore for the quarter ended December 31, 2022, as against Rs 2,059 crore a year back. However, the net profit was down 4 percent against Rs 2,262 crore reported in the September quarter.
Consolidated revenue from operations for the Indian pharma major came in 14 percent higher at Rs 11,241 crore, compared to Rs 9,863 crore in the December 2021 quarter. Revenue in Q2FY23 stood at Rs 10,952 crore.
Earnings before interest, depreciation, tax, and amortisation (EBITDA) came in at Rs 3,004 crore, 15 percent higher from Rs 2,606 crore reported last year. EBITDA margin widened by 30 bps to 26.7 percent on a yearly basis as against 26.4 percent a year ago.
"Specialty is expected to continue as a key growth driver for Sun. We are investing to scale up this business, especially in our core therapy areas. Proposed Concert acquisition is a step forward in this direction. Concert’s lead asset, deuroxolitinib has a potential best-in-class profile in Alopecia Areata, an area of dermatology with high unmet need. We are excited to offer this new treatment option to dematologists worldwide. Given our commercial strength, we would be well-positioned to bring this product to market," said Dilip Shanghvi, MD, Sun Pharmaceutical.
The company's India formulations sales stood at Rs 3,392 crore, up by 7 percent YoY and accounted for 31 percent of total consolidated sales while US formulations sales came at Rs 3,466 crore, up 6 percent on a yearly basis. Emerging markets and Rest of the world reported a growth 8 percent and 5 percent YoY and stood at Rs 2,116 crore and Rs 1,556 crore, respectively.
Taro, Sun Pharma's US unit, reported flat sales for the December 2022 quarter at $139 million, while its net profit fell 72 percent YoY at $7.3 million compared to $26.3 million reported last year.
The company's external sales of Active Pharmaceutical Ingredients (API) for Q3FY23 were at Rs 515 crore, up 9 percent YoY.
Consolidated R&D (Research and development) investment was at Rs 670 crore, up 23 percent on a yearly basis.
The company mentioned that it filed 4 ANDAs (Abbreviated New Drug Application) for the quarter and its portfolio includes 54 approved NDAs (New Drug Application) while 13 NDAs await US FDA approval.
The company expects acquisition of Concert Pharmaceutical, which would add a late-stage asset – deuruxolitinib for treating Alopecia Areata – to
Sun’s offering in dermatology, to be completed by first quarter of Calendar 2023.
The board announced an interim dividend of Rs 7.50 for the financial year ending on 31 March, 2023.
On January 31, Sun Pharma's shares ended 1.39 percent lower on the NSE at Rs 1,037.05 per share.
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