Taro Q2 results boost Sun Pharma, stock hits record high

Taro's gross profit, as a percentage of net sales, was at 79 percent compared to 77.7 percent. During the quarter, operating income increased USD 40.0 million to USD 160.3 million, or 63.9 percent of net sales, compared to 58.6 percent of net sales.

November 10, 2014 / 15:23 IST

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Shares of Sun Pharma hit record high at Rs 932, up 4.5 percent intraday on Monday after its subsidiary Taro posted strong September quarter results led by price increases. In the second quarter, Taro’s net profit was up USD 143.4 million compared to USD 96.3 million while net sales was up 22.2 percent at USD 250.8 million.

Its gross profit, as a percentage of net sales, was at 79 percent compared to 77.7 percent. During the quarter, operating income increased USD 40.0 million to USD 160.3 million, or 63.9 percent of net sales, compared to 58.6 percent of net sales.

"Taro has recently received approval from the US Food and Drug Administration (FDA) for an Abbreviated New Drug Application (ANDA) for Desonide Lotion, 0.05 percent. With this, ANDAs representing thirty products await FDA approval," it said in a statement.

However, shares of Sun Pharma were under pressure on Friday after Ranbaxy lost 6 months exclusivity for generic anti-viral drug. Analysts feel approval of Sun Pharma-Ranbaxy deal will be key driver. Sun Pharma had announced acquisition of Ranbaxy in April 2014 but approval is pending.

At 10:37 hrs Sun Pharmaceutical Industries was quoting at Rs 923.05, up Rs 31.40, or 3.52 percent on the BSE.