Sun Pharma Q3 Results: Profit Rises 17%, In-Line With Estimates

Sun Pharmaceutical Industries Ltd.'s profit surged in the third quarter of fiscal 2024, in-line with estimates.

• Revenue from India formulations or finished drugs rose 11% to Rs 3,779 crore, accounting for 31% of the total sales.

• U.S. formulation sales, including Taro, rose 13% to Rs 3,974 crore, accounting for 33% of the consolidated sales.

• Emerging market sales decreased 2% to Rs 2,095 crore, while the rest of the world saw a rise of around 13% to Rs 1,780 crore. These two account for 17% and 15%, respectively, of the total consolidated sales.

• External sales of bulk drugs or active pharmaceutical ingredients stood at Rs 466 crore, down 10%.

• Consolidated R&D investment was Rs 825 crore. It accounts for 6.8% of sales.

• The company launched 28 new products in the Indian market during the quarter. Also, approvals for three abbreviated new drug applications were received, and five ANDAs were filed.

Sun Pharma’s share in the Indian market, according to the AIOCD-AWACS MAT December 2023 report, was 8.5%—the highest in the country.

"We are pleased by our continued broad-based growth, including in Global Specialty. We are keenly looking forward to the EMA filing of Nidlegy in the coming months. Once approved, Nidlegy will significantly expand our onco-derm franchise in Europe," said Dilip Shanghvi, managing director of the company.

Shares of Sun Pharma were trading 3.6% higher, after the results were announced on Wednesday, compared with a 0.63% gain the benchmark Sensex.