Sun Pharma Ltd. India’s largest drugmaker, reported June quarter results on Thursday, July 31.
The company’s sales from the US formulations market stood at $473 million, which is in-line with the CNBC-TV18 poll of $476 million. On a year-on-year basis, the US sales grew by 1.4%.
Sun Pharma’s Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) for the quarter increased by 19.2% from last year to ₹4,302 crore, which is higher than the CNBC-TV18 poll of ₹3,77 crore.
EBITDA margin for the quarter expanded by 250 basis points to 31% from 28.5% last year.
Sun Pharma’s net profit for the quarter fell to ₹3,172.7 crore from ₹3,423.5 crore. The profit was impacted by a one-time cost of ₹818 crore.
Sun Pharma attributed the one-offs to discontinuation of development of SCD-044, which included impairment acquired intangible assets under developments, which led to a cost of ₹287.6 crore.
Sun Pharma and Taro also entered into a settlement agreement with the putative end payer plaintiffs class without any admission of guilt or violation of any statute, law, rule, regulation or of any liability. The led to a charge of $62 million or ₹530 crore during the quarter.
Sun Pharma’s India sales increased by 13.9% from last year to ₹4,721 crore, and comprised of 34.2% of the overall sales.
The specialty business sales increased by 17% from the year-ago period to $311 million, and formed 19.3% of the overall topline.
API revenue also increased 9.3% from last year to ₹540.4 crore, while R&D expenses stood at ₹902.9 crore or 6.5% of the overall sale.
Shares of Sun Pharma fell from the highs of the day, currently trading 0.2% lower at ₹1,730.8.
