Please login to the form below

Not currently logged in
Email:
Password:

Sun Pharma net profit rises on international markets

Sun Pharmaceutical posts Q2 FY08 net profit of USD 55.8m, up 17 per cent on Q2 FY07, on growth in international markets

India-based Sun Pharmaceutical has posted Q2 FY08 net profit of INR 2.2bn (USD 55.8m), up 17 per cent on Q2 FY07, on growth in international markets, specifically the US.

Net sales in the quarter increased 25 per cent to reach INR 6.7bn (USD 169.9m), from INR 5.4m in Q2 FY07, while EBITDA increased by 41 per cent.

For H1 FY08, net sales were INR 13bn (USD 329.7m), a 24 per cent increase from INR 10.5bn in H1 FY07. EBITDA (Earnings before interest, taxes, depreciation and amortisation) margin in H1 FY08 increased to 35 per cent from 34 per cent for H1 FY07. Net profit was at INR.4.5bn (USD 114.1m), an increase of 23 per cent on H1 FY07.

Sun's domestic formulations grew 31 per cent to reach INR 3.7bn (USD 93.8m) in Q2 FY08, contributing 54 per cent of total sales. For H1 FY08, growth was 28 per cent on H1 FY07. Overall market share for Sun was 3.3 per cent, according to IMS data. Twenty-one products were launched during the half year.

Sun's US subsidiary Caraco announced Q2 FY07 sales of USD 41.4m, up 46 per cent from USD 28.3m for Q2 FY07. It recorded a net income of USD 4.6m for the present quarter, up 100 per cent from Q2 FY06. Net sales and net income for H1 FY07 increased by 45 per cent and 79 per cent respectively compared with H1 last year.

Between Sun Pharma and Caraco, 16 more ANDAs corresponding to 13 products were approved in H1 FY07, including generic versions of Protonix, Trileptal and Exelon. For these products, Sun Pharma won 180 days of marketing exclusivity, which it shares with other first filers.

While generic Trileptal tablets have been launched, Sun has yet to launch its versions of Protonix and generic Exelon. A total of 13 ANDAs corresponding to 11 products have been filed during the quarter, with a total of 87 ANDAs representing 71 products awaiting FDA approval, including eight tentative approvals.

Consolidated R&D spend for Q2 FY08 was INR 713m (USD 18.1m) and for H1 was INR 1.3bn (USD 33m), which is equal to 11 per cent of net sales for the quarter and 10 per cent for the first half. Sun had predicted shared estimates of R&D spend at eight to 10 per cent of sales, excluding the cost of innovative research, an activity that has moved to its spin off company, Sun Pharma Advanced Research (SPAR).

Taro merger
Taro will schedule the meeting of its shareholders to approve the merger after announcing the audited FY06 and H1 FY07 financials. Sun's holding in Taro now stands at 25 per cent and says it is confident of closing the deal soon.

Dilip Shanghvi, Sun's chairman and managing director, said: "We've had a strong half year, powered by growth across all segments of our business: solid domestic growth, a fundamentally strong US generics business, growth in all international markets. Recent FDA approvals with marketing exclusivities for our products demonstrate the quality of our intellectual property, now increasingly visible in our patent challenges."

30th September 2008

Share

Featured jobs

Subscribe to our email news alerts

PMHub

Add my company
Four Health Media

Four Health Media creates world class integrated media solutions with global reach, deep insight, innovative methods and a highly personal...

Latest intelligence

ema1
The European Medicines Agency: PRIME’d for access?
Leela Barham examines the impact of the EMA's PRIME fast track system after two years...
How can pharma engage with key stakeholders on NHS service transformation?
Steve How, Paul Midgley and Oli Hudson, of the Wilmington Healthcare consulting team, explain how pharma should make its case for change...
michael elliot
The race for an HIV ‘cure’
Supercharging therapies as pharma and patients work together...

Infographics