Analysts who track Sun Pharma had projected the US sales to range between $485 million to $531 million. US formulation sales contributed to 33.5% of Sun Pharma’s consolidated topline for the quarter.
For the March quarter, Sun Pharma reported a net profit of ₹2,654.5 crore, which is higher than the CNBC-TV18 poll of ₹2,377.2 crore. The profit was aided by a 62% jump in its other income, which stood at ₹606 crore, compared to ₹373 crore in the year-ago quarter.
Revenue for the quarter stood at ₹11,983 crore, which was marginally lower than the CNBC-TV18 poll estimate of ₹12,316.8 crore. On a year-on-year basis, revenue grew by 9.6%.
Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) grew by 8.3% from last year to ₹3,034 crore and met expectations of ₹3,032 crore.
EBITDA margin for Sun Pharma was 70 basis points higher than the 24.6% estimate at 25.3%. However, the margin was down 30 basis points from last year.
India formulation sales for the March quarter grew by 10.2% from last year to ₹3,707 crore and accounted for 31.4% of the total consolidated sales for Sun Pharma.
“During financial year 2024, two of Sun Pharma’s businesses surpassed $1 billion in annual sales, namely Global Specialty and Emerging Markets,” said Chairman & Managing Director Dilip Shanghvi. “We shall continue to build our specialty portfolio and invest further to gain scale across our businesses,” he added.
The drugmaker also said that its specialty R&D pipeline comprises of six molecules which are currently undergoing clinical studies. The US market portfolio consists of 104 Abbreviated New Drug Applications (ANDAs) that are currently awaiting approval from the USFDA, including 29 tentative approvals.
After declining post the earnings announcement, shares of Sun Pharma have surged to the day’s high, currently trading 1% higher at ₹1,557.1.
Omprakash Tiwary is a business writer who delves into the intricacies of the corporate world. With a focus on finance and economic landscape. He offers readers valuable insights into market trends, entrepreneurship, and economic developments.
