Sun Pharmaceutical Industres, the 5th worlds largest speciality generic drugs producer, saw the third quarter’s net profit rise 117%at Rs. 2,235 crores ($335.250M).
Dilip Shanghvi, Managing Director of the Company said, “The synergies from the Ranbaxy acquisition are gaining momentum and we are on track to achieve the targeted benefits. These synergies will continue to help in funding our emerging specialty businesses. Post the close of the quarter, we further strengthened our branded ophthalmic pipeline through the acquisition of Ocular Technologies. We were also very happy to announce the detailed results for Tildrakizumab Phase-3 trials which validate the potential of this product for psoriasis treatment.”
India Business – 8 new products in the market
The company reported sale of branded formulations in India for Q2FY17 was Rs. 2,009 crores($301.350M), up 11% and accounting for 26% of total sales. For the first half, sales were at Rs. 3,863 crores, higher by 9% over same period last year. Sun Pharma is ranked No. 1 and holds approximately 8.7% market share in the Rs. 100,000 crore pharmaceutical market as per September-2016 AIOCD-AWACS report.
As per latest SMSRC report, Sun Pharma is ranked no. 1 based on share of prescriptions with 12 classes of doctors. For Q2FY17, the company launched 8 new products in the Indian market.
Sales in the US were $555 million for the quarter, a growth of 9% over same period last year and accounted for 48% of total sales. For first half sales were $1,163 million recording a growth of 17%. Sales for the first half were boosted primarily due to the benefit of the 180-day exclusivity for Imatinib which commenced from February 1, 2016.
At the same time, Taro posted Q2 FY17 sales of $229 million, up 8% over Q2 last year. For the first half, sales were $463 million, up 8% over first half last year. Taro’s net profit for Q2 was $124 million, down by 7% over Q2 last year. Net profit for H1FY16 was at US$ 234 million, down by 1% over first half last year.