Sun Pharma Q2 profit dives 59%, but beats estimates

Sun Pharmaceutical Industries, India's biggest drug maker, reported a 59% slump in second-quarter net income as intense competition in the US continued to crimp sales in its largest market.

Profit came in at Rs 912 crore ($139.48 million) in the quarter ended September 30, compared with Rs 2,235 crore a year ago, the company said.

However, that was better than the INR8.27 billion estimated by analysts polled by Thomson Reuters. The company's India sales accounted for Rs 2,221 crore, a growth of 11 per cent over Q2 last year, while U.S. finished dosage sales were recorded at $309 million down by 44 per cent over Q2 last year.

The company expects the performance to gradually improve in the second half of this year, he added. The company said its research and development expenses in the last quarter accounted for 7.7% of sales, compared with 7.4% a year earlier.

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Rest of World (ROW) markets excluding U.S. and Emerging Markets were United States dollars 111 million in Q2FY18 registering a growth of 40 percent - led by consolidation of revenues from the acquisition of 14 brands from Novartis in Japan.

Active Pharmaceutical Ingredients (API) business largely meant for captive consumption rose 6 percent to Rs 388 crores. The shares of Sun Pharmaceutical Industries closed today at Rs 526.15 on BSE, down 1.19 per cent from previous close.

Consolidated R&D expense for Q2FY18 was Rs. 511 crores, or 7.7% of sales compared to Rs. 570 crores or 7.4%. According to media reports, starting Tuesday, the USA drug regulator is conducting a surprise inspection at another plant in Baska, near Halol, that manufactures several injectable drugs the company filed for approval in the U.S.

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