Sun Pharma Q2 profit rises to ₹2,376 crore, revenue up 11%; beats estimates
Sun Pharma Q2 Results: The drug maker's revenue for the second quarter rose 11% YoY to ₹12,192 crore, higher than CNBC-TV18's poll of ₹12,005.5 crore. The India formulation sales stood at ₹3,842.5 crore, up 11% YoY while the US formulation sales including that of Taro's came in at $430 million, up 4.2% YoY.
Pharma major Sun Pharmaceutical Industries on Wednesday, November 1, reported a 5% year-on-year (YoY) rise in net profit at ₹2,375.5 crore in the July to September quarter, compared with ₹2,262 crore in the same quarter last year. The profit figure was higher than CNBC-TV18's poll of ₹2,187 crore.
Following the earnings announcement, shares of Sun Pharmaceutical Industries rallied 2.33% to hit a high of ₹1,116.40 on NSE. The stock is also the top Nifty50 gainer today. The scrip gained 12% since the beginning of this year, compared to a 4.55% rise in the Nifty50 index.
The drug maker's revenue for the second quarter rose 11% YoY to ₹12,192 crore as against ₹10,952 crore in the corresponding period of last fiscal. The revenue figure was also higher than CNBC-TV18's poll of ₹12,005.5 crore.
Segment-wise, the India formulation sales stood at ₹3,842.5 crore, up 11% YoY while the US formulation sales including that of Taro's came in at $430 million, up 4.2% YoY.
Sales for global specialty business stood at $240 million in the second quarter, up 19.3% YoY. Global specialty sales accounted for 16.4% of Q2FY24 sales, the drug major said.
Emerging Markets formulation sales stood at $284 million, up 9.4% YoY. The rest of world formulation sales came in at $206 million, up 13.7% YoY.
The R&D investments for the quarter under review stood at ₹773 crore compared with ₹571 crore YoY, the company said in a BSE filing.
Ebitda (Earnings before interest, taxes, depreciation, and amortization) for the quarter came in at ₹3,179 crore, up 7.5% YoY, compared to ₹2,956.5 crore a year ago. Ebitda margin for the September quarter fell 90 basis points to 26.1% from 27% in the year-ago quarter.
"US FDA's acceptance of deuruxolitinib NDA for treatment of moderate to severe alopecia areata marks an important milestone. There are limited treatment options for alopecia areata and deuruxolitinib should make a meaningful difference in patient lives, once approved," said Managing Director Dilip Shanghvi.
"Similarly, another late stage candidate Nidlegy will potentially complement our Odomzo franchise. Nidlegy’s recent positive phase-3 data in patients with locally advanced fully resectable melanoma positions us to provide patient solutions across a broad spectrum of skin cancers," Shanghvi added.
The company's board has also approved the amalgamation of five wholly-owned subsidiaries into itself for "efficiency in overall combined business" and "optimum utilisation of resources".
First Published: Nov 1, 2023 1:43 PM IST
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