Sun Pharma Q3 net rises 32%

Written by feBureau | Mumbai | Updated: Feb 9 2013, 06:57am hrs
Sun Pharma posted a 32% rise in its net profit to R881 crore for the third quarter, compared to R668.3 crore a year ago, driven by a 32% rise in US sales. Net sales stood at R2,852 crore, a growth of 33% over the same quarter a year ago. The US accounted for a 52% of the company's total sales at $276 million.

Dilip Shanghvi, managing director, said, All our businesses continue to perform in-line with our expectations. The recent approval of generic Doxil in the US reflects our technological strengths in developing complex products."

The acquisition of DUSA and URLs generic business will further strengthen Sun's presence in the US, he added.

Sale of branded prescription formulations in India stood at R788 crore for the third quarter, accounting for 27% of total sales. "Adjusting for the change in treatment of expected sales returns and treatment of discounts, the underlying growth was 19% compared to the third quarter last year and 20% for the first nine months ended December," the company said.

Formulation sales in rest of the world markets, outside of India and the US, accounted for $73 million in Q3FY13, registering a growth of 31% (in dollar terms). "Excluding ex-US Taro sales, underlying sales growth in dollar terms in these markets was 58% for the third quarter," the company said.