Sun Pharma Q1 net loss at Rs 1,276.10 cr on patent settlement

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SummaryHowever, consolidated total income of the company rose to Rs 3,502.73 crore for Q1.

Hit by patent litigation settlement, drug firm Sun Pharmaceutical Industries today reported a consolidated net loss of Rs 1,276.10 crore for the first quarter ended June 30, 2013. The company had posted a net profit after taxes and minority interest of Rs 795.55 crore for the corresponding period previous fiscal, Sun Pharmaceutical Industries said in a statement. Consolidated total income of the company, however, rose to Rs 3,502.73 crore for the quarter under consideration from Rs 2,683.47 crore for the same period year ago.

During the quarter Sun Pharma said it has provided Rs 2,517.41 crore (previous year Rs 583.58 crore) as amount payable in terms of the settlement agreement entered on June 11, 2013, with Pfizer Inc USA, Wyeth LLC USA and Nycomed GmbH Germany. This is with respect to patent infringement litigation related to generic versions of 'Protonix' used to treat heartburn. Commenting on the results, Sun Pharmaceutical Industries Managing Director Dilip Shanghvi said: "All our businesses continue to perform in line with our expectations. We remain focused on strengthening our existing businesses and developing a differentiated and speciality driven product basket."

The company also continues to review opportunities to expand and strengthen it's global footprint, he added. For the quarter under consideration branded generic sales in India during the first quarter stood at Rs 849 crore, a growth of 44 per cent over same period last year. "The company has completed the process of transferring its domestic formulations business to Sun Pharma Laboratories Ltd, a wholly owned subsidiary," Sun Pharma said. Sales in the US were at USD 364 million for the quarter, up by 28 per cent from the corresponding period previous fiscal, accounting for 58 per cent of total sales, it added. For the quarter ended June 30, 2013 international formulation sales stood at USD 81 million. "In the first quarter, abbreviated new drug applications (ANDAs) for 4 products were filed. After counting these, and adjusting for filings that were dropped, cumulatively ANDAs for 453 products have been filed by Sun Pharma and Taro with the USFDA (as on June 30, 2013)," Sun Pharma said.

ANDAs for 9 products received approvals in the first quarter, taking the total number of approvals to 320. ANDAs for 133 products now await USFDA approval, including 19 tentative approvals, it added. The total number of patent applications submitted now stands at 791, with 503 patents granted so far, Sun Pharmaceutical Industries said.

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