Sun Pharma profit up 28% on higher sales

Sun Pharma reported a 28% increase in consolidated net profit for the second quarter ended September, at Rs 3,040 crore, with sales up by 9% to Rs 13,291 crore. The performance was buoyed by robust sales in its main markets, India and US as well as its specialty business.
Formulation sales in India increased 11% y-o-y to Rs 4,265 crore, representing 32% of total sales, while US formulation sales stood at $517 million, up 20.3%. The US accounted for 33% of total sales.
Global specialty sales were at $286 million, up 19.2%. For the first half, sales were $983 million, growing by 9.1% over the same period last year.
Dilip Shanghvi, chairman and managing director Sun Pharma said, “Sun has recently strengthened its specialty pipeline through an agreement with Philogen for commercializing late stage candidate Fibromun, upon approval. With Fibromun, our product basket for dermatologists has expanded further. We shall continue to leverage our strong cash position to strengthen our pipeline with products that are close to market.”