Sun Pharmaceutical Industries disclosed a notable upsurge in its profit for the second quarter, surpassing analyst expectations with a robust performance in both its Indian and U.S. markets.
The company’s consolidated post-tax net profit escalated to INR 23.76 billion ($285.37 million) for the quarter concluding on 30 September, marking an increase from INR 22.62 billion reported in the previous year.
Market experts had projected a net profit of INR 23.04 billion, as per data from LSEG.
The drugmaker witnessed a 7.9 per cent increase in revenue from U.S. formulations, reaching INR 35.5 billion, and an 11.1 per cent rise in Indian formulations, which brought in INR 38.43 billion.
These two segments respectively comprise 30 per cent and 32 per cent of Sun Pharma’s total sales, as reported by the company.
A noteworthy portion of the sales surge can be attributed to Sun Pharma’s generic iteration of the widely-used cancer medication, Revlimid.
Sun Pharma, headquartered in Mumbai is also known for its consumer healthcare products such as Revital vitamins and the Volini pain relief gel. The firm experienced an 11.3 per cent increase in overall revenue from operations, which amounted to INR 121.92 billion.
Established in 1983, the company’s portfolio encompasses a diverse range of products including generic drugs, specialty drugs, over-the-counter products, antiretrovirals, and active pharmaceutical ingredients.
This report comes in the wake of Sun Pharma’s competitors, Dr Reddy’s and Cipla, both of which also reported substantial profits driven by robust U.S. demand.
Following the announcement, Sun Pharma’s shares experienced a 1.26 per cent uplift, in contrast to the Nifty 50 index which saw a decline of 0.35 per cent.
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