Sun Pharmaceutical Industries grew revenue 11.9% to ₹16,198.7 crore in the second quarter of FY27, as a 17.3% jump in its India formulations business made up for weaker US generic sales. Reported net profit fell 32% to ₹1,988.5 crore because of a one-time loss of ₹1,269 crore, while adjusted net profit came in at ₹3,162 crore.

Sun Pharma Q2 FY27 results at a glance

• Revenue: ₹16,198.7 crore, up 11.9% from ₹14,478.3 crore a year earlier
• EBITDA: ₹4,743.5 crore, up 4.8%, with the margin at 29.3% against 31.3% a year ago
• Reported net profit: ₹1,988.5 crore, down 32% from ₹3,118 crore, after a one-time loss of ₹1,269 crore
• Adjusted net profit: ₹3,162 crore
• R&D spend: ₹778.4 crore, or 4.8% of sales

The results were announced on Friday, 30 October. On Monday, 2 November, the company’s shares traded about 1.6% lower at ₹1,749.8 in early deals, according to CNBC-TV18.

India business carries the quarter

Domestic formulation sales rose 17.3% to ₹5,552.3 crore and made up 34.5% of consolidated sales, Indian Pharma Post reported. Sun Pharma launched 14 new products in India during the quarter, taking first-half launches to 19, and its market share rose to 8.6% from 8.3% according to the Pharmarack MAT September 2026 report.

The growth matches the wider market. Indian medicine sales grew 12% to ₹70,180 crore in the September quarter, led by chronic therapies. Emerging markets and rest-of-world sales also grew for Sun Pharma, by 17.8% and 12.9% respectively, according to UBS.

US generics and Ilumya slow down

US formulation sales fell 8.3% to $455 million, mainly because of price erosion in the cancer drug lenalidomide, although they rose 6.5% from the previous quarter on the back of five generic launches. Global innovative medicines sales grew 6.9% to $356 million, or 21.1% of sales.

Management said sales of its psoriasis biologic Ilumya slowed during the quarter. Ilumya accounted for about 12% of sales in FY26. The company said it has identified the reasons and will soft-launch the drug in November for psoriatic arthritis, a use the USFDA approved in October.

“Our performance during the quarter was driven by strong momentum in India, Emerging Markets and Rest of World,” said Kirti Ganorkar, Managing Director of Sun Pharma. He added that the company has strengthened its cardiovascular portfolio by licensing lerodalcibep, a PCSK9 inhibitor, for markets outside the US and China, with pre-launch work under way across the EU.

Organon deal and FY27 guidance

Sun Pharma said it has secured regulatory approvals for its Organon acquisition in most regions and expects to close the deal by the fourth quarter of FY27. Management kept its guidance of high single-digit revenue growth for FY27, even though first-half growth is running at about 11%, and expects R&D spending to rise to 6-7% of sales in the second half.

Why it matters for India’s pharma industry

Sun Pharma’s quarter shows a pattern seen across Indian drugmakers this results season: a strong home market and growing emerging markets are cushioning pressure in US generics. Strides Pharma’s ex-US markets overtook its US business in the same quarter, while the industry’s exports grew 4.9% in H1 FY27 with Europe and ASEAN offsetting softer US shipments. For the largest player, the next test is whether specialty brands like Ilumya pick up again and how smoothly Organon is folded in.

Key takeaways

• Sun Pharma’s Q2 FY27 revenue rose 11.9% to ₹16,198.7 crore.
• Reported profit fell 32% to ₹1,988.5 crore due to a one-time loss of ₹1,269 crore; adjusted profit was ₹3,162 crore.
• India formulations grew 17.3% to ₹5,552.3 crore and market share rose to 8.6%.
• US sales fell 8.3% to $455 million on lenalidomide erosion, and Ilumya sales slowed.
• The Organon deal is on track to close by Q4 FY27, and FY27 guidance stays at high single-digit growth.

FAQ

Why did Sun Pharma’s reported profit fall in Q2 FY27?

Reported net profit fell 32% to ₹1,988.5 crore mainly because of a one-time loss of ₹1,269 crore. Adjusted for it, net profit was ₹3,162 crore.

Which business grew fastest for Sun Pharma in the quarter?

India formulations grew 17.3% to ₹5,552.3 crore, and emerging markets grew 17.8%, according to UBS.

When will Sun Pharma’s Organon acquisition close?

The company expects to close the deal by the fourth quarter of FY27, having secured approvals in most regions.

Featured image: representative image of tablet blister packs. Photo: Tarasna0922 / Wikimedia Commons (CC BY-SA 4.0).

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