Pharma major Sun Pharma on Wednesday posted a 5 per cent year-on-year (YoY) jump in its net profit at Rs 2,375.5 crore for the second quarter ended September 2023. Its gross sales during July-September 2023 increased 11 per cent YoY to Rs 12,003.1 crore.
Sun Pharma’s Ebitda (earnings before interest, tax, depreciation and amortisation), including other operating revenues, was up 7.5 per cent to Rs 3,179.4 crore. Its Ebitda margin stood at 26.1 per cent, lower as compared with 27 per cent a year ago, according to a statement.
Its India formulation sales rose 11.1 per cent to Rs 3,842.5 crore. US formulation sales were up 4.2 per cent to $430 million during the September 2023 quarter.
Dilip Shanghvi, managing director of Sun Pharma, said, “The USFDA’s acceptance of deuruxolitinib NDA for treatment of moderate to severe alopecia areata marks an important milestone. There are limited treatment options for alopecia areata and deuruxolitinib should make a meaningful difference in patient lives, once approved.”
He also said another late-stage candidate Nidlegy will potentially complement our Odomzo franchise. Nidlegy’s recent positive phase-3 data in patients with locally advanced fully resectable melanoma positions us to provide patient solutions across a broad spectrum of skin cancers.
Formulation sales in emerging markets were at $284 million for Q2, a growth of 9.4 per cent over Q2 last year and accounting for about 19.5 per cent of total consolidated sales for the quarter. For the first half, sales were $545 million, up by 8 per cent over first half last year, Sun Pharma said in the statement.
Formulation sales in Rest of World (ROW) markets, excluding US and emerging markets, were $206 million.
For Q2FY24, external sales of API were at Rs 497.2 crore, up by 5.1 per cent over Q2 last year. For the first half, API sales were at Rs 1,036.8 crore, declined by about 3.3 per cent over first half last year.
“Our API business imparts benefits of vertical integration and continuity of supply chain for our formulations business. We continue to focus on increasing API supply for captive consumption for key products,” Sun Pharma said.
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