Sun Pharma reports Rs 1,985 crore net profit in Q4FY23 - The Economic Times

Sun Pharma Q4 Results: India's largest drugmaker reports net profit of Rs 1,985 crore

Sun Pharma, India's largest drugmaker, on Friday, reported a Rs 1985 crore net profit in Q4FY23, led by an improvement in global specialty drug sales, along with strong sales momentum in the domestic formulation and emerging markets.
The company reported a net loss of Rs. 2277 crore in the corresponding quarter of the previous year.Excluding the exceptional items, the adjusted net profit for Q4FY23 was Rs. 2156 crore. Gross revenue rose 14.3% year-on-year (YoY) to Rs. 10,726 crore million, a growth in Q4FY23.

Earnings before interest, tax, depreciation, and amortisation (Ebitda) grew 19.7% YoY to Rs 2,802 crore, while the Ebitda margin improved 80 basis points to 25.6%.

Global specialty drug sales were $244 million, including a $6.8 million milestone received in the quarter. Ex-milestone, the specialty sales were up 28% YoY.
Formulation sales in the US were $430 million, up 10.5% over the fourth quarter of the previous year, accounting for around 33% of total consolidated sales.

Sales of formulations in India rose 8.7% by Rs 3,364 crore, also accounting for about 31% of total sales. Excluding Covid-related product sales in the previous year, sales growth for the first nine months of this fiscal year was 10.2%.

Sun Pharma holds an 8.3% market share in the over Rs 1.85 lakh crore Indian pharmaceutical market, as per an AWACS MAT March-2023 report.

In the third fiscal quarter, the company launched 26 products in the Indian market.

Formulation sales in emerging markets were $221 million for the past quarter, 7.5% higher from a year earlier and accounting for about 17% of total sales.
The rest-of-the-world markets, which account for 17%, grew 7.4% to $191 million in Q4FY23.

R&D investments stood at Rs. 666 crore in Q4FY23, representing about 6.2% of sales.

“Several of our businesses, including specialty, India, and emerging markets have continued to progress well," said Dilip Shanghvi, managing director of Sun Pharma.

"Our Specialty business remains on a growth path, and we are committed to continue scaling it up. The acquisition of Concert helps further strengthen our portfolio in dermatology. I believe deuruxolitinib can become a leading product to address a highly unmet need in alopecia areata patients,” Shanghvi added.

( Originally published on May 26, 2023 )

Adblock test (Why?)

Sun Pharma reports Rs 1,985 crore net profit in Q4FY23 - The Economic Times
Read More