Sun Pharma swings to profit in Q4

26 May 2023
firstwordpharma.com
AcquisitionFinancial StatementBiosimilarDrug ApprovalVolume-Based Procurement
Headline results for the fiscal fourth quarter:
Revenue: INR 107.3 billion ($ 1.3 billion), up 14.3%
Profit: INR 19.8 billion ($240 million), compared to a loss of INR 22.8 billion ($276 million)
Note: All changes are versus the prior-year period unless otherwise stated
What the company said:
Dilip Shanghvi, managing director at Sun Pharmaceutical, said the company's performance over the previous fiscal year was marked by "well-rounded growth," with several businesses including those focused on specialty markets, as well as the India and emerging markets, continuing "to progress well." He added "we are committed to continue scaling it up," adding that Sun Pharma's acquisition of Concert Pharmaceuticals, though which it obtained the oral JAK 1/2 inhibitorJAK 1/2 inhibitor deuruxolitinib, will help bolster the company's dermatology portfolio and "become a leading product to address highly unmet need in alopecia areata patients."
The performance was driven by a strong ramp up in its specialty portfolio in the US and global markets, and supported by strong growth in the domestic formulation business and other emerging markets.
Other results:
US finished dosage sales (including Taro): $430 million, up 10.5%
Taro Pharmaceutical sales: $147 million, up 2.3%
India sales: INR 33.6 billion, up 8.7%
Emerging markets sales: $221 million, up 7.5%
Rest of world sales: $191 million, up 7.4%
Active pharmaceutical ingredient (API) sales: INR 3.9 billion, down 6.9%
Full-year revenues: INR 432.8 billion ($5.2 billion), up 12.6%
Full-year profit: INR 84.7 billion ($1 billion), up from INR 32.7 billion ($396 million)
($1 = INR 82.5944)
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