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Mumbai-based Sun Pharma clocked a net profit of Rs 350 crore, for the three months ended December 31, 2010 – the first quarter reflecting the consolidated performance, including Israeli drug-maker Taro.
Sun had got Taro into its fold last September, after a three-year cross-country battle. As a result, the company's performance was not comparable to the corresponding period last year, Sun said.
“Improving Taro's long-term sustainability and growth potential is work in progress, even as we continue to evaluate other strategic opportunities,” said Mr Dilip Shanghvi, Chairman and Managing Director, in a note from the company.
Total income up 57%
Sun's total income stood at Rs 1601 crore, growing 57 per cent over the corresponding third quarter last year. Taro had clocked sales of $102 million, up 23 per cent over same quarter last year, Sun said, outlining high-points of the third quarter under review.
The sale of Indian branded generic drugs stood at Rs 640 crore, a growth of 20 per cent over same quarter last year. Sun's US-based subsidiary, Caraco, clocked sales of $40 million, down 22 per cent from the previous year's corresponding quarter.
“Overall performance across most markets continues to be in line with our expectations. Medium to long-term priorities remain focused on building a stronger presence in our key as well as emerging markets. Towards this, we continue to invest in enriching our product pipelines for each of the business segments, work towards gaining market share in key products and therapy areas as well as enhancing our capability to meet the exacting regulatory standards across the world,” Mr Shanghvi said.
Research-spend
Sun's consolidated research-spend for the quarter under review stood at Rs 99 crore, or 6.2 per cent of income from operations, compared with five per cent last year in the same quarter. The nine-month consolidated spend on research stood at Rs 233 crore, or 5.3 per cent of income from operations, down from the previous year's nine-month spend of 6.4 per cent.
The total number of patent applications submitted by Sun Pharma now stood at 257 with 85 patents granted, the company said.
Sun Pharma shares were down close to two per cent on the BSE, at Rs 440 on Monday.
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