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Sun Pharmaceuticals posted a net profit of ₹1,984 crore for the fourth quarter ended March 31, 2023, on the back of its global specialty business, among other things. The drugmaker had posted a net loss of ₹2,277 crore in the same period last year.
Dilip Shanghvi, Sun Pharma’s Managing Director, said the company’s well-rounded performance reflected progress in multiple businesses, including specialty, India, and emerging markets. “Our specialty business remains on a growth path, and we are committed to continuing scaling it up. The acquisition of Concert helps further strengthen our portfolio in dermatology,” he said, adding that deuruxolitinib could become a leading product to address a highly unmet need in alopecia areata patients.
The company posted gross sales of ₹10,725 crore, a growth of 14.3 per cent over the same quarter last year. The sales from its India formulation (finished drugs) business stood at ₹3.364 crore, up 8.7 percent over last year. Its US formulation sales clocked $430 million, up 10.5 percent over the previous year. And global specialty sales of $244 million included a $6.8 million milestone received in Q4. Ex-milestone, it was 28 percent, the company said, and accounted for 18.2 percent of Q4 FY23 overall sales
Finished drug sales in emerging markets stood at $221 million, up 7.5 percent over last year. And rest-of-the-world formulation sales clocked $191 million, up 7.4 percent. The company’s research spend stood at ₹665 crore, compared to ₹543 crore.
The company’s board also proposed a final dividend of ₹4 per share for the year FY23 (in addition to the interim dividend of ₹7.5 per share paid in the year), taking the total dividend for FY23 to ₹11.5 per share compared to ₹10 per share for FY22.
The drugmaker said its Halol plant faces an import alert from the US regulatory authorities. The Sun chief, however, told analysts that a phased sale of products was expected from its Mohali plant. On the “IT incident” that they had faced, the company said, a ransomware group had claimed responsibility. The drugmaker said it was investing in strengthening its cybersecurity infrastructure and believed there was no material legal non-compliance by the company
Sun Pharma posted gross sales of ₹43,278 crore for the 12 months ended March 31, 2023, up 12.6 percent over the same period last year. Its net profit stood at ₹8,473 crore, compared to ₹3,272 crore for FY22. It’s India formulation sales at ₹13,603 crore was up 6.6 percent over the same period last year Its US formulation sales, at $1,684 million, were up 10.3 per cent over the same period last year. Global specialty sales at $ 871 million, was up 29 percent over same period last year
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