Sun Pharmaceuticals Industries’ quarterly net profit jumped 3.5 times to R1,559.79 crore owing to a 46% rise in net sales. It reported net sales of R4,192.05 crore in the quarter ended September, compared with sales of R2,857.24 crore posted in the corresponding period last year.
The company swung to a profit in the second quarter after suffering a loss in the last quarter due to the provision of R2,517.41 crore as settlement on a case of patent infringement litigation related to generic versions of Protonix, a drug used to treat heartburn. There were no ‘exceptional items’ recorded in this quarter.
The company’s adjusted earnings per share of R6.6 missed Street expectations of R7.9, according to Bloomberg estimates however its quarterly sales swept past analyst expectations of R3,768.1 crore.
The Mumbai-based pharmaceutical company has not faced any regulatory issues in this quarter which have besieged its peers, Wockhardt and Ranbaxy.
The company swung to a profit in the second quarter after suffering a loss in the last quarter due to the provision of R2,517.41 crore as settlement on a case of patent infringement litigation related to generic versions of Protonix, a drug used to treat heartburn. There were no ‘exceptional items’ recorded in this quarter.
The company’s adjusted earnings per share of R6.6 missed Street expectations of R7.9, according to Bloomberg estimates however its quarterly sales swept past analyst expectations of R3,768.1 crore.
The Mumbai-based pharmaceutical company has not faced any regulatory issues in this quarter which have besieged its peers, Wockhardt and Ranbaxy.
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