Sun Pharma net doubles on robust sales

SUN PHARMA NET ZOOMS 103% ON ROBUST SALES

Sun Pharmaceuticals posted a 9.2 per cent year-on-year (YOY) rise in consolidated sales from operations in the December quarter to ~8,782 crore, the highest quarterly sales posted by the company. Its net profit grew by 102.8 per cent to ~1,852 crore.

Its India sales grew by 9.4 per cent to ~2,753 crore while the US finished dosage sales came in at $374 million, up 7 per cent YOY. The Ebitda was up 36.3 per cent over the same period last year to ~2,351 crore with a resulting Ebitda margin of 26.8 per cent.

Dilip Shanghvi, managing director of Sun Pharmaceuticals, said the market was gradually recovering from the impact of the Covid-19 pandemic. “Our global specialty sales have continued to show an improving trend and have crossed pre-covid levels. Global Ilumya sales for nine months ended December 2020 have already crossed last full year’s sales.”

He said, for the December quarter, the global specialty revenues were at $148 million across markets.

Branded formulations business in India, which accounts for 31 per cent of total sales, grew by 9.4 per cent to ~2,753 crore. Sun Pharma holds an 8.2 per cent market share in the ~1.45-trillion Indian pharma market and it launched 27 new products in the December quarter.

Kirti Ganorkar, head of India business at Sun Pharmaceuticals, said the growth in acute has started. It is still lagging due to lower patient footfall in the doctor clinics. The footfall is not yet normalised and is around 70-72 per cent of pre-covid levels.

As for the US business, including Taro, the sales were up 7 per cent YOY. US is a major market for Sun Pharma, accounting for about 31 per cent of its consolidated sales. For a nine-month period, the US sales showed a decline of 11 percent as previous year's numbers included a one-time contribution from special business.