Sun Pharma’s Q2 net profit falls 59.7% on weak US sales
Sun Pharmaceutical Industries Ltd, India’s largest drug maker, reported a 59.7% decline in fiscal-second quarter profit because of weak US sales.
Net profit declined to Rs1,001.79 crore in the three months ended 30 September from Rs2,487.89 crore a year ago. Sales fell 15% to Rs6,590.06 crore.
A Bloomberg poll of 22 analysts had estimated Sun Pharma’s September profit at Rs800.40 crore and sales at Rs6,803.90 crore.
“A challenging US generic pricing environment coupled with continued investments in building our global specialty business has impacted our Q2 performance,” Sun Pharma managing director Dilip Shanghvi said. See Page 5
Sun Pharma managing director Dilip Shanghvi.