Sun Pharma Q4 net profit drops 14% to Rs 1,223 crore

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On Friday Drug major Sun Pharmaceutical accounted a 14 per cent decrease in consolidated net profit at Rs 1,223 crore for the fourth quarter concluded March 31, on account of pricing pressure in the US market. The corporation had accounted a net profit of Rs 1,416 crore for the similar period of preceding financial year.

Sun Pharmaceutical Industries conveyed in a statement that, income from operations throughout the period also reduced to Rs 6,825 crore, as contrast to Rs 7,415 crore in the similar period of preceding financial year. For the year concluded March 31, the corporation posted a consolidated net profit of Rs 6,964 crore, up 53 per cent, from Rs 4,545 crore in 2015-16.

Income from operations stood at Rs 30,264 crore contrast to Rs 27,888 crore in the preceding financial year. Sun Pharma Managing Director Dilip Shanghvi has also further conveyed that, our fourth quarter performance reflects the impact of the challenging generic pricing environment in the US. Regardless of this, the corporation carries to invest in improving specialty pipeline.

Shanghvi has also conveyed that steadily filing Tildrakizumab in all key markets in the subsequently quarters. We lately had a pre-NDA meeting with the US FDA for Seciera and we are on track to file this NDA by third quarter of FY18.

Throughout the quarter, the US FDA raised import alert on its Mohali facility whereas remediation efforts are on-going to bring back the Halol facility into full cGMP (Current Good Manufacturing Practices) compliance. On Friday the corporation’s board suggested dividend of Rs 3.5 per share of Rs 1 each for the year concluded March 31, 2017.

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