Sun Pharmaceutical Industries on Wednesday reported a 244.43 per cent jump in net profit at Rs 564.32 crore for the quarter ended June, as compared to the same period of the previous fiscal.
This has come on the back of a one-time sale of generic cancer drug oxaliplatin in the U.S.
The company had posted a net profit of Rs 163.84 crore in the same quarter a year ago.
Total income during the quarter stood at Rs 1,399.7 crore, against Rs 787.59 crore in the comparable period a year ago, up by 77.71 per cent.
Commenting on the results, Sun Pharma Chairman and Managing Director Dilip Shanghvi said that business has been positive, with growth coming from all business segments in line with expectations and guidance.
“While the high margin achieved this quarter is resulting from a one-time sale achieved in the U.S. and, hence, will not repeat, the core strategy of building a consistent and sustainable business remains unchanged,” he said.
During the quarter, the company’s U.S. subsidiary Caraco recorded sales of USD 130 million (about Rs 605 crore), up 171 per cent from the year-ago period, aided by one-time sale of generic oxaliplatin (eloxatin), the company said.
Sale of this product was stopped on June 30, 2010, after a U.S. court denied a motion by the company against an order, which upheld Sanofi Aventis’ patent over eloxatin.
“Sun Pharma plans to appeal as it believes that the grounds for such an appeal are strong,” it said, adding that on receipt of a favourable judgment from the appellate court, the firm would re-initiate sales of the product.
During the quarter, the company had filed four abbreviated new drug applications (ANDAs) — two by Sun Pharma and two by Caraco.
“Counting these, cumulatively ANDAs for 211 products have been filed by Sun Pharma and Caraco with the FDA. ANDAs for seven products received approvals in the first quarter,” it said.
With these, ANDAs for 120 products now await USFDA approval, including 11 tentative approvals, it added.
