Sun Pharmaceutical Industries Ltd. reported third-quarter consolidated net profit rose 16.52% to ₹2,524 crore from ₹2,166 crore in the year-earlier period.
Gross sales grew 9.5% to ₹12,157 crore. India formulation sales saw a growth of 11.4% at ₹3,778.5 crore, while U.S. formulation sales grew 13.2% to $477 million .
The company said emerging markets formulation sales at $252 million was lower by 2.3% and rest of the world formulation sales at $214 million was a growth of 12.9%.
“We are pleased by our continued broad-based growth including in Global Specialty. We are keenly looking forward to EMA [European Medicine Agency] filing of Nidlegy in coming months. Once approved, Nidlegy will significantly expand our onco-derm franchise in Europe,” MD Dilip Shanghvi said in a statement.
The board has declared an interim dividend of ₹8.50 per share for FY24 against ₹7.50 in the previous year.
Taro reported net sales of $157 million for the quarter, up 12.9%, principally due to new launches and gross-to-net (GTN) adjustments. Excluding the impact of GTN adjustments, sales growth was in high single digit. Net profit for the quarter was $20.2 million compared with $7.3 million in the year-earlier period.
Recently, Sun signed a definitive merger agreement with Taro to acquire the remaining stake that it does not own. The agreed price of $43.00 per share is poised to deliver 48% premium to the unaffected price on May 25, 2023.
