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Sun Pharma Shocks Market With A Rs. 218 Crores Loss

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Provision for the settlement made at Rs. 1,214-crores, for the antitrust case of the Modafinil in the US has cost Indian drug major Sun Pharmaceutical Industries a consolidated net loss of Rs 218.82 crores for the July-September quarter of the current fiscal year. The company had earlier reported a net profit of Rs 912.12 crores in the Q2 FY18 period.

According to the company’s regulatory filing, after accounting for the provision of Rs 1,214 crores for the estimated settlement amount payable to all the remaining plaintiffs related to the Modafinil antitrust litigation in the US, the net loss for the quarter was at Rs 219 crores.

Dilip Shanghvi, Sun Pharma MD said, “Our soft Q2 performance is not a reflection of the underlying health of the overall business. We continue to focus on strengthening our core operations and enhancing our overall efficiencies. We are fairly positive on our performance for the rest of the year. We are excited about the successful launch of Ilumya in the US.”

Sun Pharma’s consolidated revenue from operations for the quarter under discussion stood at Rs 6,846.48 crore, as against Rs 6,590.06 crores for the corresponding period a year ago. Sale of branded formulations in India for Q2FY19 stood at Rs 1,860 crores (16% down).

Sales in the US have registered at $342 million or around Rs 2,484 crore (11% up) and accounting for 35 per cent of the total sales for the quarter. The company’s sales in emerging markets were at $195 million or around 1,416 crores. Formulation sales in Rest of World (ROW) stood at $108 million or around Rs 784 crores (2% decline) as against corresponding quarter of preceding year respectively.

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