Sun Pharmaceutical Industries, India’s largest pharmaceutical company, reported a net profit of ₹2061 crores on Friday, beating the median profit forecast of ₹1718 crores based on a survey of investors. Bloomberg analysis. The company’s total operating income increased 10.73% year-on-year (YoY) to Rs 10,761.76 crores, driven by sales of the company’s specialty treatments in the United States. Overall sales increased about 14% when excluding Covid product sales in the first quarter of the previous year. On the NSE today, the company’s shares are trading up 5.02% at Rs 939.75 per share. Shares of Sun Pharma are up more than 10% so far this year, outpacing the 1.5% drop in S&P BSE Sensex.
Dilip Shanghvi, Managing Director of the Company said, “For Q1, all our businesses recorded good growth, driven by a combination of sustained scale-up for our specialty business and all-round growth across markets. Specialty business has grown by 29% driven by Ilumya, Cequa, Odomzo and Winlevi.” He added, ” continues to grow faster than market, leading to increase in market share. We have been able to report healthy margins despite rising costs. We continue to focus on expanding our global specialty business, growing all our businesses and improving our market share.”
Sun Pharma’s formulation sales in the United States for the quarter totaled $420 million, up 10.7% from the first quarter of last year and more than 30% of total consolidated sales. million profit for the first quarter of fiscal year 2023.