In Q4FY17, the consolidated sales / income from operations was at Rs 6,825 crores
Sun Pharmaceutical Industries has posted its financials for the fourth quarter and full year ending March 31, 2017. In Q4FY17 the consolidated sales / income from operations was at Rs 6,825 crores, showing a de-growth of eight per cent over same quarter last year. India sales was at Rs 1,916 crores, up by 10 per cent over Q4 last year. The US finished dosage sales was at $381 million down by 34 per cent over Q4 last year.
Emerging markets sales was at $181 million up by 46 per cent over Q4 last year. This includes the contribution from JSC Biosintez acquisition in Russia. Rest of World sales was at $109 million, growth of 38 per cent over Q4 last year. This growth was partly driven by the consolidation of the Japan business.
R&D investments at Rs 600 crores (8.8 per cent of sales) compared to Rs 711 crores (9.6 per cent of sales) for Q4FY16. EBITDA was at Rs 1,236 crores, resulting EBITDA margin of 18.1 per cent.
Other operating income for the quarter at Rs 312 crores which includes a milestone payment from Almirall (Spain) as part of the licensing agreement for the development and commercialization of Tildrakizumab for psoriasis in Europe. Net profit was at Rs 1,223 crores, down 14 per cent over Q4 last year, resulting net profit margin of 18 per cent.
In FY17, the company’s sales / income from operations was at Rs 30,264 crores, showing a growth of nine per cent over same period last year. India sales was at Rs 7,749 crores, up by 8 per cent over the last year. The US finished dosage sales was at $2,051 million, flat over the last year. The US sales include the benefit of the 180-day exclusivity for Imatinib which commenced from Feb 1, 2016 and authorised generic sales of Olmesartan and its combinations.
Emerging markets sales was at $675 million up by 23 per cent over the last year. The Rest of World sales was at $385 million, up by 17 per cent over same period last year. EBITDA was at Rs 8,775 crores, resulting EBITDA margin of 29 per cent.
Net profit for the FY17 was at Rs 6,964 crores, resulting net profit margin of 23 per cent. Net profit grew by 53 per cent over the last year. Net profit for FY16 was adversely impacted by one-time items as well as exceptional charges of Rs. 685 crores.
Dilip Shanghvi, MD, Sun Pharma said, “Our Q4 performance reflects the impact of the challenging generic pricing environment in the US. Despite this, we continue to invest our strong cash flows in enhancing our specialty pipeline. In Q4, we announced the acceptance of Tildrakizumab filing by EMA for European markets and for the US market in May 2017. We will be gradually filing Tildrakizumab in all key markets in the next few quarters. We recently had a pre-NDA meeting with the US FDA for Seciera and we are on track to file this NDA by Q3FY18. We continue to evaluate filing Seciera in other markets. During the quarter, the US FDA lifted the import alert on the Mohali facility while remediation efforts are on-going to bring back the Halol facility into full cGMP compliance.”
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