Express Pharma

Sun Pharma gross sales up 16 per cent for Q3FY19 results

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The company’s India sales is at ₹ 2,235 crores, growth of seven per cent while the US finished dosage sales at $ 362 million up by 10 per cent over Q3 last year

Sun Pharmaceutical Industries has reported sales/income from operations at ₹ 7,657 crores, growth of 16 per cent, over third quarter last year ending December 31st, 2018. The company’s India sales is at ₹ 2,235 crores, growth of seven per cent while the US finished dosage sales at $ 362 million up by 10 per cent over Q3 last year. Besides, the emerging markets sales is at $ 203 million, growth of seven per cent over Q3 last year. The rest of the world sales is at US$ 125 million, growth of 4 per cent over Q3 last year.

The R&D investments is at ₹ 465 crores (6.1 per cent of sales) compared to ₹ 473 crores (7.2 per cent of sales) for Q3FY18. EBITDA at ₹ 2,069 crores grew by 48 per cent with resulting EBITDA margin of 27 per cent. Margins were partly driven by forex gains. The net profit for Q3FY19 was at ₹ 1,242 crores with resulting net profit margin at 16.2 per cent. Net profit for Q3 last year was adversely impacted by one-time deferred tax adjustment of ₹ 513 crores related to changes in the US tax rates. Adjusted for this, net profit growth for Q3FY19 was 49 per cent YoY. Reported net profit for 9m FY19 was at ₹ 2,029 crores versus ₹ 753 crores for 9 months last year. Excluding the one-time impact of Modafinil antitrust litigation in the US and the deferred tax adjustment stated above, the adjusted net profit for 9m FY19 was at ₹ 3,244 crores, up by 46 per cent YoY, with adjusted net profit margin at 15 per cent.

Dilip Shanghvi, Managing Director, Sun Pharmaceutical Industries, said, “Our focus on execution is reflected in the Q3 performance. We remain committed towards executing our global specialty strategy, strengthening our core operations and enhancing our overall efficiencies. The Ilumya launch in US has been well-received by doctors. We recently commercialised Xelpros in the US and are preparing to launch Cequa in the coming months.”

Sale of branded formulations in India for Q3FY19 was ₹ 2,235 crores, up by seven per cent and accounting for 29 per cent of total sales. For the nine months, sales were at ₹ 6,247 crores, up by three per cent over same period last year.

Sun Pharma is ranked number one and holds approximately 8.2 per cent market share in the over ₹ 129,000 crore Indian pharmaceutical market as per AIOCD AWACS December-2018 report. For Q3FY19, the company launched 20 new products in the Indian market.

Sales in the US were $ 362 million for the quarter, a growth of 10 per cent over the same period last year and accounted for 34 percent of total sales. For nine month period, sales were $ 1,083 million recording a growth of 10 per cent over same period last year.

At the same time, Taro posted Q3FY19 sales of $ 176 million, up 13 per cent over Q3 last year. For the nine months, sales were $ 490 million, marginally up over nine-month last year. Taro’s net profit for Q3 was $ 93 million while for the nine-month period, it reported a net profit of $ 223 million.

Formulation sales in Rest of World (ROW) markets excluding the US and Emerging Markets were $ 125 million in Q3FY19, a growth of four per cent over Q3 last year and accounting for approximately 12 per cent of revenues. For the nine months, sales were $ 340 million, down two per cent over nine-month last year.

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