Sun Pharmaceuticals Industries rose 6.30% to Rs 495.95 at 9:32 IST on BSE, following the company reporting Q4 results after market hours on Friday, 25 May 2018.
Meanwhile, the S&P BSE Sensex was up 154.01 points, or 0.44% to 35,078.88.On the BSE, 1.98 lakh shares were traded in the counter so far compared with average daily volumes of 4.03 lakh shares in the past two weeks. The stock had hit a high of Rs 496.25 and a low of Rs 481.70 so far during the day. The stock hit a 52-week high of Rs 608.55 on 12 February 2018. The stock hit a 52-week low of Rs 433.15 on 14 August 2017.
On a consolidated basis, net profit after minority interest of Sun Pharmaceuticals Industries rose 10.35% to Rs 1528.99 crore on 1.67% decline in net sales to Rs 6711.01 crore in Q4 March 2018 over Q4 March 2017.
The decline in Q4 net sales was primarily driven by the US and the Active Pharmaceutical Ingredients (API) businesses. All other businesses recorded positive growth for the quarter. For Q4 March 2018, external sales of API were at Rs 332 crore, a decline of 16% over Q4 last year.
India sales were reported at Rs 1963 crores, growth of 2% over Q4 last year. US finished dosage sales were reported at $368 million, down by 3% over Q4 last year. Emerging markets sales were reported at $199 million, up by 10% over Q4 last year. Rest of World sales were reported at $116 million, a growth of 6% over Q4 last year. Research and development (R&D) investments were reported at Rs 743 crores (11% of sales) compared to Rs. 600 crores (9% of sales) for Q4 March 2017.
Other operating income for the quarter was reported at Rs 266 crore, which includes $20 million of milestone payment from Almirall S.A (Spain) as part of the licensing agreement for the development and commercialization of Tildrakizumab for psoriasis in Europe.
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Consolidated net profit after minority interest declined 66.76% to Rs 2608.35 crore on 13.87% decline in net sales to Rs 26065.94 crore in the year ended March 2018 over the previous year ended March 2017.
Dilip Shanghvi, managing director of the company said that the company's Q4 performance is in-line with its guidance. Over the last four quarters, the company has been able to record a gradual improvement in performance despite a challenging US generic pricing environment. FY 2019 will mark the crossing of some important milestones in the company's specialty journey with the likely launch of 3 specialty products in the US - Ilumya, OTX-101 and Yonsa - which will entail upfront investments. The company is also planning to conduct additional clinical trials for a new indication of Ilumya. The company will continue to evaluate opportunities in the specialty segment to further enhance this business.
Sun Pharmaceuticals Industries is the world's fifth largest specialty generic pharmaceutical company and India's top pharmaceutical company.
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