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| Sun Pharma Q1 net zooms 244% to Rs 564 cr |
| Press Trust of India / New Delhi Jul 28, 2010, 16:46 IST |
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Sun Pharmaceutical Industries today reported a 244.43 per cent jump in net profit at Rs 564.32 crore for the quarter ended June, as compared to the same period of the previous fiscal.
This has come on the back of a one-time sale of generic cancer drug oxaliplatin in the US.
The company had posted a net profit of Rs 163.84 crore in the same quarter a year ago.
Total income during the quarter stood at Rs 1,399.7 crore, against Rs 787.59 crore in the comparable period a year ago, up by 77.71 per cent.
Commenting on the results, Sun Pharma Chairman and Managing Director Dilip Shanghvi said that business has been positive, with growth coming from all business segments in line with expectations and guidance.
"While the high margin achieved this quarter is resulting from a one-time sale achieved in the US and, hence, will not repeat, the core strategy of building a consistent and sustainable business remains unchanged," he said.
During the quarter, the company's US subsidiary Caraco recorded sales of USD 130 million (about Rs 605 crore), up 171 per cent from the year-ago period, aided by one-time sale of generic oxaliplatin (Eloxatin), the company said.
Sale of this product was stopped on June 30, 2010, after a US court denied a motion by the company against an order which upheld Sanofi Aventis' patent over Eloxatin.
"Sun Pharma plans to appeal as it believes that the grounds for such an appeal are strong," it said, adding that on receipt of a favourable judgment from the appellate court, the firm would re-initiate sales of the product.
During the quarter, the company had filed four abbreviated new drug applications (ANDAs) -- two by Sun Pharma and two by Caraco.
"Counting these, cumulatively ANDAs for 211 products have been filed by Sun Pharma and Caraco with the FDA. ANDAs for seven products received approvals in the first quarter," it said.
With these, ANDAs for 120 products now await USFDA approval, including 11 tentative approvals, it added.
On issues raised by USFDA over compliance of currentgood manufacturing practice (cGMP) by Caraco, Sun Pharma said its US subsidiary has been actively working with cGMP consultants towards the resumption of manufacturing activities at its Michigan facilities.
It is in the process of implementing corrective actions and remedial measures as stipulated in the work plan, earlier approved by the USFDA, it said.
The company said USFDA had notified Caraco that its protocol for third-party cGMP certification, detailing the activities to be conducted by cGMP experts, was acceptable.
The regulator has also released certain previously-seized raw materials, which had been opened solely for the purpose of sampling, it added.
On the domestic front, sale of branded prescription formulations in India was Rs 598 crore during the quarter, a growth of 91 per cent over the same period last year, it said, adding that 10 key products were launched during the quarter.
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