Sun Pharma eyes high single digit top line growth in FY23: Dilip Shanghvi

Drug major Sun Pharma on Monday said it expects high single-digit top-line growth in the current financial year with all its business verticals well placed to lead the charge.

The company, which posted revenues of Rs 38,426 crore in FY22, aims to invest 7-8 per cent of sales in the R&D front in the ongoing fiscal.

"We expect high single-digit top-line growth for FY23. All our businesses are positioned for growth. Ramp up in our global speciality business is expected to continue," Sun Pharma Managing Director Dilip Shanghvi said in an analyst call.

He noted that markets across the globe were now in the process of normalising.

"R&D investments are expected to be between 7-8 per cent of sales next year," Shanghvi noted.

On its Halol-based manufacturing plant, he stated that the company will be filing its response to the FDA on the corrective actions to be undertaken to address the observations within the stipulated time.

Earlier this month, the US health regulator had issued a 'Form 483' with ten observations after inspecting the company's Halol-based plant in Gujarat. As per USFDA, a Form 483 is issued to a firm's management at the conclusion of an inspection when the investigator has observed any conditions that in its judgment may constitute violations of the Food Drug and Cosmetic (FD&C) Act and related Acts.

The US Food and Drug Administration (FDA) had conducted a Good Manufacturing Practices (GMP) inspection of the Halol facility from April 26 to May 9, 2022.