Sun Pharma profit slips 59%

Sun Pharma reported a decline in consolidated net profit in the second quarter of FY 2018

Sun Pharmaceutical Industries reported a 59 per cent year-on-year decline in consolidated net profit in the second quarter of FY 2018 due to price erosion in the US market and increased spending on research and development.

India's largest drug-maker by sales reported a net profit of Rs 912 crore against Rs 2,235 crore in the year-ago period, on account of 15 per cent decline in sales. The drug-maker beat Bloomberg's profit estimate by 14 per cent but fell short on the revenue estimate. “A challenging US generic pricing environment, coupled with continued investments in building our global specialty business, has impacted