Page 35 - Sun Pharma

Dilip Shanghvi repositions Sun Pharma in US as a specialty drugmaker

Company has lost 50% market value in 2 years due to competition

Pharma shares gain; Nifty Pharma index up 5% in three days

In past two weeks, till Monday, the pharma index tanked 15%, against 2% rise in Nifty 50 index.

Sun Pharma recalls 13,000 bottles of chewable Cetirizine for children in US

Sun Pharmaceutical Industries Inc is recalling 13,200 bottles of the tablets in the strength of 5 mg

Sun Pharma tanks 12% to hit its 52-week low; stock top Sensex loser

On the BSE, over 19 lakh shares exchanged hands against its two-week average of 5 lakh shares

Significant price erosion in US takes toll on Sun Pharma

After the disappointment by Taro (Sun Pharma's US subsidiary) earlier this week, the stage was set for a weak show by Sun Pharma in the March 2017 quarter (Q4). With premium pricing of products, Taro had so far driven US sales and margins of Sun Pharma, which faces delayed product approvals and launches on the back of the Warning letter issues by the US FDA to its Halol plant. With Taro's portfolio, primarily dermatology, under pricing pressure, Sun was bound to see pressure in US sales. However, Sun's results were way below expectations and hence, after Monday's cut due to Taro (Kotak Institutional Equities had cut FY18/19 estimates by three per cent each) analysts could further cut their earnings estimate.Taro contributes more than half to Sun's US sales, and saw revenues decline 26 per cent year-on-year in Q4; fall in operating and net profit was steeper at 44 per cent and 28 per cent. Sun's US sales at $381 million, thus fell by 34 per cent. Excluding Taro, the pressure on US ...

Sun Pharma Q4 net declines 14% to Rs 1,223 cr, warns of fall in FY18 sales

rmaceutical Industries has guided for a single digit decline in sales owing to regulatory challenges following a 14 per cent decline consolidated net profit in fourth quarter FY 18.Net profit for quarter dropped to Rs 1223 crore as against Rs 1416 crore in same period last year. Total revenue including other income fell 6.3 per cent to Rs 7361 crore on a year on year basis.Increased competition, pricing pressure and regulatory challenges continue to impact sales in US market and sales from the geography declined 34 per cent on a year on year basis. Sun Pharma's subsidiary Taro also reported a weak result and its sales were lower by 26 per cent. Also Sun Pharma's fourth quarter sales in last fiscal were boosted by contribution from its top selling anti leukemia drug Gleevec for which it had six months sales exclusivity.Sun Pharma's managing director Dilip Shanghvi said FY 18 will be a challenging year for the company and the company may see a single digit decline in revenue over FY ..

Sun Pharma Q4 net down 14% to Rs 1,223 crore

The board recommends dividend of Rs 3.5 per share

Pharma shares lose nearly Rs 60,000 crore in one week

Nifty Pharma index down 10.6% during current week, set to post its sharpest decline since Oct 2008

Sun Pharma to create drug used for treatment of psoriasis, gets USFDA's nod

Regulatory filing by FDA marks a significant milestone to advance for tildrakizumab: Sun Pharma Ceo

Sun Pharma dips 8% on Taro's weak Q4 results

The stock dipped 8% to Rs 589, its lowest level since November 2016 on BSE.

Sun Pharma's Dadra facility receives 11 USFDA observations after inspection

Drug major Sun Pharmaceutical Industries has received 11 observations from the US health regulator after inspection of its Dadra facility. The company's Dadra facility underwent an inspection by United States Food and Drug Administration (USFDA) recently. This inspection was completed on April 13, 2017, Sun Pharmaceutical Industries said in a BSE filing today. "A Form-483 observation letter was issued by the USFDA post the inspection, listing 11 observations," it added. The company, however, did not provide any details about the observations made by the US health regulator. As per USFDA, a FDA Form 483 is issued to firm management at the conclusion of an inspection,"when an investigator(s) has observed any conditions that in their judgement may constitute violations of the Food Drug and Cosmetic (FD&C) Act and related Acts". It notifies the company's management of objectionable conditions at the facility. "We are currently in the process of responding to the said letter to

Sun Pharma slips 3% after US FDA visit at Dadra plant

Dadra is firm's second most important plant serving US market, contributes $250 mn; Stock dips 3%

Sun Pharma looks to shine with tiny deals

Mumbai, 27 MarchSun Pharmaceutical's subsidiary, Taro, made a tiny acquisition of Thallion Pharmaceuticals for $1.7 million in Canada on March 17. It was the ninth acquisition by Sun Pharma and its subsidiaries in the previous two years since it made a $4.2-billion big-bang acquisition of Ranbaxy Laboratories in 2015.Till the acquisition of Ranbaxy, the company had made only seven acquisition in 18 years, including Taro Pharma in Israel in 2010. The first was in 1997, when it acquired US-based Caraco for $37.5 million. This gave the Dilip Shanghvi-promoted company an entry into the lucrative US markets."With the Ranbaxy acquisition, Sun Pharma got a wide marketing platform," says Ajay Garg, managing director, Equirus Capital, a home-grown investment banking firm advising on pharma mergers and acquisitions. "Following this, they have adopted a string of pearls strategy by largely acquiring specialty product companies which they can milk well across the marketing platform."Thallion ...

Delhi HC rejects Sun Pharma appeal in Oxaliplatin case against Mylan Labs

Despite noting importance of first syllable of trade name, HC didn't find 'Ox' and 'Sox' similar

Sun Pharma, Mylan face price fixing charges in US

A class action suit has been filed against Inda-based Sun Pharmaceutical and US-based Mylan in a district court in Pennsylvania, America. Filed last week, it accuses the two companies of colluding to raise the price of albuterol sulfate tablets. Albuterol is a bronchodilator, used by patients suffering from wheezing. The suit has been filed by the United Food and Commercial Workers local unit (Local 1500); the union is the largest in New York. The suit is also against Sandoz, with the union alleging Mylan and Sandoz colluded to increase the price of Benazepril, another drug for a respiratory ailment. The allegation against Sun is that Mylan and it had raised their prices for albuterol sulfate by over 3,000 per cent between October 2013 and April 2014. Business Standard has a copy of the complaint. It reads, "Beginningin May 2013, defendants caused the price of albuterol sulfate to dramatically increase in unison. The increases were the result of an agreement among them to increase ...

Revival of fortunes seen for Sun Pharma

The Sun Pharma stock has tested investors' patience by underperforming the broader indices for a long period. Even recently, after disappointment with December quarter performance, it had slipped to ~622.5 levels. However, things seem to be turning around for the company, part of which is also reflecting in the stock's recovery to ~707.25 now. Large part of this 14 per cent rally has been fuelled by the clearance of Mohali plant by the US Food and Drug Administration (FDA).For one, the Mohali plant had been under import alert since September 2013. While this suggests that drug filings from the plant before the period may not have much commercial significance now, its clearance has renewed confidence in the management's ability to resolve FDA issues. The company not only had inherited Ranbaxy's plants (including Mohali) with FDA issues, but its own major plant at Halol (Gujarat) received warning letter; its resolution is crucial to drive growth. With no clarity on timeline for ...

US FDA ban on Sun Pharma unit lifted after over 3 years

The US Food and Drug Administration (FDA) said it would remove the nearly three-year old import sanction on Sun Pharma's Mohali plant which would allow the company to resume exports from the plant. India's largest drug maker informed the exchanges about the US FDA's intimation for removal of the plant from the Official Action Initiated (OAI) status. The proposed action will clear the path for Sun Pharma to supply approved products from Mohali subject to normal regulatory requirements."Mohali facility clearance will help Sun Pharma to expand capacity, de-risk future fillings and realize manufacturing synergies from the Ranbaxy acquisition which were long awaited by the street," said Anmol Ganjoo, director at domestic brokerage J M Financial Institutional Securities. However, he ruled out any immediate benefits from it. "Given that the pending abbreviated new drug applications would be at least 3-4 years old, we do not expect any significant launches in the near future but regular ...

USFDA to lift import alert on Sun Pharma's Mohali plant

The drug major had inherited the facility as part of its acquisition of Ranbaxy in 2015

Sun Pharma surges 7% as USFDA to lift import alert on Mohali facility

The stock moved higher by 7% to Rs 729 on the NSE on back of heavy volumes.

Key Sun Pharma drugs to bid Halol goodbye

Halol plant is key for Sun Pharma and contributed in high single digits to its US sales