Sun Pharma posts higher quarterly profit on strong demand
- Sun Pharma is expanding its presence in higher-margin specialty medicines
India’s Sun Pharmaceutical Industries reported a 27% rise in quarterly profit on Friday, boosted by strong demand for its high-margin specialty medicines used to treat chronic and complex conditions.
Consolidated net profit rose to 28.95 billion rupees ($303.54 million) in the quarter ended June 30 from 22.79 billion rupees a year earlier.
Sun Pharma has been expanding in higher-margin specialty medicines, including treatments for skin disease, cancer and obesity, to offset pressure in its U.S. business.
The specialty segment accounted for 21.9% of total revenue, with sales rising 12.8% to $351 million, supported by 16% growth in India, the company’s largest market. U.S. sales were flat.
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Overall revenue rose 10.5% to 153 billion rupees.
Sun Pharma has also been pursuing acquisitions to strengthen its U.S. presence. Earlier this year, it agreed to buy drugmaker Organon & Co for $11.75 billion, making it one of the largest overseas acquisition by an Indian pharmaceutical company.
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