Sun Pharma Q4 dips 14% on pricing pressure in US
The main drug Sun Pharma experienced a 14% decrease in consolidated net income of Rs 223 crore for the fourth quarter 1 to March 31, Friday, due to pressure on prices in the US market.
The company reported a net profit of Rs 416 crore for the same period last year. The result of operations during the period also fell to Rs 6825 rupees 6825, compared with Rs 415 crore for 7 years in the same period last year, Sun Pharmaceutical Industries said in a statement.
For the year ended March 31, the company posted a consolidated net profit of Rs. 6964, 53% compared to SRC 4455 in 2015-16. Operating profit stood at Rs 30,264 million for the year 31 March 2017 compared to Rs 27,888 crore in the previous year. “Our fourth quarter performance reflects the impact of the generic pricing environment stimulation of the US,” said Dilip Shanghvi, CEO of Sun Pharma.
Despite this, the company continues to invest in improving the specialized pipeline, he added. Commenting on the product portfolio, Shanghvi said: “We will gradually fall Tildrakizumab in all key markets in the coming quarters. Recently we had a pre – NDA meeting with the FDA for Seciera and we are on track to present this NDA for the third Quarter of fiscal year 18 “.
During the quarter, the US FDA has lifted an import alert at its Mohali plant, while consolidation efforts are underway to leave Halol’s facility in full compliance with cGMP (Good Manufacturing Practices), he added.
Director of the board of directors of the company, which met on Friday recommends a dividend of Rs 3.5 for 1 Re stock for the year ended March 31, 2017. The Board has appointed new Shanghvi general of the company for a Period of five years from April 1, 2018 to March 31, 2023.
In addition, the Board of Directors accepted the resignation of Uday Baldota as CFO of the company as of June 19, 2017, as it would move to the United States to take care of the Taro Pharmaceutical Industries business, a subsidiary of the company. The Board has appointed CS Muralidharan as CFO as of June 19, 2017.