Sun Pharma posts Rs 2,375.5 crore Quarter 2 net profit

AHMEDABAD: Sun Pharmaceuticals on Wednesday posted a 5% rise in its consolidated net profit which stood at Rs 2,375.5 crore for the second quarter of FY 2024. In the year-ago period, the company posted Rs 2,262.2 crore of profit, Sun Pharma said in a regulatory filing.

The pharma major’s revenue stood at Rs 12,192 crore, up 11.3% from the year-ago period while its earnings before interest, taxes, depreciation, and amortization (EBITDA) came in at Rs 3,179 crore.

Segment-wise, Sun Pharma's India formulation sales at Rs 3,842.5 crore, up 11.1% against Q2 last year. US formulation sales clocked in at $430 million, up 4.2% during the quarter.

Sun Pharma has six products in its global specialty pipeline. This includes deuruxolitinib, currently filed with the US FDA for alopecia treatment and Nidlegy for skin cancer treatment.

Commenting on the results, Dilip Shanghvi, Managing Director of the Company said, “US FDA’s acceptance of deuruxolitinib NDA for treatment of moderate to severe alopecia areata marks an important milestone. There are limited treatment options for alopecia areata and deuruxolitinib should make a meaningful difference in patient lives, once approved. Similarly, another late stage candidate Nidlegy will potentially complement our Odomzo franchise. Nidlegy’s recent positive phase-3 data in patients with locally advanced fully resectable melanoma positions us to provide patient solutions across a broad spectrum of skin cancers.”

For Q2 FY24, external sales of API were at Rs 497.2 crore, up by 5.1% over Q2 last year. “Our API business imparts benefits of vertical integration and continuity of supply chain for our formulations business. We continue to focus on increasing API supply for captive consumption for key products,” the company said in a statement.