Sun Pharmaceuticals Industries Ltd on Monday posted its quarterly result for the three months ending March 31, 2022.
The pharma company reported a net loss of Rs 2,227.38 crore, hit by one-time charges recorded in Q4FY22, compared with a net profit of Rs 848 crore a year ago.
We have announced our full year and Q4, FY22 results.
Read more: https://t.co/FTOg67WgSP pic.twitter.com/M1vm0NIc75
— Sun Pharma (@SunPharma_Live) May 30, 2022
The Mumbai-based company saw a surge of 11% in its revenue compared with a year ago to Rs 9,386.08 crore.
A Bloomberg poll of analysts forecasted a profit of Rs 1,707 crore over a revenue of Rs 9,576 crore.
Exceptional items included settlements and provisions related to Taro Pharmaceuticals and Ranbaxy, for the quarter under review, stood at Rs 3,935.75 crore as against Rs 672.81 crore posted a year ago.
Sales Region-wise:
Sun Pharma’s sales in the US represented 31% of the total sales, which increased 5% on year to $389 million.
In India, sales went up by 16% to Rs 3,095.60 crore, while in the emerging markets, sales rose 7% to $206 million in the fourth quarter.
Our Managing Director, Dilip Shanghvi provides an overview of our full year and Q4, FY22 results. pic.twitter.com/W0txy0askF
— Sun Pharma (@SunPharma_Live) May 30, 2022
“FY22 was a good year with strong topline and EBITDA growth. All our geographies have recorded double-digit growth and profitability has improved despite rising costs. The specialty business continues to ramp up strongly with global Ilumya sales recording 81% growth to reach US$315 million in FY22”, said Dilip Shanghvi, Managing Director of the company.
“Our India business continues to grow faster than the market, leading to an increase in market share. We continue to focus on expanding our global specialty business, growing all our businesses, and improving operational efficiencies”, Shanghvi added.
The company spent Rs 543.30 crore in research and development during the quarter, a slight drop from 557.10 crore, a year ago.
EBITDA in Q4FY22 was Rs 2,279.70 crore. The firm paid off $355 million in debt in FY 2022.
“Our R&D efforts span across both specialty and generic businesses and we continue to invest in building the pipeline for various markets including the US, Emerging Markets, RoW Markets, and India. Our specialty R&D pipeline includes 4 molecules undergoing clinical trials”, the firm said.
“During the quarter, external sales of active pharmaceutical ingredients were at Rs 413.70 crore, down 5% from a year ago. Our API business imparts benefits of vertical integration and continuity of the supply chain for our formulation business. We continue to focus on increasing API supplies for captive consumption relating to our key product”, the company said in a release.
During the quarter, Taro– Sun Pharma’s research-based international pharmaceutical company recorded sales of $143 million, down 3% year-on-year, and a net profit of around $27.4 million, down 11.6%.
Management Appointments:
Dilip Shanghvi was re-appointed as managing director for a five-year term, while Pawan Goenka was named lead independent director with immediate effect. Gautam Doshi was also reappointed for a second term as an independent director.