Q2FY24 Quarterly & H1FY24 Bi-Annual Result Announced for Sun Pharmaceutical Industries Ltd.
Sun Pharmaceutical Industries announced Q2FY24 & H1FY24 results: Consolidated Q2FY24: Gross sales at Rs 1,20,031 million, growth of 11.0% vs Q2FY23 India formulation sales at Rs 38,425 million, up 11.1% vs Q2FY23 US formulation sales at USD 430 million, up 4.2% vs Q2FY23 Global specialty sales at USD 240 million, up 19.3% vs Q2FY23 Global specialty sales accounted for 16.4% of Q2FY24 sales Emerging Markets formulation sales at USD 284 million, up 9.4% vs Q2FY23. Rest of World formulation sales at USD 206 million, up 13.7% vs Q2FY23 R&D; investments at Rs 7,734 million (6.4% of sales) compared to Rs 5,710 million (5.3% of sales) for Q2 last year EBITDA at Rs 31,794 million (including other operating revenues), up 7.5% vs Q2FY23. EBITDA margin for Q2FY24 at 26.1% vs 27% for Q2FY23. Net profit for the quarter was at Rs 23,755 million, up 5% YoY Consolidated H1FY24: Gross sales at Rs 2,37,883 million, a growth of 10.9% over H1FY23 India formulation sales at Rs 74,029 million, up 8.1% over H1FY23 US formulation sales at USD 901 million up by 8.2% over H1FY23 Emerging Markets formulation sales at USD 545 million up by 8.0% over H1FY23 Rest of World formulation sales at USD 401 million up by 8.0% over H1FY23 EBITDA at Rs 65,112 million (including other operating revenues), up 11.5% over H1FY23, with a resulting EBITDA margin of 27% Net profit for H1FY24 was at Rs 43,981 million. Excluding the exceptional items of H1 current year, adjusted net profit was up by 9.2% 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.” Result PDF02-11-2023
