Sun Pharma touches 52-week low over slumped Q4

India’s largest drug manufacturer Sun Pharmaceutical Industries posted a drop of 13.6 per cent in its consolidated net profit on a year-on-year basis. The net profit slumped to Rs1,223.71 crore in the fourth quarter in FY17, as an impact of lower sales in the US generics market.

The company’s net sales in India was up by 10 per cent to Rs Rs1,916 crore, with the emerging markets rising by 46 per cent to USD 181 million during the period. Moreover, Sun Pharma’s sales in the foreign markets also grew by 38 per cent to USD 109 million.

However, the net sales of the company fell by 8 per cent to Rs 6,825 crore in the fourth quarter of fiscal 2017 against its net sales during the same period in the previous year.

The most important market of the company, the US generics market witnessed a slump of 34 per cent to USD 381 million in the March quarter from a high base in the previous year. The company is expected to witness a continuous slowdown in its drug sales in the US in the wake of rising pricing pressure by the Trump government.

Sun Pharma had recently filed 14 abbreviated new drug applications with the US Food and Drug Administration.  

At 10:15 hrs IST Sun Pharmaceutical Industries was quoting at Rs 499.40, down by 12.16 percent on the BSE on May 29, 2017. The stock touched its 52-week low of Rs 495.55 in the early trade of today.