Sun Pharma Q3 Results: PAT jumps 5.2% to Rs 2166 crore

Sun Pharma, India's largest drugmaker on Tuesday reported 5.2% year-on-year (YoY) jump in net profit to Rs 2,166 crore for Q3FY23 led by ramp up of global specialty drug sales, along with strong momentum in US generics and domestic formulation sales.

The company reported net profit of Rs 2,058.8 crore in the corresponding quarter of the previous year.

Revenue from operations rose 13.1% to Rs. 11,100 crore in Q3FY23, compared to Rs 9,841 crore in Q3FY22.


The earnings before interest, tax, depreciation and ammortisation (EBITDA) grew 15.2% YoY to Rs. 3004 crore. The EBITDA margin for Q3FY23 improved 30 basis points YoY to 26.7%.

Global specialty drug sales were at $235 million, including US$12.5 million milestone received in Q3FY23. Ex-milestone, the specialty sales were up 21.6% YoY in Q3FY23.

Formulation sales in the US were $422 million recording a growth of 6.3% over Q3 last year; accounting for over 31% of total consolidated sales.

Sales of formulations in India for Q3FY23 were at Rs. 3392 crore, up 7.1% over Q3 last year. India formulation sales accounted for about 31% of total sales. Excluding the covid related product sales in the previous year, the sales
growth for the first 9 months is 10.3%.

Sun Pharma holds 8.5% market share in the over Rs. 1.8 lakh crore Indian pharmaceutical market as per AWACS MAT December-2022 report. Corresponding market share for the previous period was 8.2%.
For Q3FY23, the company launched 25 new products in the Indian market.

Formulation sales in emerging Markets were at $257 million for Q3FY23, a growth of 7.7% over Q3 last year and accounting for about 19% of sales contribution.

Dilip Shanghvi, managing director of Sun Pharma said, “specialty is expected to continue as a key growth driver for Sun (Pharma). We are investing to scale up this business, especially in our core therapy areas."

"Proposed Concert acquisition is a step forward in this direction. Concert’s lead asset, deuroxolitinib has a potential best-in-class profile in Alopecia Areata, an area of dermatology with high unmet need. We are excited to offer this new
treatment option to dermatologists worldwide. Given our commercial strength, we would be well-positioned to bring this product to market," Shanghvi said.