New Delhi, Aug. 9: Sun Pharmaceutical Industries has reported a consolidated net loss of Rs 1,276.10 crore for the first quarter ended June 30 against a profit of Rs 795.55 crore in same quarter a year ago.
The disappointing numbers have been attributed to a patent litigation settlement.
Consolidated total income, however, rose to Rs 3,502.73 crore from Rs 2,683.47 crore in the year-ago period.
During the quarter, Sun Pharma paid Rs 2,517.41 crore (previous year Rs 583.58 crore) under the settlement agreement entered on June 11 with Pfizer Inc, Wyeth LLC and Nycomed. This is with respect to patent infringement litigation related to generic versions of Protonix used to treat heartburn.
Managing director Dilip Shanghvi said, “All our businesses continue to perform in line with our expectations. We remain focused on strengthening our existing businesses and developing a differentiated and speciality driven product basket.”
The company also continues to review opportunities to expand and strengthen its global footprint, he added. For the quarter under review, branded generic sales in India stood at Rs 849 crore, a growth of 44 per cent over the same period last year.
“The company has completed the process of transferring its domestic formulations business to Sun Pharma Laboratories Ltd, a wholly owned subsidiary,” Sun Pharma said.
Sales in the US rose 28 per cent to $364 million, accounting for 58 per cent of total sales. International formulation sales stood at $81 million.
“In the first quarter, abbreviated new drug applications (ANDAs) for four products were filed. After counting these, and adjusting for filings that were dropped, cumulatively ANDAs for 453 products have been filed by Sun Pharma and Taro with the USFDA (as on June 30, 2013),” Sun Pharma said.
Drug major Cipla today posted a 10.28 per cent rise in consolidated net profit at Rs 485.35 crore for the first quarter ended June, on account of robust sales growth in domestic as well as export markets.
The company had a net profit of Rs 440.10 crore in the April-June quarter of 2012-13.