editor daily mirror
DailyMirror.News,Mumbai, August 1st, 2024: Sun Pharmaceutical Industries Limited (Reuters: SUN.BO, Bloomberg: SUNP IN, NSE: SUNPHARMA, BSE: 524715) reported financials for the first quarter ending June 30th, 2024.
Highlights of Q1FY25 consolidated financials*
.Gross sales at Rs. 125,245 million, growth of 6.3%
.India Formulation sales at Rs. 41,445 million, up 16.4%
.US Formulation sales at US$ 466 million, lower by 1.0%
.Global Specialty sales at US$ 266 million, up 14.7%
.Global Specialty sales accounted for 17.7% of Q1FY25 sales
.Emerging Markets Formulation sales at US$ 284 million, up by 8.8%
.Rest of World Formulation sales at US$ 190 million, down by 2.9%
.R&D investments at Rs. 7,940 million compared to Rs. 6,796 million for Q1FY24
.EBITDA at Rs. 36,076 million (including other operating revenues), up 8.3%. EBITDA margin for Q1 at 28.5% vs 27.9% during Q1FY24.
.Net profit for Q1FY25 was Rs. 28,356 million, up 40.2% YoY; up 20.9% over adjusted net profit of Q1FY24.
Dilip Shanghvi, Chairman and Managing Director of the Company said, “Sun has recently attained several milestones with the approval of Leqselvi in the US, the filing of Nidlegy in Europe and the completion of acquisition of Taro minority shares. These steps advance our innovative as well as generic business offerings, and will help us serve patients better.”
India Formulations
Formulation sales in India were Rs. 41,445 million, up by 16.4%. India Formulation sales accounted for about 33.1% of total consolidated sales.
Sun Pharma is ranked No. 1 with market share of 8.6% in Rs. 2,019 billion Indian pharmaceutical market as per AIOCD AWACS MAT June-2024 report. As per SMSRC MAT Feb-2024 report, we are ranked No.1 by prescriptions with 12 different doctor categories. For Q1FY25, the company launched 6 new products in the Indian market.
US Formulations
Formulation sales in the US were US$ 466 million; accounting for over 31.1% of total consolidated sales.
Emerging Markets (EM) Formulations
Formulation sales in Emerging Markets sales were US$ 284 million for Q1FY25, a growth of 8.8% and accounted for 18.9% of total consolidated sales.
* Growth measured vs same period last financial year
Rest of World (ROW) Formulations
Formulation sales in Rest of World (ROW) market sales were US$ 190 million for Q1FY25, lower by 2.9% and accounted for 12.6% of total consolidated sales.
Active Pharmaceutical Ingredients (API)
For Q1FY25, external sales of API were at Rs. 4,946 million, lower by 8.3%. We continue to focus on increasing API supply for captive consumption for key products.
R&D Update
Our R&D efforts span across both specialty and generic businesses and we continue to invest in strengthening product pipeline for various markets. Our specialty R&D pipeline comprises 6 New Active Substances undergoing clinical studies. We have a comprehensive product offering in the US market consisting of 537 approved ANDAs while filings for 103 ANDAs await US FDA approval, including 28 tentative approvals. Additionally, the portfolio includes 51 approved NDAs while 14 NDAs await US FDA approval. For the quarter, 1 ANDA was filed and 3 approvals were received.
Global Specialty pipeline
| Candidate | Indication | Current phase | Next milestone |
| deuruxolitinib | alopecia areata | Approved for alopecia areata in the US | Launch |
| NidlegyTM(EU, ANZ rights with Sun) | melanoma and non- melanoma skin cancers | Filed with EMA (EU) for treatment of locally advanced,fully resectable melanoma in the neoadjuvant setting | Approval |
| Ilumya | psoriatic arthritis | Phase 3 | Topline data during H2CY25 |
| MM-II | pain in osteoarthritis | Phase 2 completed | Phase 3 to start in H1CY25 |
| SCD-044 | atopic dermatitis | Phase 2 | Topline data by H1CY25 |
| psoriasis | Phase 2 | Topline data by H1CY25 | |
| GL0034 | type-2 diabetes & obesity | Phase 1 completed | Phase 2 to start by H2CY24 |
On July 25 2024, U.S. Food and Drug Administration (FDA) approved LEQSELVI™ (deuruxolitinib) 8 mg tablets for the treatment of adults with severe alopecia areata. Currently, a motion seeking a preliminary injunction has been filed in a U.S. court to prevent the launch of LEQSELVI™. The company intends to rigorously oppose that motion.
Sales and R&D snapshot
| (` in Mn) | ||||
| Particulars | Quarter ended | Year ended | ||
| 30.06.2024 | 31.03.2024 | 30.06.2023 | 31.03.2024 | |
| India Formulations | 41,445.1 | 37,078.3 | 35,603.7 | 148,892.6 |
| US Formulations | 38,894.4 | 39,544.1 | 38,708.7 | 153,492.5 |
| EM Formulations | 23,695.2 | 20,347.7 | 21,452.2 | 86,194.5 |
| ROW Formulations | 15,813.6 | 16,290.4 | 16,040.8 | 67,128.3 |
| Total Formulations | 119,848.3 | 113,260.5 | 111,805.4 | 455,707.9 |
| Bulk | 4,945.7 | 4,157.9 | 5,395.7 | 19,186.5 |
| Others | 451.1 | 714.9 | 650.4 | 2,690.1 |
| Total Sales | 125,245.1 | 118,133.3 | 117,851.5 | 477,584.5 |
| Total R&D Expenditure | 7,939.7 | 8,999.9 | 6,796.2 | 31,775.9 |
| Capital | 177.8 | 80.9 | 114.0 | 498.9 |
| Revenue | 7,761.9 | 8,919.0 | 6,682.2 | 31,277.0 |
| Exchange Rates : $ 1 = ` | 83.42 | 83.03 | 82.18 | |
