Last Updated on November 3, 2023 by BFSLTeam BFSLTeam
Table of Content
Sun Pharma Q2FY24 Consolidated Financials:
1. Gross sales: Rs. 120,031 million, a growth of 11.0% compared to Q2 of the previous year.
2. India formulation sales: Rs. 38,425 million, up by 11.1% compared to Q2 of the previous year.
3. US formulation sales: US$ 430 million, an increase of 4.2% compared to Q2 of the previous year.
4. Global speciality sales: US$ 240 million, up by 19.3% compared to Q2 of the previous year, accounting for 16.4% of Q2 FY24 sales.
5. Emerging Markets formulation sales: US$ 284 million, up by 9.4% compared to Q2 of the previous year.
6. Rest of World formulation sales: US$ 206 million, up by 13.7% compared to Q2 of the previous year.
7. R&D investments: Rs. 7,734 million, representing 6.4% of sales, compared to Rs. 5,710 million (5.3% of sales) in Q2 of the previous year.
8. EBITDA: Rs. 31,794 million (including other operating revenues), up by 7.5% compared to Q2 of the previous year, with an EBITDA margin of 26.1% (down from 27% in Q2 of the previous year).
9. Net profit for the quarter: Rs. 23,755 million, up by 5% year-over-year.
Additional Read: Q2 Results Dashboard
H1 FY24 Consolidated Financials Of Sun Pharma
1. Gross sales: Rs. 237,883 million, a growth of 10.9% over the same period in the previous year.
2. India formulation sales: Rs. 74,029 million, up by 8.1% over the same period in the previous year.
3. US formulation sales: US$ 901 million, up by 8.2% over the same period in the previous year.
4. Emerging Markets formulation sales: US$ 545 million, up by 8.0% over the same period in the previous year.
5. Rest of World formulation sales: US$ 401 million, up by 8.0% over the same period in the previous year.
6. EBITDA: Rs. 65,112 million (including other operating revenues), up by 11.5% over the same period in the previous year, resulting in an EBITDA margin of 27%.
7. Net profit for H1FY24: Rs. 43,981 million. Adjusted net profit, excluding exceptional items of H1 current year, was up by 9.2%.
India Formulations:
- Q2FY24 India formulation sales: Rs. 38,425 million, up 11.1% YoY, accounting for about 32% of total consolidated sales.
- Sun Pharma holds the No. 1 rank in the Indian pharmaceutical market with an increased market share from 8.3% to 8.4% (AIOCD AWACS MAT Sept-2023 report).
- No. 1 ranked by prescriptions in various doctor categories (SMSRC MAT June-2023 report).
- 8 new products were launched in the Indian market in Q2FY24.
Additional Read: Sun Pharma Share Price
US Formulations (including Taro):
- Q2FY24 US formulation sales: US$ 430 million, a growth of 4.2% YoY, accounting for over 30% of total consolidated sales.
- Taro reported net sales of $148.2 million for Q2FY24.
- Taro’s net profit for Q2FY24 was US$ 8.5 million.
- For H1FY24, US formulation sales were US$ 901 million, recording an 8.2% growth YoY.
- Taro’s sales for H1FY24 were US$ 307 million, up 6.9% YoY, with a net profit of US$ 18.6 million.
Emerging Markets:
- Q2FY24 formulation sales in Emerging Markets: US$ 284 million, a growth of 9.4% YoY, accounting for about 19.5% of total consolidated sales for the quarter.
- For H1FY24, sales in Emerging Markets were US$ 545 million, up by 8% YoY.
Rest of World Markets:
- Q2FY24 formulation sales in Rest of World (ROW) markets (excluding US and Emerging Markets): US$ 206 million, a growth of 13.7% YoY, accounting for approximately 14% of total consolidated sales.
- For H1FY24, sales in Rest of World markets were US$ 401 million, up by 8.0% YoY.
Also Read: Sun Pharmaceutical Industries Ltd.
Active Pharmaceutical Ingredients (API):
- Q2FY24 external sales of API: Rs. 4,972 million, up by 5.1% YoY.
- For H1FY24, API sales were at Rs. 10,368 million, declining by about 3.3% YoY.
- Focus on increasing API supply for captive consumption for key products.
Research Update:
- Consolidated R&D investment for Q2FY24: Rs. 7,734 million, 6.4% of sales, compared to Rs. 5,710 million for Q2 of the previous year.
- For H1FY24, R&D expense was Rs. 14,531 million, or 6.1% of sales.
- R&D efforts span across speciality and generic businesses, with a focus on building pipelines for various markets.
- Specialty R&D pipeline includes 6 molecules undergoing clinical trials.
- Comprehensive product offering in the US market with approved ANDAs for 526 products and filings for 93 ANDAs awaiting US FDA approval.
- The portfolio includes 54 approved NDAs with 13 NDAs awaiting US FDA approval.
- In Q2FY24, 3 ANDAs were filed, and 8 approvals were received.
About Sun Pharma Industries Limited
Sun Pharmaceutical Industries Limited, the world’s fourth-largest speciality generics company, operates in the domains of Specialty, Generics, and Consumer Healthcare products. As India’s largest pharmaceutical company, it also holds a prominent position as a leading generic pharmaceutical company in the United States and the Global Emerging Markets.
Sun Pharma’s rapid growth is exemplified by its Global Specialty portfolio, which encompasses innovative products in dermatology, ophthalmology, and onco-dermatology, contributing significantly, with over 16% of the company’s total sales. With vertically integrated operations, Sun Pharma ensures the production of high-quality medicines that are trusted by both physicians and consumers in more than 100 countries. The company’s manufacturing facilities are strategically located across six continents, reflecting its global presence.
Source-
https://sunpharma.com/wp-content/uploads/2023/11/Press-Release-Sun-Pharma-Q2FY24-Financial-Result.pdf
