With Israeli generic drug-maker Taro in its fold, Sun Pharma has seen a healthy growth in its performance.
“Taro acquisition has enhanced our presence in the US market, a key objective of our long-term strategy, even as we continue to file new products on our own and evaluate further acquisition opportunities,” Mr Dilip Shanghvi, Sun's Chairman and Managing Director, said in a statement. The company's growth rate in India was in line with expectations and ahead of the market, especially in key areas, he said.
Strong growth in sales is primarily on account of Taro financials that have been consolidated for over six months in 2010-11, the company said, adding that the financials were not included in corresponding periods of the previous year. These full year financials also include significant components of non-recurring sales and profits contributed by a few products sold in the first half of the FY11, the company added.
Consolidated performance
The company's consolidated net sales from operations stood at Rs 5,721 crore, growing 43 per cent over 2009-2010. India-branded generic sale at Rs 2,380 crore, registered a 37 per cent growth over the same period last year.
The company posted a net profit of Rs 1,816 crore. For the three months ended March 31, 2011, Sun's consolidated income from operations stood at Rs 1,463 crore.
The India-branded generic sales stood at Rs 589 crore, registering a growth of 20 per cent over the same quarter last year. Taro sales at $107.7 million, showed a growth of 21 per cent over the same quarter last year. Sun Pharma posted a net profit of Rs 443 crore.
The year has been important with strategic milestones for international business, which now contributes over 60 per cent of sales, the company said. Sun Pharma recently entered into a joint venture with MSD (Merck Sharp and Dohme) for emerging markets.