Drug authority nod to buoy Sun Pharma

Sun Pharmaceutical shares will hog the limelight this week as the company announced that the US Food and Drug Administration has granted approval to its subsidiary to launch a new drug for healing and symptom relief of active duodenal ulcer. Lansoprazole Delayed-Release Capsules (15 mg and 30 mg) will have annual sales of approximately $430 million (about Rs 2,750 crore) in the US. The Mumbai-based Sun Pharmaceutical Industries manufactures and markets pharmaceutical formulations as branded generics as well as generics in India, the US and several other markets across the world. For the June quarter, the company reported a net profit of Rs 45.7 crore on revenues of Rs 617.64 crore. For fiscal ended 2013, its net profit and revenues are Rs 2,432 crore and Rs 516.5 crore.