Sun Pharma Q3 Results FY2023, PAT at Rs. 21660 million

On 31st January 2023, Sun Pharma Ltd announced its results for the third quarter of FY2023.

Key Highlights:

-  Gross sales at Rs. 111,001 million, growth of 13.1%
- EBITDA at Rs. 30,037 million, up 15.2% YoY. 
- EBITDA margin for Q3 at 26.7%.
- Net profit for the quarter was at Rs. 21,660 million, up by 5.2%

Business Highlights:

- India formulation sales at Rs. 33,919 million, up 7.1% YoY
- US formulation sales at US$ 422 million, up 6.3% YoY
- Global specialty sales at US$ 235 million, including the US$12.5 million milestone received in Q3. Ex-milestone, up 21.6%
- Global specialty sales, ex-milestone, accounted for 16.5% of Q3FY23 overall sales 
- Emerging Markets formulation sales at US$ 257 million, up 7.7% YoY
- Rest of World formulation sales at US$ 189 million, up 4.8% YoY
- R&D investments at Rs. 6,702 million compared to Rs. 5,471 million for Q3FY22

Commenting on the results, Dilip Shanghvi, Managing Director of the Company said, “Specialty is expected to continue as a key growth driver for Sun. We are investing to scale up this business, especially in our core therapy areas. The proposed Concert acquisition is a step forward in this direction. Concert’s lead asset, deuroxolitinib has a potential best-in-class profile in Alopecia Areata, an area of dermatology with high unmet needs. We are excited to offer this new treatment option to dermatologists worldwide. Given our commercial strength, we would be well-positioned to bring this product to market.”

The Board has declared an interim dividend of Rs. 7.50 per share for the year FY23.