Sun Pharma Raises Growth Outlook after Q3 Profit Beats F'cast
February 14, 2014 3:09 PM EST
Sun Pharmaceutical Industries Ltd (SUN.NS) on Thursday raised its revenue growth outlook for this fiscal year after it posted a 74 percent rise in quarterly net profit, beating estimates, on new generic drug launches in the United States.
Flickr via Creative Commons
Affymax plunged 85% after the company and Takeda Pharmaceuticals issued a national recall of their antianemia drug amid reports of severe allergic reactions, including a handful of deaths, in some patients with kidney disease.
The company, India's third-largest drugmaker by sales, said revenue in this fiscal year ending on March 31 would rise 29 percent, higher than its earlier guidance of 25 percent.
Sun's net profit in the quarter ended December rose to 15.31 billion rupees, compared to 8.81 billion rupees in the same period last year. Net sales grew 50 percent in the quarter to 42.87 billion rupees.
Analysts had expected the company to post a profit of 13.29 billion rupees, according to Thomson Reuters data.
Sun, which gets more than half its revenue from the United States, said sales in its biggest market grew 57 percent, helped by the launch of drugs such as a generic version of Eli Lilly & Company's Cymbalta used for treating depressive disorders
Most Popular Slideshows
Join the Conversation
- Google HTC Nexus 9 Tablet October 24 Launch Date Benefits Many
- Apple iPhone 6 vs. OnePlus One: With Invitation-Only Model Rested, OnePlus One Can Be A Real Threat To iPhone 6
- ISIS Supporters are Walking Among the Many in the United States – Report
- New Windows OS Is Not Windows 9, Microsoft To Launch Windows 10 As New OS Build
- Samsung Aware Of Gap Issue On Galaxy Note 4, Mentions It As Important Manufacturing Feature In Note 4 User Manual
- 3 Signs Nexus 6, 8 Release Date Nears: Leaked Pics, KitKat Factory Image & Android L Details Emerge
- Airstrikes Against ISIS Has Claimed Innocent Lives In Syria, Dubbed ‘Ineffective’ By Jihadi Fighters, US Military To Ask For More Spending Money