"A challenging USA generic pricing environment, coupled with continued investments in building our global specialty business, has impacted our second quarter performance", Dilip Shanghvi, managing director of Sun, said in the statement.
In a filling to Bombay Stock Exchange, Sun Pharmaceutical Industrie s said the company had posted a net profit of Rs 2,235.14 crore for the corresponding period of the previous fiscal. Sun's US unit Taro Pharmaceutical reported a 58% decline in net profit after sales fell 26%. "We expect it to gradually improve in the second half of this year".
Sales of formulations in the USA declined 44% to $309 million, as the year-earlier period included six months of exclusive sales of generic version of Novartis' leukemia drug Gleevec, which ended in July.
Rest of World markets formulation sales excluding the United States and emerging markets stood at USD 111 million in the second quarter this fiscal, a growth of 40 per cent from the same period of the previous year and accounting for approximately 11 per cent of sales, it added.
Active Pharmaceutical Ingredients (API) business largely meant for captive consumption rose 6 percent to Rs 388 crores.
"This R&D expenditure includes investments on account of funding the clinical development of our global specialty pipeline." the company said. For the quarter, 4 ANDAs were filed and 3 approvals were received.
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