Sun Pharma fourth-quarter profit beats Street estimates

May 29 2014, 16:17 IST
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Sun Pharma announced on April 7 that it will acquire Gurgaon-based Ranbaxy for $4 billion. Thinkstock Sun Pharma announced on April 7 that it will acquire Gurgaon-based Ranbaxy for $4 billion. Thinkstock
SummarySun Pharma announced on April 7 that it will acquire Gurgaon-based Ranbaxy for $4 billion.

Sun Pharmaceutical Industries' fourth-quarter profit trumped analyst estimates for the eleventh straight quarter as branded generic sales in India and finished dosage sales in the United States grew about 22% respectively, compared with the same period in the previous year.

The Mumbai-based company which is currently in the process of acquiring peer Ranbaxy Laboratories Limited, reported quarterly profit of Rs 1,587.12 crore on sales of Rs 4,043.57 crore. Analysts estimated profit for the quarter ended March 31 to be Rs 1,354.8 crore on sales of Rs 4,201.7 crore, according to Bloomberg estimates.

However, the company's consolidated net sales missed Street expectations for the first time in thirteen sequential quarters as international formulation sales, in geographies other than the United States, were flat year-on-year (y-o-y).

Sun Pharma announced on April 7 that it will acquire Gurgaon-based Ranbaxy for $4 billion, which would catapult the merged entity to the top of the pharmaceutical totem pole with a domestic market share of 9.43%.

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