Sun Pharma?s net profit for the quarter ended September fell 46.5% to R319.64 crore after the company made a R584 crore provision towards potential damages in respect of patent infringement litigation with Wyeth related to generic versions of Protonix.
The company?s Ebitda stood at R1,168 crore, resulting in an Ebitda margin of 44%, compared to 41% in second quarter last year, after it posted robust sales in all key markets.
Net sales from operations stood at R2,657 crore, a growth of 40% over the same quarter last year. Branded generic sales in India was to the tune of R810 crore, up by 15% over the year ago period. US finished dosage sale at $244 million grew by 38% (in dollar terms) over the second quarter of last year, while international formulations sale, at $68 million, grew by 21% (in dollar terms) over same quarter last year.
With respect to patent infringement litigation related to generic versions of Protonix, Sun said it ?continues to believe that it has sound reasons to disagree with the overstated claims of Wyeth.? It said it believes that the patent is invalid and unenforceable and ?will pursue all available legal remedies including appeals.? ?However, as a matter of prudence and as estimated by the management on a consolidated level, a sum of R583.58 crore has been provided towards potential damages in this regard,? it added.
Share of the company was marginally down at R696.15 on the BSE on Thursday.
