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Sun Pharmaceuticals Industries' Q3 FY14 profit beat analyst estimates as sales from its formulations business in the US market jumped 79% year-on-year (y-o-y) to Rs 2,678.92 crore. The company reported net profit of Rs 1,531.09 crore for the quarter, a rise of nearly 74% y-o-y.
Sun Pharmaceutical's consolidated sales for the quarter ended December 31 doubled to Rs 4,286.59 crore.
Analysts expected a profit of Rs 1,310.1 crore on sales of Rs 4,136.4 crore, according to Bloomberg poll estimates.
“Our overall performance reflects the focus on execution of our strategy. We are developing a differentiated and specialty business and continue to evaluate opportunities to enhance our global presence,” Sun Pharma managing director Dilip Shanghvi said in a statement.
The company also raised its FY14 outlook to a 29% growth rate, compared with the previous guidance of 25%.
“The revised guidance takes in to account the performance achieved in 9MFY14, higher base of Q4FY13 on consolidation of acquisitions as well the risks associated with increase in competition for some products,” Sun Pharma said in a statement.
The company reported US sales of Rs 2,678.92 crore for the quarter while rest of world (ROW) operations contributed Rs 520.71 crore to the topline. Overall international revenues accounted for more than 75% of total revenues for Q3FY14.
The company filed 5 abbreviated new drug applications (ANDAs) in Q3FY14. It received approval for four ANDAs in the same period taking the total number of approvals to 337, as on December 31.
Sun Pharma is now awaiting the USFDA nod for 131 products.