Q3 Gross Sales at Rs. 111,001 million up 13.1% YoY
Q3 Net Profit at Rs. 21,660 million up 5.2% YoY
Mumbai, January 31, 2023: Sun Pharmaceutical Industries Limited (Reuters: SUN.BO, Bloomberg: SUNP IN, NSE: SUNPHARMA, BSE: 524715) reported financials for the third quarter ending December 31, 2022.
Highlights of Q3FY23 consolidated financials
Gross sales at Rs. 111,001 million, growth of 13.1% over Q3 last year
- India formulation sales at Rs. 33,919 million, up 7.1% over Q3 last year
- US formulation sales at US$ 422 million, up 6.3% vs Q3 last year
- Global specialty sales at US$ 235 million, including US$12.5 million milestone received in Q3. Ex-milestone, up 21.6% vs Q3 last year
- Global specialty sales, ex-milestone, accounted for 16.5% of Q3FY23 overall sales
- Emerging Markets formulation sales at US$ 257 million, up 7.7% vs Q3 last year
- Rest of World formulation sales at US$ 189 million, up 4.8% vs Q3 last year
- R&D investments at Rs. 6,702 million compared to Rs. 5,471 million for Q3FY22
- EBITDA at Rs. 30,037 million, up 15.2% YoY. EBITDA margin for Q3 at 26.7% versus 26.4% for Q3 last year.
- Net profit for the quarter was at Rs. 21,660 million, up by 5.2% over Q3 last year.
- Adjusted for one-offs in Q3FY22 and Q3FY23, Net profit growth higher than EBITDA growth
Highlights of 9mFY23 consolidated financials
Gross sales at Rs. 325,533 million, growth of 12.1% over same period last year
- India formulation sales at Rs. 102,390 million, up 6.0% over same period last year
- US formulation sales at US$ 1,254 million, up 10.3% vs Q3 last year
- Emerging Markets formulation sales at US$ 762 million, up 8.9% vs Q3 last year
- Rest of World formulation sales at US$ 560 million, up 1.2% vs Q3 last year
- EBITDA at Rs. 88,447 million up 9.8% over same period last year, with resulting EBITDA margin of 26.8%
- Reported Net profit for 9mFY23 was at Rs. 64,891 million, up 16.9% YoY. Excluding the exceptional items of 9mFY22, reported net profit was up by 6.6%
These results were taken on record by the Board of Directors at a meeting held today. The Board has declared an interim dividend of Rs. 7.50 per share for the year FY23 against Rs. 7.0 per share interim dividend for the previous year.
Dilip Shanghvi, Managing Director of the Company said, “Specialty is expected to continue as a key growth driver for Sun. We are investing to scale up this business, especially in our core therapy areas. Proposed Concert acquisition is a step forward in this direction. Concert’s lead asset, deuroxolitinib has a potential best-in-class profile in Alopecia Areata, an area of dermatology with high unmet need. We are excited to offer this new treatment option to dematologists worldwide. Given our commercial strength, we would be well-positioned to bring this product to market.”
