Sun Pharma Q2 net plunges 59% at Rs 912 cr

Analysts on average had expected a profit of Rs827 crore according to Thomson Reuters data

However, that was better than the INR8.27 billion estimated by analysts polled by Thomson Reuters.

India's largest drugmaker, Sun Pharmaceutical Industries Ltd, posted a 59% plunge in second-quarter profit on Tuesday, but beat estimates.

The company had posted a net profit of Rs 2,235.14 crore for the corresponding period of the previous fiscal, Sun Pharmaceutical Industries said in a BSE filing. "We expect it to gradually improve in the second half of this year". The company's India sales accounted for Rs 2,221 crore, a growth of 11 per cent over Q2 last year, while United States finished dosage sales were recorded at $309 million down by 44 per cent over Q2 last year.

Sun and smaller rivals are grappling with falling drug prices in the US, where the Food and Drug Administration has expedited its approval rate for generics, paving the way for increased competition from new players.

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In the emerging markets, the sales were at Dollars 196 million for the second quarter this fiscal, a growth of 16 per cent compared to the same quarter a year ago and accounting for 19 per cent of the total sales, the company said.

Amid the declining sales in the US, most Indian drug makers, including Sun, are plagued with regulatory issues as they struggle to match up to the high manufacturing standards set by the USA drug regulator.

Sun Pharma is ranked No. 1 and holds approximately 8.5 percent market share in the over Rs. 114,000 crore Indian pharmaceutical market as per September-2017 AIOCD-AWACS report. For the quarter, 4 ANDAs were filed and 3 approvals were received.

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