INDIA'S PHARMACEUTICAL BUSINESS was a cocktail of ingredients that ranged from success in foreign markets to leadership in a field, from filling supply-chain gaps to making APIs for new drugs. Some companies saw their market capitalisation grow, while some slipped in the BT500 rankings despite doing the right things. Others faced challenges in innovation, regulatory hurdles (read: the US Food & Drug Administration), and market positioning.
CAPITALISING ON GLOBAL TRENDS
Sun Pharmaceutical Industries saw its market capitalisation rise by 45% to ₹3.5 lakh crore, moving up four places in the BT500 ranking, with shareholders seeming to give a thumbs up to its strategies. The company showed steady growth in FY24, with gross sales rising by 10% to ₹47,759 crore. Its formulation sales grew by 9.5% in the domestic market to ₹14,889 crore. The keys to its growth: new products and strategic marketing.
Sun’s formulation sales in the US increased by 13% to ₹15,349 crore. Global speciality sales grew by 19% to ₹8,738 crore, accounting for 18% of total FY24 sales. In emerging markets, it reported formulation sales of ₹8,620 crore, up 9%, and in the Rest of the World (RoW), sales increased by 11% to ₹6,715 crore.
Sun invested ₹3,178 crore in research and development (R&D), up from ₹2,368 crore in FY23. Ebitda or earnings before interest, taxes, depreciation, and amortisation, added up to ₹13,023 crore, with an Ebitda margin of 27%. The adjusted net profit, excluding exceptional items, rose 16.5% to ₹10,071 crore, against ₹8,645 crore the previous year.
Sun Pharma spent ₹793 crore or 6% of total sales on R&D in Q2FY25.
“We remain focussed on maintaining a balanced approach, investing in R&D, and expanding our speciality product portfolio,” said Dilip Shanghvi, Chairman and Managing Director of Sun Pharma, during a recent investor call.
This story is from the December 22, 2024 edition of Business Today India.
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This story is from the December 22, 2024 edition of Business Today India.
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