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UPDATE 1-India's Sun Pharma posts profit dive on U.S. pricing pressure
November 14, 2017 / 12:14 PM / 9 days ago

UPDATE 1-India's Sun Pharma posts profit dive on U.S. pricing pressure

    * Q2 profit down 59 pct
    * Indian sales rise 11 pct
    * U.S. sales down 44 pct

 (Adds detail, executive comment)
    Nov 14 (Reuters) - India's largest drugmaker Sun
Pharmaceutical Industries          reported a 59 percent plunge
in second-quarter profit on Tuesday, hurt by generics pricing
pressure in the United States.
    Along with other Indian drugmakers, Sun Pharma has had sales
dented by rising competition in the generics market and greater
pricing scrutiny in the United States, though its quarterly
results still beat analyst expectations. 
    Sun Pharma Managing Director Dilip Shanghvi cited the
pricing environment for the second-quarter profit fall but said
results had also been hit by the company's continued investment
in its speciality drugs business.
    Profit came in at 9.12 billion rupees ($139.5 million) in
the three months to Sept. 30, compared with 22.35 billion rupees
a year ago, the company said (bit.ly/2zVVJbv).
    Analysts had expected a profit of 8.27 billion rupees,
Thomson Reuters data shows.
    Sun Pharma has also faced challenges in obtaining clearance
for key factories under U.S. supply bans because of quality
control issues.
    U.S. sales for the quarter fell 44 percent to $309 million
while sales from India rose 11 percent.
($1 = 65.3850 Indian rupees)

 (Reporting by Jessica Kuruthukulangara and Vishal Sridhar in
Bengaluru; Editing by Sherry Jacob-Phillips and David Goodman)
  

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