Positive Q1 for Sun Pharma

Indian pharmaceutical company, Sun Pharma, has announced strong first quarter results, which has led to a surge in its shares by as much as 9.2%. The company reported a 56% increase in first-quarter profit, excluding a US $550 million one-time payment to settle patent ligation with Pfizer.

For Q1 of 2013, Sun Pharma's India branded prescription business generated sales worth Rs 849 crore, which is a 44% jump over the same period a year ago. The US market, which contributes over half of the company's sales, contributed US $364 million (Rs 2,184 crore).

Strong sales were primarily driven by the increase in demand of Sun Pharma's antibiotic doxycycline hyclate and its cancer drug Lipodox. Lipodox is a generic version of Johnson & Johnson's ovarian cancer drug, Doxil (doxorubicin HCl liposome injection).

"All our businesses continue to perform in-line with our expectations. We remain focused on strengthening our existing businesses and developing a differentiated and specialty driven product basket. We also continue to review opportunities to expand and strengthen our global footprint."

Dilip Shanghvi, Managing Director of Sun Pharma.

Sun Pharma is ranked 2nd in the Indian pharmaceutical market and holds a 5.1% market share.

Related news:

Sun Pharma surges after April-June results (Reuters)

Sun Pharma Surges After Reporting Jump in Profit : Mumbai Mover (Bloomberg)