Sun Pharma FY24 Sept qtr net profit grows 5% to Rs 2,376 cr
Mumbai: Leading pharma company Sun Pharmaceutical Industries Ltd Wednesday reported a 5% increase in its net profit for the July-September quarter, reaching Rs 2,375.5 crore compared to Rs 2,262.2 crore in the corresponding period last year.
This marks a 17.4% rise from the previous quarter's net profit of Rs 2,022.5 crore.
The company's revenue from operations saw an 11.3% uptick, amounting to Rs 12,192.4 crore in the quarter, up from Rs 10,952.2 crore in the same period last year.
Sun Pharma's Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) stood at Rs 3,179 crore, with a margin of 26.1%.
In a recent development, the company revealed that the United States Food and Drug Administration (FDA) has accepted the New Drug Application (NDA) for deucruxitinib, an oral selective inhibitor targeting Janus kinases JAK1 and JAK2. This application seeks approval for the treatment of adults with moderate to severe alopecia areata, an autoimmune condition causing partial or complete hair loss on the scalp and body.
Furthermore, Zydus Lifesciences announced a partnership with Sun Pharma to distribute an oral treatment for anaemia associated with chronic kidney disease (CKD) in the country.
"The companies have entered into a licensing agreement to co-market the innovative drug, Desidustat, in India," Zydus said in a regulatory filing.
As per the terms outlined in the agreement, Zydus has provided Sun Pharma with semi-exclusive rights to collaborate in marketing the product in India. Under this collaboration, Sun Pharma market the drug under the brand name "Rytstat."
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