Tuesday, 14 February 2017

Sun Pharma reports surprise drop in profits

Sun Pharmaceutical Industries, India's largest drugmaker, reported its first fall in quarterly profits in a year on Tuesday, due to slower sales in the United States, its largest market. Net profit in the last three months of 2016, fell to 14.72 billion rupees ($219.87 million) from 15.45 billion rupees in the same period a year ago, the Mumbai-based company said in a statement. Analysts on average had expected a profit of 17.83 billion rupees. 

U.S. sales rose 4 percent, while those in India were up 5 percent. The firm's business in the United States has been pressured over the past year due to increasing competition and regulatory restrictions after the U.S. Food and Drug Administration (FDA) found violations in manufacturing practices at Sun's Halol factory in western India. The company has spent months trying to resolve the concerns, but the FDA remains dissatisfied and outlined further problems with the plant in an inspection report in December.

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