India’s top-ranked drug firm, Sun Pharmaceutical Industries, plunged into a loss for the first quarter of fiscal year 2021, dented by the US price fixing settlement of a subsidiary and the yo-yoing lock-down situation in some parts of that market, which led to temporary closures of clinics.
Sun Loses Shine Amid Testing Times In US
Performance Not An Indicator Of Underlying Business Strength, Management Says
Sun’s Q1 earnings were dented by provisions related to the generic pricing investigation settlement with the US Department of Justice of arm Taro, and the impact of pandemic-related lockdowns. Some clinic-administered products bore the brunt of lock-downs in parts of the US, though market share was unaffected.
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