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Sun Loses Shine Amid Testing Times In US

Performance Not An Indicator Of Underlying Business Strength, Management Says

 
• By Anju Ghangurde

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.

Solar Eclipse "Elements of this image furnished by NASA "
Sun's Earnings Eclipsed By Exceptional Items, Pandemic-Related Issues • Source: Shutterstock

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’s Taro Pharmaceuticals USA, Inc. arm reported settlements and loss contingencies of $478.9m, reflecting the one-time settlement charge of $418.9m related to the global resolution of Department of Justice pricing investigations into the US generic pharmaceutical industry. Taro had been charged for conspiring to fix prices, allocate customers and rig bids for generic drugs

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