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Sun Profit Dives On Ranbaxy Merger Costs

 
• By Nell MacRae

Sun Pharmaceutical Industries, India’s biggest drug maker by sales, has reported a 30% drop in quarterly net profit from a year earlier, undershooting analysts’ expectations for a third straight trimester and reflecting in part the costs of digesting its merger with Ranbaxy.

Sun Pharmaceutical Industries Ltd., the world's fifth-largest specialty generic pharmaceutical company with consolidated sales of $4.5bn last year, said it had been buffeted by currency volatility, supply constraints and “significant” costs from its digestion of Ranbaxy Laboratories Ltd., acquired earlier this year from Japan’s Daiichi Sankyo Co. Ltd.

But Mumbai-based Sun’s founder, Dilip Shanghvi, promised “visible” benefits from the $4bn Ranbaxy takeover deal going forward.

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