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Sun Profit Dives On Ranbaxy Integration Costs

 
• By Nell MacRae

Sun Pharmaceutical Industries, India’s biggest drug maker, has announced a 60% slump in quarterly net profit from a year earlier, hit by one-off charges as it integrates troubled former rival Ranbaxy, acquired from Japanese owners Daiichi Sankyo earlier this year. But the generics giant says the “short-term pain” will result in long-term gain.

NEW DELHI – The net profit of Sun Pharmaceutical Industries Ltd., the fifth-largest generic manufacturer globally and the largest in Asia following its $4bn purchase of Ranbaxy Laboratories Ltd., slid to INR4.79bn ($74.5m) in the financial first quarter to June from INR12bn in the same period a year earlier, on revenues that grew just 3% to INR65.2bn.

This undershot analysts’ expectations that sales would total around INR67bn, while earnings were dragged down by exceptional items totaling INR6.85bn.

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