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Sun Plunges To Quarterly Loss, Outlook Challenging

 
• By Penelope MacRae

Sun Pharma, India’s biggest drug firm, slid into the red in the first quarter, hit by a hefty legal payout, regulatory woes and a dramatic drop in US sales, and company founder Dilip Shanghvi said while he expected a “gradual improvement” in performance, the outlook remained challenging.

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SUN FACES CHALLENGING TIMES AHEAD

Sun Pharmaceutical Industries Ltd., the world’s fifth-largest specialty generic-maker, crashed to a INR4.25bn ($66m) net loss in the first financial quarter as the company forked out $150m to settle a US “pay-for-delay” legal suit and battled increasingly fierce competition in its main US market. It was Sun’s first quarterly loss in over a decade and its weak earnings outlook prompted analysts to slash profit estimates for the current and next financial year.

“Our Q1 performance was not good and not in line with our past performance,” Sun’s billionaire managing director Dilip Shanghvi, who established the Mumbai-based company in 1983, told analysts in a post-earnings conference call

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