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Sun Loses Shine In Q1, 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.

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Sun's Earnings Eclipsed By Exceptional Items, Pandemic-Related Issues • Source: Shutterstock

India’s top-ranked drug firm, Sun Pharmaceutical Industries Ltd., 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...

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