Sun Pharmaceutical Industries Ltd, India’s largest drugmaker by market value, reported a better-than-expected first-quarter profit, reflecting higher sales in its largest market, the United States.
April-June net profit was 13.91 billion rupees ($227.73 million), compared with a net loss of 12.76 billion rupees a year earlier. The prior-year period included a 25.17 billion rupee provision for settlement of a patent infringement litigation.
Analysts on average had expected a profit of 12.85 billion rupees, according to data compiled by Thomson Reuters.
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Net sales rose 12 percent to 39.36 billion rupees, while sales in the United States, from where the company makes more than half its revenue, advanced 7 percent.
Sun Pharma is in the process of gaining regulatory approvals for its $3.2 billion acquisition of loss-making rival Ranbaxy Laboratories Ltd from Japan’s Daiichi Sankyo Ltd and expects to close the deal by December.
The company has got approvals for the deal from anti-competition authorities in all applicable markets excluding India and the United States, Sun Pharma said in a statement late on Tuesday. (1 US dollar = 61.0800 Indian rupee)