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Sun Pharmaceutical fiscal Q1 profit slumps 74%; company incurs litigation charge

Sun Pharmaceutical Industries Ltd. reported a 74% drop in earnings for the first fiscal quarter of 2018 year over year, citing a challenging U.S. generic pricing environment, among other factors.

Adjusted net profit was 5.26 billion Indian rupees, resulting in a net profit margin of 8.5%, the Indian drugmaker said. That measure excluded a charge of 9.5 billion Indian rupees the company incurred related to settlements with certain plaintiffs in an antitrust case in the U.S. over a sleep disorder drug, Modafinil.

Total sales in the period were 61.67 billion Indian rupees, down 23% compared to the year-ago quarter. Sales in the U.S. fell 42% to $351 million as the exclusivity period for the company's imatinib cancer medicine expired.

EBITDA for the period totaled 10.54 billion Indian rupees, resulting in an EBITDA margin of 17.1%.

Research and development expenses were 5.22 billion Indian rupees, compared with 5.31 billion Indian rupees in the year-ago period.

As of Aug. 10, US$1 was equivalent to 64.08 Indian rupees.