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Sun Pharmaceutical fiscal Q2 suffers loss on back of US antitrust lawsuit

Sun Pharmaceutical Industries Ltd. said it incurred a loss of 2.19 billion Indian rupees for the fiscal second quarter of 2019 compared to an adjusted net profit of 9.12 billion Indian rupees a year ago.

The Indian pharmaceutical company reported a loss of 91 Indian paise per share compared to an EPS of 3.80 Indian rupees.

Sun said the loss was on account of an estimated provision of 12.14 billion rupees to be paid to the remaining plaintiffs in the antitrust settlement related to the sleep disorder drug Modafinil.

Sun's managing director said, "Our soft Q2 performance is not a reflection of the underlying health of the overall business."

Sun's total revenue from operations rose to 69.38 billion rupees from 66.50 billion rupees in the prior year period.

Abhay Gandhi, CEO of the North America business, said on an earnings call that the company plans to launch its dry eye disease therapy Cequa in the U.S. during 2018.

Sales from the company's U.S. formulations business, its biggest, rose by 11% year over year to $342 million, while emerging market sales were flat compared to the prior year period.

As of Nov. 12, US$1 was equivalent to 72.99 Indian rupees.