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Sun Pharma Surges 5% On Strong Q2 Numbers
The company's total income increased from Rs 6,988.5 crore for the quarter ended September 30, 2015 to Rs 8,384.5 crore for the quarter ended September 30, 2016.
Shares in Sun Pharma surged on Friday after the pharma company reported a two-fold jump in its net profit to Rs 2,235 crore for the September quarter.
The company's total income increased from Rs 6,988.5 crore for the quarter ended September 30, 2015 to Rs 8,384.5 crore for the quarter ended September 30, 2016.
Dilip Shanghvi, Managing Director of the company said, "The synergies from the Ranbaxy acquisition are gaining momentum and we are on track to achieve the targeted benefits. These synergies will continue to help in funding our emerging specialty businesses."
"Post the close of the quarter, we further strengthened our branded ophthalmic pipeline through the acquisition of Ocular Technologies. We were also very happy to announce the detailed results for Tildrakizumab Phase-3 trials which validate the potential of this product for psoriasis treatment," added Shanghvi.
Sun Pharma sales in India stood at Rs 2,009 crores, up by 11% over Q2 last year. Other operating income for the quarter stood at Rs 501 crores which includes $45 million of milestone payment from Almirall S.A (Spain) as part of the licensing agreement for the development and commercialization of Tildrakizumab for psoriasis in Europe, the company said.
Shares of the Sun Pharma were seen trading at Rs 698, higher by 4.69 on BSE at 1.44 pm IST. It touched an intra-day high of Rs 708 during trade.
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