Economics
Sun Pharma Suffers as FDA Sanctions Exacerbate Generic Woes
- Drugmaker’s quarterly profit fell 59% to 9.12 billion rupees
- Company’s plant at Halol faces U.S. regulator’s sanctions
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Sun Pharmaceutical Industries Ltd.’s profit more than halved as it lost exclusivity on a key U.S. product, increasing pressure on the company to resolve issues at a plant that has hampered new product introductions in the world’s biggest drug market.
Net income plunged 59 percent to 9.12 billion rupees ($139 million) in the quarter through September, the Mumbai-based company said Tuesday. Analysts had expected profit to decline to 8 billion rupees. U.S. sales, which fell 44 percent in the quarter, are not comparable with a year earlier because it has since lost exclusive rights for the generic version of a blockbuster cancer drug, according to a separate statement.