Mumbai, January 31, 2025
Sun Pharmaceutical Industries Limited (NSE: SUNPHARMA, BSE: 524715) has announced its financial results for the third quarter (Q3FY25) and the nine months ended December 31, 2024. The company demonstrated strong revenue growth across multiple business segments, despite headwinds in certain geographies.Key Financial Highlights (Consolidated)
Q3FY25 Performance
- Gross Sales: ₹134,369 million, up 10.5% YoY.
- EBITDA: ₹40,090 million, up 15.3% YoY, with an EBITDA margin of 29.3%.
- Adjusted Net Profit: ₹32,196 million, up 24.1% YoY.
- Reported Net Profit: ₹29,034 million, compared to ₹25,238 million in Q3FY24.
- R&D Investments: ₹8,450 million, slightly higher than ₹8,245 million in Q3FY24.
Nine Months Ended December 31, 2024 (9mFY25)
- Gross Sales: ₹392,257 million, up 9.1% YoY.
- EBITDA: ₹115,556 million, up 15.7% YoY.
- Net Profit: ₹87,792 million; adjusted net profit at ₹90,953 million, up 24.3% YoY.
Segment-Wise Performance
India Formulations
- Q3FY25 Sales: ₹43,004 million, up 13.8% YoY (32% of total revenue).
- Market Position: Sun Pharma remains India’s No.1 pharmaceutical company with a market share increase from 7.8% to 8.2%.
- New Launches: 12 new products introduced in Q3FY25.
US Formulations
- Q3FY25 Sales: $474 million, down 0.7% YoY (30% of total revenue).
- 9mFY25 Sales: $1,457 million, up 5.7% YoY.
Emerging Markets (EM) Formulations
- Q3FY25 Sales: $277 million, up 10.1% YoY (17% of total revenue).
- 9mFY25 Sales: $854 million, up 7.2% YoY.
Rest of World (RoW) Formulations
- Q3FY25 Sales: $259 million, up 21% YoY (16% of total revenue).
- 9mFY25 Sales: $647 million, up 5.2% YoY.
Active Pharmaceutical Ingredients (API)
- Q3FY25 Sales: ₹5,678 million, up 21.8% YoY.
- 9mFY25 Sales: ₹15,962 million, up 6.2% YoY.
Key Developments
Strategic Acquisitions
- Completed 100% acquisition of Taro Pharmaceutical Industries Limited for $347.7 million (₹29,022.1 million).
- Acquired Sun Pharma Luxembourg S.A. (Valstar S.A.) and Sun Pharmaceuticals North Africa (Kemipharm S.A.) for $30.7 million (₹2,564.8 million).
Product Pipeline & R&D Updates
- Global Specialty Sales: $370 million, with a 17.5% growth ex-milestones.
- Regulatory Approvals: Leqselvi received US FDA approval for severe alopecia areata, pending litigation outcome.
- Pipeline Advancements:
- Nidlegy™ (melanoma) – filed for EMA approval.
- Ilumya (psoriatic arthritis) – Phase 3 topline data expected in H2CY25.
- SCD-044 (atopic dermatitis, psoriasis) – Phase 2 topline data in H1CY25.
- GL0034 (obesity) – Phase 2 trials to begin in H1CY25.
Legal & Compliance Matters
- Opioid Litigation Settlement: Paid $37.44 million (₹3,161.7 million) for settlement in the National Prescription Opiate Litigation in the US.
- Ranbaxy Settlement: $8.39 million (₹698.1 million) paid to settle West Virginia’s lawsuit over generic Lipitor.
Dividend Announcement
The Board has declared an interim dividend of ₹10.50 per share for FY25, an increase from ₹8.50 per share last year. The record date is February 6, 2025, and the dividend will be paid by February 20, 2025.Management Commentary
Dilip Shanghvi, Chairman & Managing Director, stated:Conclusion
Sun Pharma continues to deliver strong financial and operational performance, with robust growth in India and Emerging Markets, a resilient specialty portfolio, and strategic acquisitions strengthening its global footprint. While US sales faced minor headwinds, investments in R&D and specialty medicine position the company for long-term sustainable growth.Earnings Call: The company will host an earnings call at 6:30 PM IST on January 31, 2025. Investors can participate via audio dial-in and webcast through Sun Pharma’s official website.