Indian pharma firms doing well in U.S., record high profits
Sun Pharma's profit went up to 564 crore from 163 crore in the corresponding period last fiscal. The company's revenue increased 78 percent to 1,400 crore.
Lupin, one of the fastest growing generic drug companies in the U.S., saw a 40 percent growth in both sales and profit in that country and the European markets. The company's revenue from those markets was 496 crore during the quarter, against 355 crore in the year-ago period. For the June quarter, Lupin's profit grew to 196.3 crore from 140.1 crore in the same period last fiscal.
In the domestic market, Sun Pharma recorded 91 percent growth in sales to 598 crore and Lupin posted a 23 percent growth to 424 crore.
According to Nilesh Gupta, Lupin's Executive Director, the U.S. business is the key factor for the quarter's growth.
On Bombay Stock Exchange on Wednesday, Sun Pharma shares rose to 1,810 but closed at 1,805.35, with an increase of 2.04 percent. On the other hand, Lupin shares touched 1,980 each in early trade, but closed at 1,926, down 1.4 percent.
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