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High base continues
Sun Pharma results were lower than our expectation both on sales and
profit front. The key reason for both was weaker domestic revenues
growth. Exports growth was higher than anticipated led by better
performance at Taro and emerging markets. Despite higher other income
and a lower tax rate, profits were lower than expected. Profits declined
on a YoY basis due to contribution from niche opportunity in same
quarter last year. The high base situation continues till next quarter.
Results lower than expected
�� Sun Pharma has reported 1QFY12 consolidated sales at Rs16.4bn up
20% YoY lower than our expectation of Rs17bn. Despite a high base
(Eloxatin sales in same quarter last year), sales growth was healthy
because of Taro integration.
�� Net profits at Rs5.01bn down 11% YoY is lower than our expectation
of Rs5.3bn despite higher other income and lower tax rate. Lower
domestic contribution was the primary reason for the profit miss.
�� High base due to Eloxatin contribution last year resulted in profit
decline. This continues in next quarter as well.
Weak quarter for domestic formulations
�� Domestic sales growth at 12% YoY was lower than our expectations.
�� According to the company, excluding third party manufacturing,
domestic growth for the quarter was at 18% YoY.
�� The company introduced seven new products in to domestic market.
Exports growth higher than expected
�� Sales in the US declined primarily due to Eloxatin (high margin limited
competition product in 1QFY11) in the base.
�� Emerging market growth was higher than 20% as per the company.
�� Sun Pharma filed 6 ANDAs during the quarter (2 of those filed by Taro)
and received 7 approvals. The company has 151 ANDAs pending though
some are blocked because of Caraco shut down. Sun Pharma has largest
pending ANDA pipeline among Indian generics.
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
High base continues
Sun Pharma results were lower than our expectation both on sales and
profit front. The key reason for both was weaker domestic revenues
growth. Exports growth was higher than anticipated led by better
performance at Taro and emerging markets. Despite higher other income
and a lower tax rate, profits were lower than expected. Profits declined
on a YoY basis due to contribution from niche opportunity in same
quarter last year. The high base situation continues till next quarter.
Results lower than expected
�� Sun Pharma has reported 1QFY12 consolidated sales at Rs16.4bn up
20% YoY lower than our expectation of Rs17bn. Despite a high base
(Eloxatin sales in same quarter last year), sales growth was healthy
because of Taro integration.
�� Net profits at Rs5.01bn down 11% YoY is lower than our expectation
of Rs5.3bn despite higher other income and lower tax rate. Lower
domestic contribution was the primary reason for the profit miss.
�� High base due to Eloxatin contribution last year resulted in profit
decline. This continues in next quarter as well.
Weak quarter for domestic formulations
�� Domestic sales growth at 12% YoY was lower than our expectations.
�� According to the company, excluding third party manufacturing,
domestic growth for the quarter was at 18% YoY.
�� The company introduced seven new products in to domestic market.
Exports growth higher than expected
�� Sales in the US declined primarily due to Eloxatin (high margin limited
competition product in 1QFY11) in the base.
�� Emerging market growth was higher than 20% as per the company.
�� Sun Pharma filed 6 ANDAs during the quarter (2 of those filed by Taro)
and received 7 approvals. The company has 151 ANDAs pending though
some are blocked because of Caraco shut down. Sun Pharma has largest
pending ANDA pipeline among Indian generics.
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