Sun Pharma Surges After Reporting Jump in Profit : Mumbai MoverKetaki Gokhale
Sun Pharmaceutical Industries Ltd. rose in Mumbai trading, poised for the biggest gain in four years, after profit, excluding a one-time charge, surged on higher demand for its antibiotic and cancer drugs in the U.S.
The shares rose as much as 9.2 percent, headed for the biggest increase since May 2009, to 552.10 rupees, before trading at 541.55 rupees as of 12:53 p.m. local time. India’s markets were closed for a holiday Aug. 9, when Sun Pharma reported earnings.
Finished dosage sales in the U.S., the Mumbai-based company’s biggest market, grew 28 percent to $364 million, driven by demand for the antibiotic doxycycline hyclate and the cancer drug Lipodox, Hitesh Mahida, an analyst at Fortune Equity Brokers (India) Ltd., wrote in a note to clients on Aug. 10.
The stock was the second-biggest gainer on the S&P BSE Sensex Index, which rose 0.8 percent.
Sun Pharma reported a 56 percent increase in first-quarter profit, excluding a $550 million one-time payment to settle patent litigation with Pfizer Inc. Profit rose to 12.4 billion rupees ($204 million) from 7.96 billion rupees a year earlier, the drugmaker said in a statement Aug. 9.
Sun Pharma was allowed to import Lipodox, a generic version of the Johnson & Johnson cancer drug Doxil, to help ease a shortage of the drug, the U.S. Food and Drug Administration said in February 2012. Sun Pharma won approval for the drug this year.
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