Sun Pharmaceutical Industries announced Q3FY23 results: Consolidated Q3FY23: Gross sales at Rs 1,11,001 million, growth of 13.1% over Q3FY22. India formulation sales at Rs 33,919 million, up 7.1% over Q3FY22 US formulation sales at US$ 422 million, up 6.3% vs Q3FY22 Global specialty sales at US$ 235 million, including US$12.5 million milestone received in Q3. Ex-milestone, up 21.6% vs Q3FY22. Global specialty sales, ex-milestone, accounted for 16.5% of Q3FY23 overall sales. Emerging Markets formulation sales at US$ 257 million, up 7.7% vs Q3FY22 Rest of World formulation sales at US$ 189 million, up 4.8% vs Q3FY22 R&D; investments at Rs 6,702 million compared to Rs 5,471 million for Q3FY22. EBITDA at Rs 30,037 million, up 15.2% YoY. EBITDA margin for Q3 at 26.7% versus 26.4% for Q3FY22. Net profit for the quarter was at Rs 21,660 million, up by 5.2% over Q3FY22. Adjusted for one-offs in Q3FY22 and Q3FY23, Net profit growth higher than EBITDA growth. Consolidated 9MFY23: Gross sales at Rs 3,25,533 million, growth of 12.1% over same period last year India formulation sales at Rs 1,02,390 million, up 6.0% over same period last year US formulation sales at US$ 1,254 million, up 10.3% vs Q3FY22 Emerging Markets formulation sales at US$ 762 million, up 8.9% vs Q3FY22 Rest of World formulation sales at US$ 560 million, up 1.2% vs Q3FY22 EBITDA at Rs 88,447 million up 9.8% over same period last year, with resulting EBITDA margin of 26.8% Reported Net profit for 9MFY23 was at Rs 64,891 million, up 16.9% YoY. Excluding the exceptional items of 9MFY22, reported net profit was up by 6.6% Dilip Shanghvi, Managing Director of the Company said, “Specialty is expected to continue as a key growth driver for Sun. We are investing to scale up this business, especially in our core therapy areas. The proposed Concert acquisition is a step forward in this direction. Concert’s lead asset, deuroxolitinib has a potentially best-in-class profile in Alopecia Areata, an area of dermatology with high unmet needs. We are excited to offer this new treatment option to dermatologists worldwide. Given our commercial strength, we would be well-positioned to bring this product to market.” Result PDF