Sun Pharma’s Profits More Than Treble

28 July 2010 (Last Updated July 28th, 2010 18:30)

Sun Pharmaceuticals has announced that its net profits more than trebled following the one-off sale of generic medication oxaliplatin, which was distributed by subsidiary Caraco. Caraco's sales stood at $130m, a 171% increase in comparison to the same period a year earlier, with reve

Sun Pharmaceuticals has announced that its net profits more than trebled following the one-off sale of generic medication oxaliplatin, which was distributed by subsidiary Caraco.

Caraco's sales stood at $130m, a 171% increase in comparison to the same period a year earlier, with revenue during the quarter up 78% from the one-off sale.

Sun Pharmaceuticals had to stop producing the drug to avoid infringing on a Sanofi-Aventis patent. However, there is currently a case filed against Sanofi-Aventis in the US to remove the injunction.

The company is also resolving issues with the US Food and Drug Administration (FDA) following the closure of its production plants after failing to meet manufacturing standards.

Sun Pharmaceuticals plans to resume marketing of the drug should the court rule in its favour, and the company remains in the process of implementing corrective actions approved by the FDA.