Sun Pharma at new high

Sun Pharma hit a new high today at Rs.614.70, going up over 2%. It has come off the highs and is now trading at Rs.613 levels.

The company announced today morning that it has received approval for CEQUA (cyclosporine ophthalmic solution) 0.09%, from the U.S. Food and Drug Administration (FDA). CEQUA is indicated to increase tear production in patients with keratoconjunctivitis sicca (dry eye).

Two days ago, it had also announced its Q1FY19 earnings.  It sales rose 16% (YoY) at Rs.7139 crore. Net profit had come in at Rs.983 crore, up 14%.

Its Indian sales grew 22%  while US finished dosage sales rose 8%; emerging market sales was up 16% and RoW sales showed a de-growth of 7%. The company’s R&D investment was at 7% of sales at Rs.500 crore.