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Sun Pharma First-quarter Profit Boosted By Gleevec Generic

Sun Pharmaceutical Industries reported a quarterly profit that beat analysts' estimates, helped by its exclusive launch of the first generic version of leukaemia drug Gleevec in the United States

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Sun Pharmaceutical Industries Ltd , India's largest drugmaker, reported a quarterly profit that beat analysts' estimates, helped by its exclusive launch of the first generic version of leukaemia drug Gleevec in the United States.

Net profit for the April-June quarter was Rs 2,034 crore ($304.17 million). Sun had reported a profit of Rs 556 crore a year ago, hurt by a big charge related to remediation costs at its drug factories.

Analysts, on average, expected a profit of Rs 1,904 crore for the quarter, according to Thomson Reuters I/B/E/S.

Sun launched its generic Gleevec in February, pricing it about 30 per cent lower than the original drug's annual price of around $90,000. The company has a six-month exclusivity on the market, and hopes to poach a third of the sales in that time, Sun's North American chief executive Kal Sundaram told Reuters in February.

(Reuters)


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