Sun Pharma raises FY13 sales guidance to 20-22 pct
REUTERS - Sun Pharmaceutical Industries (SUN.NS), India's top drugmaker by market value, said it has raised its sales growth guidance to 20-22 percent for the fiscal year ending March 2013.
The drugmaker had said in May sales would grow 18-20 percent in FY13.
Sun Pharma reported a 46.5 percent drop in September quarter profit to 3.2 billion rupees after it set aside 5.84 billion rupees towards a potential compensation it might have to pay in a U.S. patent dispute related to drug Protonix.
Wyeth Pharmaceuticals, a unit of Pfizer (PFE.N), has the U.S. rights to sell Protonix.
Sun Pharma said on Thursday it has sound reasons to disagree with the "overstated claims" of Wyeth. The drugmaker said it believed the patent is invalid and unenforceable and that it will pursue all available legal remedies including appeals. (Reporting by Kaustubh Kulkarni in MUMBAI; Editing by Jijo Jacob)
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India has withdrawn the drug pricing authority's powers that allowed it to fix the prices of medicines not deemed essential, after its decision to impose price caps on more than 100 drugs in July triggered industry protests. Article