Shanghvi steps down as Sun Pharma chairman; Israel Makov to take over
30 May 2012
Dilip Shanghvi, who has built Sun Pharma into India's most valuable pharmaceutical company and known for making unconventional moves, has done it again by stepping down as the Sun chairman in favour of Israel Markov, the former chief executive of Teva Pharma. Shanghvi will continue to be the managing director.
Although the company did not specify this, it is believed Makov, an Israeli national with rich experience in the pharma industry, will be the non-executive chairman. Markov headed Teva between 2002 and 2007. He is the second professional with a global pedigree to join Sun. Shanghvi had hired Kalyan Sundaram from GSK as the company's chief executive in 2009.
On Tuesday, Sun Pharma reported a 59-per cent jump in its net sales at Rs2,329 crore as against Rs1,463 crore for the fourth quarter ended 31 March 2012, backed by strong growth in the US market and an above average performance of its Israeli subsidiary, Taro.
The company reported a consolidated net profit of Rs820.21 crore compared to Rs442.75 crore for the same period of previous fiscal. For the year ended 31 March 2012, the company posted a net profit of Rs2,587.25 crore compared to Rs1,816.06 crore in 2010-11.
The branded generics business in India grew by 14 per cent this quarter at Rs695 crore.
Sun Pharma has also managed to turn around its Israeli subsidiary. Taro's fiscal 2011 net sales were $506 million, an increase of 29 per cent over last year, and a net profit of $183 million.