U.S. sales brighten Sun's earnings

India's Sun Pharmaceuticals beat analysts' expectations with its earnings today, which also underscored just why it would like to snag the remaining third of Israeli Taro Pharmaceuticals it doesn't yet own. As Fox News reports, the company's earnings jumped nearly 60% to $7.9 billion rupees ($142.9 million) from about 5 billion rupees ($90.6 billion) in the same quarter a year ago. Analysts polled by Dow Jones were looking for 6.4 billion rupees. Sales in the U.S. were $285 million, more than double the quarter a year ago and made up 57% of the company's revenue. It says its U.S. results were helped by price hikes instigated by Taro, which last month snubbed Sun's latest buyout offer, valued at $367 million. The New York Times yesterday reported that Taro has been making out like a bandit on sales in the dermatology category where prices have gone up by double-digit multiples. Story | More