Sun Loses Shine Amid Testing Times In US
Performance Not An Indicator Of Underlying Business Strength, Management Says
Sun’s Q1 earnings were dented by provisions related to the generic pricing investigation settlement with the US Department of Justice of arm Taro, and the impact of pandemic-related lockdowns. Some clinic-administered products bore the brunt of lock-downs in parts of the US, though market share was unaffected.
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As the global generics industry had predicted, the unexpected growth seen in the first quarter of 2020 due to forward buying caused by COVID-19 levelled off in the second quarter. However, a few companies managed to report a “mixed” second quarter or a positive first half for 2020, even after experiencing challenges, such as operational interruptions, posed by the pandemic.
In an eventful year for the off-patent industry, the world’s leading generics and biosimilars players have switched places in Generics Bulletin’s newly-compiled global sales ranking.
In the latest development arising from ongoing generic pricing investigations in the US, Taro has admitted to fixing prices, allocating customers and rigging bids for generic medicines, under a conspiracy with multiple firms, including Sandoz.