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Sun profit surges on U.S. generic cancer drug,Cipla profit slumps

MUMBAI (NewsRise) -- Sun Pharmaceutical Industries, India's largest drug maker, reported a quarterly profit that beat analysts' estimates, aided by its exclusive launch of a generic cancer drug in the U.S., but smaller rival Cipla said net income nearly halved from last year.

Sun's consolidated net income for the quarter ended in June was 20.34 billion rupees ($304 million), compared with 5.56 billion rupees in the year earlier period when the company was hurt by remediation costs incurred at its drug factories. Analysts had expected Sun to report a profit of 18.94 billion rupees. Revenue grew 22% to 82.43 billion rupees.

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