Sun Pharmaceutical Industries is likely to attract attention on Monday (November 4) following a recent US court ruling that has delayed the launch of its new drug, LEQSELVITM (deuruxolitinib).

The US District Court of New Jersey issued a preliminary injunction, which blocks Sun Pharma from introducing the medication, intended for treating severe alopecia areata, until either a favorable court ruling is made or the patent in question expires.

This injunction comes after Sun Pharma filed a challenge against it on August 1.

#SunPharma In Focus

US District Court of NJ grants preliminary injunction delaying launch of LEQSELVITM

Co is stopped from launching LEQSELVITM until a subsequent favourable court decision

Co is stopped from launching LEQSELVITM until the expiry of patent in the lawsuit,… pic.twitter.com/IZeEGFS3Z9

— CNBC-TV18 (@CNBCTV18Live) November 3, 2024

However, the court upheld the delay last Friday, effectively halting the drug’s release in the US market. In response, Sun Pharma has stated its disagreement with the ruling and plans to appeal, which may keep investors on edge.

In addition to the legal developments, Sun Pharma reported decent financial performance for the quarter ending September 30, 2024. The company achieved a consolidated net profit of ₹3,040 crore, marking a 27.94% increase year-on-year.

Revenue for the quarter stood at ₹13,291 crore.

EBITDA or Earnings Before Interest, Tax, Depreciation and Amortisation stood at ₹3,939 crore.

EBITDA margin stood at 29.6%, lower than an estimate of 30%.

For the reporting quarter, US formulation sales rose 20% year-on-year to $517 million and accounted for 33% of total sales.