Sun Pharma gains on brighter outlook for key drug

Last Updated: Wed, Jul 10, 2013 08:33 hrs

Sun Pharmaceutical Industries Ltd rises 1.1 percent to near a record high and a second day of gains, after a competitor raised revenue guidance citing strong sale of a generic antibiotic also sold by Sun Pharma.

Hikma Pharmaceuticals Plc on Monday raised its full-year revenue forecast for the second time in as many months on strong sales of its generic version of antibiotic doxycycline.

"We expect this product to easily contribute around US$60-80 million in sales in FY14 for Sun," Macquarie said in a report on Wednesday referring to generic doxycycline.

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