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Sun Pharma Flags Revenue Drop Following 'IT Security Incident' in March: Details

Indian drugmaker Sun Pharmaceutical Industries would see a revenue drop in a few of its businesses and incur some expenses due to an "IT security incident" that happened earlier this month.

The effect of the incident on the drug major's IT systems included a breach of certain file systems and theft of some company and personal data, Sun Pharma said in a filing late on Sunday. A ransomware group has claimed responsibility for the incident, it added.

Sun Pharma, known for its consumer healthcare products such as Revital vitamins and pain relief medicine Volini, posted a near 14 percent jump in total revenue from operations to Rs. 112.41 billion in the last quarter.

The drugmaker on March 2 reported the information security incident, adding that it had not impacted the company's operations. However, on Sunday, the company said its containment measures had affected its operations.

Sun Pharma said it took steps to remediate the impact with the help of experts and "enhanced" security measures to address the situation.

The company said it was unable to determine other potential adverse impacts of the incident, including higher costs and the possibility of litigation.

© Thomson Reuters 2023
 

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