Wockhardt sales soars by 49% in Q1

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Wockhardt sales soars by 49% in Q1

Wockhardt sales soars by 49% in Q1. Operating Profit surges by 68%

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Pharmaceutical and biotechnology major Wockhardt Limited reported a net profit at Rs. 66 crores for the first quarter ended March 31, 2007. Consolidated sales, at Rs. 523 crores, showed a 49% growth over the corresponding quarter of 2006. Wockhardt has improved its margins by 260 basis points to 22.2%.

"Wockhardt's first quarter results is a demonstration of our significant upsurge and turnaround in sales and profit. Our recent Irish acquisition has also been accretive to Wockhardt's profit," Wockhardt chairman Habil Khorakiwala said. "Besides, our research efforts have shown remarkable success, a classic example of which was our filing of over 40 patents and the five approvals that we received in the past few weeks alone."

Almost half of Wockhardt's sales which comes from Europe shot up by 93%. All the three key markets - UK, Germany and Ireland registered healthy growth. 10 new products were launched in Europe during the quarter.

Wockhardt's India business recorded a growth of 35%. Wockhardt aggressively moved ahead in the in-licensing space in its attempt to introduce newer and better products in India to cater to the unfulfilled needs of Indian patients. Wockhardt now has a total of four in-licensing arrangements with companies in US, UK and Italy, two of which were signed in this quarter alone. 

Wockhardt USA Inc. now markets 18 products, about one-third of which are injectables. Wockhardt's product portfolio expansion is on a growth trajectory, with 30 more ANDAs in the pipeline.

Wockhardt Limited is an internationally approved pharmaceutical and biotechnology company having a strong and innovative research and development programme. Wockhardt has made four successful acquisitions in Europe, where it employs 850 people. Europe and US together account for over half of Wockhardt's sales.

Sourced From: Corporate Voice|Weber Shandwick