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Wockhardt sales up 9%

Wockhardt sales up 9%, net profit drops 18%, R&D expenses up 77%

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Pharmaceutical and biotechnology major Wockhardt Limited registered a 9% increase in consolidated sales at Rs. 413 crores during the second quarter ending June 30, 2006. However, profit after tax declined 18% largely due to a 77% increase in R&D expenditure and the expenses incurred on commercial commissioning of Wockhardt Biotech Park.

"We are investing significantly in research and manufacturing in India with a view to expand our US presence," Wockhardt chairman Habil Khorakiwala said. "We entered the sterile injections market and also received our first approval for an NDDS drug in the US. In India, we have reinforced our leadership in medical nutrition by acquiring Dumex India with its brands and marketing personnel."

India

Wockhardt's India business grew by 26% in first half of 2006. Power brands continue to drive the domestic business performance. During first half of 2006, Proxyvon range grew by 51%. Biotech products Wosulin (recombinant insulin) and Wepox (erythropoietin) continue to do well with 35% and 28% growth respectively. Wockhardt consolidated its leadership in the Indian medical nutrition market by acquiring Dumex India with its heritage brands Farex and Protinex.

Europe

European business grew by 16% in the second quarter. Wockhardt UK has initiated a four-fold expansion in Byetta (exenatide) cartridge manufacturing capacity, scheduled to be commissioned in September. However, regulatory changes in Germany have impacted Wockhardt's operations in the country. Esparma, Wockhardt's German subsidiary, which launched the urology drug Tamsulosin in the first quarter, is now amongst the top 5 companies in this product category.

United States

Four approvals were received during the first half. Sterile cephalosporin Ceftriaxone injection has been launched and is doing well. Wockhardt received its first NDDS approval, Divalproex Sodium delayed released tablets. More than 20 applications are pending with the US FDA for approval.

Wockhardt Limited is a technology-driven pharmaceutical and biotechnology company with an active multi-disciplinary research programme employing 400 scientists. Its new drug discovery programme has yielded several promising new molecules, one of which is currently in Phase II human clinical trials. The US and European Union contribute to half of Wockhardt's sales.

Sourced From : Corporate Voice|Weber Shandwick