Topline will cross USD 500 mn next fiscal: Wockhardt

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Wockhardt reported a 20% increase in net profit at Rs. 87 crores for the fourth quarter ended December 31, 2006.

 

Here are the key takeaways of the concall:

 

Operating profit climbed 44% to Rs.122 crores.

 

Investment in R&D rose 33% in 2006. filed 200 patents during the year.

 

For the full year, sales rose 22% to Rs. 1729 crores.

 

Operating profit climbed 22% to Rs. 400 crores.

 

Net profit, before exceptional items, improved by 17% to Rs. 302 crores.

 

Consolidated sales, at Rs. 526 crores, showed a 44% growth over the corresponding quarter of 2005.

 

RONW for the year was at 23%

 

Acquired Pinewood, a company with leadership in Ireland and significant business in UK and bought brands like Farex and Protinex in India.

 

Strengthened our US portfolio with 26 new product filings

 

India business grew 28%, Wockhardt signed in-licensing agreements with LSI of UK for marketing Vitix, and with Crawford Healthcare of UK for Viticolor. Both are patented products for the management of vitiligo.

 

Europe continued to be Wockhardt's single largest market, accounting for 41% of consolidated sales. Europe sales rose 32% during the year. Maintain strong 45% growth in Europe.

 

Wockhardt UK launched 11 new products and quadrupled cartridge manufacturing capacity.

 

2006 saw significant ramp up in US programe. The US business grew 11% in 2006. Wockhardt received eight ANDA approvals (including 3 sterile products) during the year.

Wockhardt USA Inc now markets 15 products, including Ondansetron launched on the first day after patent expiry.

 

Will maintain margins next year, Pinewood margins much lower

 

Topline will cross USD 500 mn in the next fiscal

 

Company expects an overall growth of 18%-20% next year