Pharmaceutical and biotechnology major Wockhardt Limited reported a 20% increase in net profit at Rs. 87 crores for the fourth quarter ended December 31, 2006. Operating profit climbed 44% to Rs.122 crores. Consolidated sales, at Rs. 526 crores, showed a 44% growth over the corresponding quarter of 2005.
The board of directors at a meeting here recommended a dividend of 100%, subject to shareholders’ approval.
“It was a year marked by investments for the future. We acquired Pinewood, a company with leadership in Ireland and significant business in UK and bought heritage brands like Farex and Protinex in India,” Wockhardt chairman Habil Khorakiwala said. “We strengthened our US portfolio with 26 new product filings. We believe these investments will accelerate our growth during 2007.”
Investment in R&D rose 33% in 2006. Wockhardt 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.
India business grew 28% compared to the industry growth of 18%. A focused approach in niche therapy segments led to leadership position in nephrology, with the portfolio registering a 41% growth during the year. 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. Wockhardt UK launched 11 new products and quadrupled cartridge manufacturing capacity.
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. Three new facilities in India at Waluj (injectable and tablet) and Chikalthana (cephalosporin) were approved by the US FDA during the year.
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 800 people. It has a wholly-owned subsidiary in USA. Europe and USA together accounts for over half of Wockhardt’s sales.
For more inforation please visit www.wockhardt.com