Wockhardt Ltd has posted excellent financial performance during the first half of 2007 and its net profit has taken a quantum jump of 182 per cent to Rs 168.70 crore from Rs 59.80 crore in the corresponding period of last year. The company's revenues went up by 51 per cent to Rs 1153 crore from Rs 764 crore. The international business increased by 69 per cent to Rs 767 crore and domestic business moved up by 25 per cent to Rs 386 crore.
With the acquisition of Negma Laboratories, an integrated research based pharmaceutical company during May 2006 for $ 265 million, Wockhardt has forayed into the patented business acquiring 172 patents and Negma's strong research and life cycle management capabilities. It has provided Wockhardt the right entry vehicle in the French generic market valued at $2 billion.
Its European revenues during the first half increased by 104 per cent to Rs 601.7 crore from Rs 294.9 crore in the corresponding period of last year. With a portfolio of more than 130 products, Europe contributes 52 per cent of company's total revenues. It has launched three new products in Germany with one product being launched on Day1 of patent expiry. With successful integration underway, Pinewood business has maintained its growth momentum.
The US formulations business recorded a growth of 48 per cent during the first half of 2007 to Rs 81.3 crore. However, its bulk drug business declined by 27 per cent to Rs 19 crore from Rs 25.8 crore. The overall US growth was 24 per cent during the first six months period ended June 2007. The company received eight new ANDA including two injectables. Terbinafine tablets were launched on Day One. It also received tentative approval for Fosphenytoin, an anti-epileptic injection, which goes off patent in August and is planned to be launched on Day One. With five product launches in the first half, it has 21 products in the US market, which includes six injectibles
Its Indian business grew by 25 per cent with the in licensing strategy and alliances for 12 products. Strategic alliances have enabled the company for strengthening its presence in existing businesses and for establishing base in new and niche therapies. The company signed in-licensing deals with Crawford, UK and Gnosis, Italy.